Monetisation describes the process of generating revenue from online content. Nowadays, The biggest challenge for marketers across the globe, is trying to measure profit and success from online advertising like standard video.
It is impossible to measure conversion and CTR from standard, flat video since the only metrics available are views and drop-off rate which only provide an indication of awareness and engagement. These analytics can be valuable. However, what if there was a solution that allowed marketers to measure all stages of the purchase funnel?!
The answer lies within interactive video
Here's how it works:
Using interactive video platforms, brands can turn new and existing content into clickable and totally trackable marketing material. Platforms like Smartzer, use an interactive overlay over content so brands can tag videos with products from images, URLs, product feeds and product API's. This means that when a viewer watches a video they can click, swipe, drag hotspots to find out more information about a product being displayed. A hotspot might display a group pop up of multiple products that the viewer can shop from. Call-to-actions could then encourage the consumer to click through to e-commerce sites, 'add-to-basket', 'sign up to mailing list', 'book a test drive' or 'buy now'.
Check out an example of Smartzer's work with Dior on e-commerce sites and e-mail newsletters:
Interactivity injects life into standard video. Content is more engaging, entertaining and memorable which is translated in the analytics that are generated.
How is it trackable?
Every interaction that occurs within the video can be measured, every click, every swipe and every purchase. Brands can see exactly who has watched the video and the actions they took after becoming aware of it. By using branching in interactive video, brands can literally see customer decisions and generate a personalised response to these. Equally, by using quizzes and polls, brands will be able to measure submission rate from videos. Here's how interactive video provides data for KPI's at each stage of the purchase funnel.
Awareness: the viewer views the interactive video
Engagement: the viewer experiences the video. Here, dwell time can be measured as well as skips, re-watches of certain videos. Video navigation can be measured through clicks and brands can see which areas of the video were watched and re-watched.
Consideration: Consideration can be measured through the click-through-rate to e-commerce, product pages and landing pages. This indicates that the viewer is interested in the product featured in the video and is considering purchase.
Conversion: this can be measured through call-to-action clicks. Viewers may be able to complete a sign up sheet from the video, register interest, book a test drive and even make a purchase all without leaving the shoppable video. Submission and transaction rates can be measured to give brands a clear indication of which content converts.
Interactive video successfully engages 3-4 x more than standard video
CTR rate can increase by over 27%
Shoppable video can quadruple conversion rates
By using interactive video, content can be monetised and measured. Brands can adapt their strategies according to metrics to optimise their videos and achieve conversion.