By Poorna Nayak | Nov 9, 2020
So, you might be a cool new-age bank that wants to accelerate digital transformation. You might want to reach out to the millennials and Gen Y and do the right things to gain their loyalty. And then you realize videos are a great way of reaching out to this particular demography that's mostly on mobile phones. You also discover that the older generations are not far behind in their technology adoption. Looking at the millennials, the older generations have also been embracing the digital life.
But it's 2020. A plain vanilla video mass-emailed to all your precious banking and wealth management clients won't cut it either. So you decide to go one step further, and make your videos personalized! You know for sure that personalized videos are engaging. But then how will you measure the success of your personalized videos campaign?
Video metrics can tell you if you have achieved your business or marketing goals. Read on and I'll guide you through 5 of the most important video metrics.
Video open rate refers to the number of customers who actually click on the video link and watch the video sent to them, and is expressed as a percentage. A higher open rate means that many more of your customers are watching the videos sent. It must be noted that the video open rate will depend on the email open rates or SMS open rates, and will be lower than or equal to this number.
If you want to increase your video play rate, try the following:
Video engagement refers to how much of the video was actually watched and is also expressed as a percentage. A good personalized video platform should be able to show the % of video watched for each and every customer. This is a very useful metric and tells whether the video content is relevant and engaging. It will help you refine and fine-tune your video script.
To improve video engagement, try the following:
In-video CTR is a very useful metric and indicates how many of your customers were inclined to take action after watching your video. This metric is closely tied to your engagement rates, as only engaged customers will be inclined to take action on your videos. In-video CTR is the percentage of customers that clicked on CTA buttons within the video.
Having CTR buttons in personalized videos is a good way of getting your customers to interact with you digitally. For example, your HNI clients might not be keen on giving feedback to your RMs on their faces but will quietly move their assets elsewhere if unhappy. Video statements provide a good mechanism for collecting feedback on your RMs.
To improve video CTR, try the following:
Conversion rate is the actual number of customers or leads that take actions after watching the videos sent by you. Personalized videos can be a great tool to help you boost conversion rates in the case of insurance renewals, new product launches, etc.
This metric is a bit trickier to track. For example for insurance renewal, if the customer clicks on a CTA button to a payment link right after watching the renewal video, it will be easy to attribute the renewal to the video. However, it is also possible that the customer watches the video but does not do the payment right away, but comes back after a day just to do the payment. In this case also, the video nudged the customer into action. Video conversions are an important metric but might need integrations with other systems like CRM for tracking it accurately.
A good video platform also gives other detailed stats like the time the video was watched, the device from which the video was watched, the location, etc. By knowing the most popular devices, you can optimize your video content for that. It is also helpful to know your customer's location. For example, if one of your HNI clients has watched the video from say a different location from where she lives, your RM will get to know that the client is out of town. This information can be used by the RM to contact the client at a later time and not disturb when the client is out of town. Detailed stats can really help improve RM productivity.
These are some of the most important metrics that will help determine the success of your personalized videos campaign. Pay attention to your data to continually improve your HNI client engagement. Also, video feedback can help you understand a lot of things about your clients, which they might not be willing to provide in a face-to-face meeting.
At EnrichVideo, we provide detailed video stats. Every RM can watch how their clients are behaving by logging into a customized dashboard created for them. Detailed stats on each and every client also helps increase RM productivity. Banks can further get a centralized view of their RMs and clients. Some of the details our reports offer: