My Perspective on “How to Find the Hidden Value in Online Video”
I recently stumbled upon an iMedia Connection article about how most advertisers use tried and true criteria to gauge the quality of their online video programs, such as where the video programs will run, the number of impressions, the click-through rate and cost. The author shared his thoughts on some great non-traditional ways to capture online video value such as cost-per-view, opt-in units, sharing tools and site-specific reporting.
However I couldn’t help but think that some key questions advertisers need to consider were still missing. While the author had some great ideas for measuring video value, I would add the following criteria for advertisers to ask themselves for a thoughtful and successful online video program:
Is the video “personalized” and is it actually relevant to the end user in anyway?
Is the video “optimized” and can it improve its own performance?
Is the video “measuring” business impact?
To me, the two top criteria for gauging the quality of an online video program are if the video is personalized and optimized. Still, the absolute must-have consideration that no online video program should be without is measuring business impact. Are you driving abandoners back to your site, converting customers, generating revenue, expanding your customer relationship? Without this, an advertiser’s strategy for launching an online video program is flawed.
The author further states that the main issue is advertisers are evaluating their online video programs in the same manner as TV and print programs. (Most likely they are repurposing TV ads for online too, which is a big no-no!) I absolutely agree that this is a huge opportunity cost for advertisers to micro-target and engage the viewers, as well as optimize and deliver activity in real time.
So what is the solution? Leveraging a SmartVideo provider that allows your online video initiatives the ability to use a Control Group Methodology (at right) to track and test not only the basics (where the videos run, number of impressions, click-through rate), but also to measure if the video drove conversions and purchase.
While there are a handful of companies that provide video for online customer engagement, not many provide a SmartVideo platform to assist brands across the lifecycle of their customers.
What are some other qualities you feel are critical for a successful online video program? Reach out to me and share your comments below – I’d love to hear more perspectives.