These days, the value of using data to make marketing and business decisions is widely recognized. Technology gives us a more granular picture of where, when, who and even why people watch what they watch.
Anyone who is trying to make money through video marketing is analyzing that data and finding out how to use viewing and monetization insights to increase revenue and lower costs.
Here are five ways video analytics can help grow your business.
1. Shape Your Content Strategy.
It's a simple idea: Stop making and buying video that is unpopular with your viewers or doesn't earn money. Information on the number of views per video and viewing drop-off can be used to influence how you actually make content. It can influence how long a video should be or which actors and presenters it features. At the most sophisticated analytics level, video businesses can even calculate the ROI of individual pieces of content.
2. Acquire and Engage Viewers.
Remember: Once you have viewers, you have to keep them. Encouraging binge-viewing and repeated use of your service to keep your viewers sticky and profitable. Smart video marketers monitor the effects of all of their viewer-acquisition strategies and adjust their site and app layout to boost viewing. The most sophisticated video marketers provide personalized content recommendations, keeping viewers watching, and loving, their videos far longer.
3. Grow Ad Revenues.
If other ads are associated with the videos, smart businesses frequently adjust ad loads, ad formats, ad pricing and ad packages, all based on their video analytics. This way they maintain high inventory availability and fill-rate, and can price CPMs smartly to maximize revenue from viewing. The most sophisticated companies do this in real-time, leveraging the potential of programmatic buying while also supporting traditional campaigns.
4. Streamline Your Resources.
Even fast-growing businesses need to make sure they are spending smartly on technology and headcount. Analytics can help you understand which devices and platforms are worth supporting and whether repetitive tasks, such as metadata entry, are paying dividends. Analytics can also help you prepare for peaks and troughs in viewing, so you can align your technical and personnel resources accordingly.