Video Completion Rate (VCR) is one of the most widely adopted video performance metrics. High VCR is a primary sign of user engagement and creative effectiveness. More time with your messaging leads to more brand awareness and, one would hope, more sales, sign ups, registrations, etc. Low VCR may be a sign of inadequate targeting or – frankly – a less than engaging creative.
While VCR is a good metric for measuring your campaign’s success, marketers can do better by connecting their efforts to tangible business outcomes.
eMarketer reviewed this issue in a February report on “Holistic Attribution,” which takes into account almost all of a company’s touchpoints to achieve a true 360-degree consumer view. Few brands are taking full advantage of this nascent attribution model, but I expect as awareness grows, we will begin to see more companies re-align their performance metrics with new attribution models.
With direct response campaigns, tying marketing efforts to tangible business outcomes is fairly straightforward. Whether you are in the retail, travel, auto, entertainment, or financial services business, with a few strategically placed pixels, we can help measure success and provide feedback on how your customers engage with your brand online.
Take a wireless carrier, for example. With a universal pixel, we can track how shoppers engage with your site. Do they spend more time searching specific phones or plans? Is there a typical path to purchase? Do they start by searching phones or plans? With a universal pixel, we get a holistic picture of on-site shopping behavior. From here, we can provide actionable insights to drive conversions, as well as help develop future campaigns that reach high-value users likely to make a purchase.
Add a smart pixel to your plan and now we’re really getting somewhere. Smart pixels pass back anonymized parameters not available with standard pixels, including revenue and product details. ROAS and ROI are now simple KPIs.
When running video campaigns, marketers typically cannot rely on pixels, and therefore need another solution to align their marketing efforts with business outcomes. RhythmOne works with a number of measurement partners that help us achieve this goal on behalf of our clients. Placed, a leader in location-driven insights and ad intelligence,is a partner that goes beyond standard marketing metrics to correlate ad efficacy with in-store visits.
Through our partnership with Placed, detailed here, RhythmOne can measure standard KPIs for clients, while also delivering reports that align campaigns with increased foot traffic, conversion lift, and ROAS.
All metrics are proxies for a larger goal; however, layering in a third-party measurement partner that delivers metrics more closely aligned with business outcomes will help ensure your marketing efforts drive tangible ROI.
This article contains forward-looking statements. In some cases, you can identify forward-looking statements by the words “may,” “will,” “expect,” “intend,” “plan,” “objective,” “anticipate,” “believe,” “estimate,” “predict,” “project,” “potential,” “continue” and “ongoing,” or the negative of these terms, or other comparable terminology intended to identify statements about the future. All statements other than statements of historical fact are statements that could be forward-looking statements, including, but not limited to, statements about the potential and effectiveness of video campaign measurement. These forward-looking statements are subject to risks and uncertainties, assumptions and other factors that could cause actual results and the timing of events to differ materially from future results that are expressed or implied in the forward-looking statements. Factors that could cause or contribute to such differences include the dynamic and rapidly evolving sector, as well as the highly competitive industry that RhythmOne operates in, which make it difficult to evaluate prospects. These and other risk factors are discussed in RhythmOne’s Annual Report for the period ended March 31, 2018. The forward-looking statements in this press release are based on information available to RhythmOne as of the date hereof, and we assume no obligation to update any forward-looking statements.