How To Measure Awareness Of Video Marketing Campaigns15 min read
Awareness is the front line of marketing. A typical customer today does not contact sales until he or she has self-discovered and consumed content. As the popularly quoted saying goes: 70% of the buyer’s journey is complete before a buyer even reaches out to sales. To get ahead of the game, marketers must get their message in front of the customer as the customer searches for solutions and know how to measure awareness from video marketing campaigns. Failing to be proactive about this will result in lost business to the competition.
Understanding the Value of a View
A question that we frequently hear is: “what’s the value of a view on YouTube?” Calculating a view is both quantitative and qualitative. Let’s start with qualitative.
Value of Video
The saying “a picture is a thousand words” is even more true of video. According to Dr. James McQuivey, of Forrester Research, “a minute of video is worth 1.8 million words.” This is a testament to the power of the medium. (By comparison, text ads are limited to 170 characters in Adwords.)
Customers demand video, and as a result, successful marketers provide customers with the content that the consumer wants in the format that they prefer.
If your competitors have stronger video content than you, then customers will more than likely choose your competitor over you. This is especially true of mobile platforms where people overwhelmingly prefer video over text. In today’s marketplace, then, not having video is today is essentially like not having a website in 2015.
Top organizations should know where they stand among the competition on the largest video platform in the world: YouTube! Compare your organizations YouTube channel with your top competitor’s for free, right here.
On the quantitative side, views are valued at the price you pay for them, plus down-funnel actions that views initiate. We’ll unpack these downstream value points, but first a look at our top-of-funnel metrics and what they mean.
Value of Impressions
TrueView considers an impression as “an exposure of your ad ranging from 5 seconds to 29 seconds.”
TrueView essentially charges nothing for these impressions, making them a significant quantitative value. It is not uncommon to generate 10-40 free impressions per paid view. This means that, as a marketer, you must get your brand and key message across in the first 5 un-skippable seconds of a video.
YouTube provides free companion banners to reinforce your TrueView ads. Banners remain on the video watch page even after the viewer skips.
To value your impressions, consider what you are paying for other CPM-based video impressions. For instance, with your programmatic media buys, you likely have an average video CPM that ranges from $5 – $30 depending on placement and targeting restrictions.
Value of Views
The “biddable media” model means that the market defines the price for a view. To get your ad viewed, you are competing with other advertisers who are trying to buy views as well. In this bidding model, any given view is worth the price that what you are willing to pay to target that audience or content. It’s subject to supply and demand, just like any other marketplace you
This is a simple way to establish a baseline value for a view – but there is more to it.
To paraphrase Oscar Wilde, you can…
“know the price of everything and the value of nothing”
Value of Targeted Views
Contrary to what you may think, not all views are the same. The biggest factor in evaluating a view is determining the targeted audience. Views are cheaper if you target loosely. Cheaper views can work well for big-budget brand advertisers who care about reach and frequency. But if your business wants to reach specific customers, then more precise targeting is necessary.
There’s no way around it, effective video ad targeting requires a premium Cost Per View (CPV), but this additional purchase increases the chance that you’ll reach the right customer.
Customer targeting through Data Management Platforms (DMPs) is a multi-billion dollar market (Adobe, Krux, Lotame, Aggregate Knowledge, BlueKai, CoreAudience, Knotice, nPario and X+1) built specifically to target audiences / customers using data.
Value of Skippable In-stream Views
TrueView is unique because it is a skippable format that allows audiences to skip your ad if they aren’t interested. This allows advertisers, like you, to save money. Moreover, since In-stream TrueView views are skippable, they are worth more than views on other non-skippable video platforms – you only pay for views from interested viewers.
Unlike YouTube skippable in-stream formats, Non-skip in-stream ads may be compared to alternatives such as auto-play (which may or may not be viewable on screen) and TV (where you pay for an ad even if it’s skipped!).
Value of Performance Marketing Combined With Video
TrueView combines the performance elements of PPC with the strengths of the video. This makes TrueView a powerful medium for your message. Advertisers get great PPC performance and can use video’s strengths to tell their story.
Value of Efficiency
Marketers can acquire targeted views by finding highly relevant, long tail content to target. This is an efficient way to value views, and by bidding on long-tail content, you can acquire high-quality customers, that are watching content that indicates their intent.
Finally, you need to measure the downstream impact of views in your funnel. If done right, you’ll have targeted customers who will become aware of your brand/product/offer. These customers convert and purchase.
All of these outcomes start with a view.
Measuring Awareness – Metrics That Matter
Measuring Brand, Web, and Search Lift on Video Campaigns
One key downstream metric, called lift, occurs across multiple dimensions – brand lift, web lift and search lift.
- Brand lift is gaining brand awareness, reaching individuals who were previously unaware of your brand. These viewers know about and develop positive associations about your brand. Advertisers can choose to implement a Google brand lift study to measure lift from TrueView campaigns. Brand lift studies use surveys to measure awareness, recall, consideration, alignment and purchase intent.
- Web lift is when people who have become aware of your brand then, in turn, visit your website. Marketers and advertisers measure web lift by using individual landing page analytics and by comparing web traffic before and after advertising campaigns.
- Search lift studies are studies that randomly pick a group that saw your ad and a control group that did not. The organic search behavior of both groups is compared. Researchers examine how often viewers search for keywords related to your brand or campaign. Your campaign affects the difference in searches.
Measuring Awareness and Targeting Relevance
It’s important to reach specific, targeted customers and avoid wasting media on people who ultimately will not purchase anything. Spray and pray doesn’t work – advertisers should avoid using imprecise keywords, demographics or interest targeting, as it often causes your ads to show up in front of irrelevant content. When done right, advertisers should use precise targeting that aligns with customer segmentation.
Everyone uses YouTube, and that’s a great thing. The hard part about marketing on YouTube, however, is that the ability to market broadly makes marketing to everybody a possibility – broad marketing such as this is ineffective at best.
You know you are reaching the right audience when relevance signals are strong. Relevance is measured in view rates (e.g. of people exposed to impression, how many don’t skip and watch our video?) and video completion rates (how much of the video did they watch?).
Click Through Rates (CTR) are a secondary metric on awareness because it shows progress through the funnel of qualified buyers – uninterested users do not progress through the funnel.
Measuring Targeted Awareness Efficiency
To achieve targeted awareness a marketer must reach customers at the right frequency and at the right price. Scale the volume of awareness (and ultimately down-funnel activities) by increasing advertising spend and buying biddable media at the best rate.
Advertisers can measure targeted awareness efficiency by tracking what the costs incurred are. What are you paying for views? How many views do you get for $100? What Cost Per Thousand/Mille (CPM) are you paying for impressions? How does your Cost per View (CPV) compare to benchmark CPVs that we’ve seen in-house historically? How does your CPV compare to industry baselines?
Measuring Share of Voice and Coverage
Marketers – we need to know if we are reaching our customers? Marketers also need to know if certain target groups are responding better than others. For this, let’s ask two questions: are we getting deep into our target accounts and verticals? And, are we getting the word out better than our competition? To answer these questions, you need to measure share of voice and coverage. A marketer must be aware of how their competitors are performing.
Measure coverage, and how effectively messaging reaches target accounts, by analyzing video ABM data. How many video views have been seen by the industry your organization wants to target Automotive, Pharmaceutical and Entertainment accounts?
Measuring Share of Voice
Share of Voice measures the advertising presence of a particular brand or product. It essentially asks the question: how many videos about our brand or product are viewed compared to our competitors? Brite’s proprietary historical YouTube data provides a means to measure how your videos are being viewed compared to those of the competition. Marketers should measure what percentage of target audiences’ attention they’ve captured.
For example, if your brand and your top 4 competitors collectively receive 1,000,000 views and your brand receives 150,000 of those views; your Share of Voice is 15%.
So many smart marketers approach video campaigns with awareness goals and measure the success of their campaigns with conversion metrics. It’s likely this mismatch is happening within your organization as well. You just read about how to measure your Awareness campaigns. In the coming posts, we’ll dig deep into the engagement and conversion stages, which goals are appropriate for that stage, how to measure success, and why it’s important. If you haven’t read the first post in this series, check it out here first: How To Identify The Right KPIs And Measure ROI Of Video Marketing
Then dive in deep here:
All the things you need to know about generating revenue with video marketing In 2018.
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