Quality vs ROI
One of the things I like to question when it comes to video marketing is quality. From a video content creator standpoint, I love when I get a large budget to create the best work I can. Telling stories with an abundant amount of time and money allows us to craft a beautiful video with emotion and eye-catching visuals. But the marketer and business thoughts that pop into my head always includes the question - is that high quality video really getting me new customers? This is what I'd like to cover in this post.
WHAT IS ROI with video
Before we can talk about return on investment of video production quality, we need to understand what ROI means during a video marketing campaign. The number one indicator for return on investment is, of course, increase in sales directly as a result of a video marketing campaign. To get to that increase in sales, a campaign needs to check different key performance indicators (KPIs). Some examples of these KPIs are:
Increase in contact page views
Increase in phone calls
Increase in website traffic
Increase in retail foot traffic
Increase in video engagement and total reach
Increase in form fills
These aren't the only KPIs, but by tracking these in correlation with a business' sales, you have a good idea what your return on investment is for your video marketing campaign.
When you think about high quality video production, you might imagine a lot of lights, a large crew, and multiple actors. There are some positives with higher budget video production.
Your company's brand perception can be controlled by the quality of their video production. Often times, higher quality video production makes a company appear more professional. We've all seen those bad, cheesy commercials. Cheap production can make your product or service appear cheap.
Higher Quality Creative
Higher budgets often lead to higher quality creative. You can use some of your budget to test how your creative performs with your target audience and then make tweaks. Once your testing is done, you can use the higher quality creative to enhance your audience experience.
Content is Most Important
The most important part of quality production is quality content. Ever heard of the phrase "content is king?" This is one of the most important thought processes when putting together a successful video marketing campaign. If your content relates to customers, adds value, or persuades, then your campaign will be more effective.
A Happy Medium
If quality matters, when does quality diminish the return on investment? This is a question I often find myself asking. I don't want to request a large budget from a business if it ultimately hurts their ROI. To figure this out, you have to ask, will the increased quality in video production bring a competitive advantage to this particular company? Can the creative be simplified to maximize ROI and still engage and relate to the target audience? Yes, as a business, you want your video marketing to have high enough quality so that your business looks professional, but in some areas of your video marketing campaign, you might want to peel back the quality to increase authenticity. For some video production, there might not be much difference in ROI between a $100,000 commercial and a $20,000 commercial. With camera equipment becoming more affordable and video professionals realizing that video is more common in the workplace, creating content that converts viewers into customers with high life time value in an efficient manner is really what is most important.
Ready to maximize your video marketing ROI? Visit our process page to learn about some of our video marketing packages in the Evansville, Indiana area.