Corporate videos are an excellent display of your corporate values and creative problem. But when it comes down to the numbers, companies still want to know whether their video budget is worth the spend.
I can say this: Tribe’s videos have helped raise more than eight billion dollars for universities, colleges, and medical institutions. The cumulative production costs of those videos were under two million dollars. Were the videos worth it? We’re inclined to believe so.
Emotion is the Core of Your Video’s Financial Impact
That being said, we can’t isolate how much money each video was responsible for bringing in. Each video was part of a comprehensive campaign involving communications teams, websites, live or virtual events, and more. But the videos were essential to the emotional connection of each campaign.
The placement of each video was central to its impact. Some events kicked off with a video presentation. Other campaigns played videos on iPads in donor living rooms. Video was the first thing you saw on the organization’s website or social media platforms.
Those videos placed real people at the forefront of the story. Students spoke to donors about the quality of their education. Real patients shared their medical journeys at hospitals and research facilities. Leaders laid out the future plans that collected donations would help complete.
How We Measure Campaign Video ROI
When pulling hard stats on your video’s ROI, your first step is to figure out exactly what you want to measure.
Communications strategist Molly Borchers polled some of the sharpest minds in her field for insights on measuring the ROI in PR, a similarly hard-to-track arena. Consultant Shonali Burke’s advice is especially relevant to video. She says, “One of the most important questions to ask when trying to figure out how to measure the success (or failure) of your campaign or initiative is, ‘Why?’ Why are you investing time and resources into a particular campaign? What do you hope to get out of it?”
Once you’ve determined this “why,” it comes down to the right production and distribution strategy. Tribe has worked for over 35 years mastering the very best production techniques for sending your message, whether that’s from the mouths of your top leaders or from the community that makes your corporation or institution so great.
Video is most effective when it’s most visible to your audience. The experts at MWP Digital Media analyzed 7,196 Kickstarter projects to determine the advantages of including a video in your Kickstarter campaign. They discovered that projects that include a video are 85 percent more likely to achieve their funding goal.
“The better quality and more convincing your video is, the more you will raise,” MWP researchers concluded. “Consider it a vital investment in your dream.”
Additional Forms of Monetary Value for Video
Nowadays, corporate and campaign videos posted to ad-funded social media platforms like YouTube can continue to earn both viewership and money, long-term. Those video advertisements alone make an argument toward the use of video.
Even if we can’t measure dollar for dollar out on each film we’ve produced, corporations that make video a part of their communications journey can attest to their strength. Their primary goal is to get your tribe on board with your message and to take action. That certainly counts for something.