Do you know how to properly measure event video ROI? If not, you’re missing an opportunity to optimize the impact on your business goals.
Tracking video conversions and ROI may seem complicated, but when you break it into step-by-step instructions, it’s simpler than you’d think.
Today, the corporate event video production and marketing experts at Forge Apollo in Philadelphia share secrets for the best way to measure ROI.
What is ROI?
ROI (return on investment) reflects how much financial return you yield from a financial investment. The most common way to calculate ROI is by subtracting the total cost from the total value generated, dividing by the total cost, and multiplying by 100. It looks like this:
(Total Value Generated – Total Cost) / Total Cost x 100 = ROI
But how can you apply this to a video?
How to Measure Event Video ROI
1. Establish Your Goals
To start measuring event video ROI, you need to establish your goals. This will help you decide what to calculate to generate your total value.
Start by identifying how you will be using the event video. Then, consider relevant revenue metrics related to that use case. You should also consider how the video can support broad brand goals, like awareness or lead generation.
This table shows common event video use cases and the revenue metrics to track for each one.
2. Set Up Attribution
The key to tracking video conversions and ROI is proper attribution. Brands should configure platforms like Google Analytics and CRMs, like HubSpot, to ensure that they know which assets contributed to a sale.
There are several attribution models that control which assets get credit for a sale. Some of the most common are first-touch, in which the first asset a customer saw gets credit, and last-touch, in which the last asset a customer saw before purchasing gets credit for the sale.
You may need to work with a professional marketing agency, like Forge Apollo, to configure proper attribution.
3. Tally Your Event Video Production Cost
To get your total costs for calculating video ROI, add up all of the costs of creating and using your video. These can include:
- Pre-production (planning)
- Production (filming)
- Post-production (editing)
- Distribution (cost to run it as an add, play it at an event, etc.)
- Internal staff time
If you work with an event video production and marketing agency like Forge Apollo, these fees will be rolled into one convenient total.
4. Calculate Your Results
After you’ve calculated your total cost and added up your value metrics, you can calculate your ROI with the formula:
(Total Value Generated – Total Cost) / Total Cost x 100 = ROI
You can also use our free calculator sheet to do the math for you.
5. Analyze and Optimize
Evaluate your ROI and analyze if you have any optimization opportunities moving forward. Ask questions like:
- Is the ROI positive or negative?
- What works in this video that we can do more of?
- What doesn’t work in this video that we can improve?
- Where else can we use this video to generate more ROI?
Remember that there are other success metrics that can reflect how your video helps your business outside of financial ROI.
6. Update Over Time
The best thing about video marketing is that it keeps on giving. Especially if you use a content portal to organize your assets, you can use them for years to come to promote your organization or future events.
Update your ROI calculations periodically with any additional value your video generates over time.
Other Results to Track
A number of results outside of financial gain can point to the success of an event video and support your business goals. Let’s consider which quantitative and qualitative factors to evaluate.
Quantitative
- Number of Leads
- Conversion Rate of Leads
- Cost per Lead (CPL)
- Number of Views
- Cost per View (CPV)
- Number of Likes or Shares
- Number of Impressions
- Number of Clicks
Qualitative
- Brand Sentiment
- Thought Leadership
- Brand Voice
- Company Culture
- Employee Retention
Boost Your Event Video ROI With Forge Apollo
With this guide, you should be able to calculate event video ROI like a pro. Want to maximize the ROI of your event videos? Work with the event video production experts at Forge Apollo. Our expertise can not only make your costs more effective, but can also help you generate additional value from your video for years to come. Contact us today to talk about your event.
