I'm glad to see Visual Revenue's Online Video Analytics - KPIs published as they're part of the Social Media Metrics the Web Analytics Association is beginning to work on - it's a joint effort by the Social Media Committee and the Standards Committee of the WAA.   It's our hope that by next year at this time, we'll have published at least the first sets of Web 2.0/Social Media Standards.

Anyway, here's 9 essential online video metrics that Dennis Mortensen (who's also a member of the Social Media committee) lists on his blog:

9 Essential Online Video Metrics

• Online video started
• Online video Pre-roll advertisement started*
• Online video core content started
• Online video Post-roll advertisement started*
• Online video positive consumption action
• Online video negative consumption action
• Online video ended
• Online video played, percentage of total
• Online video played, seconds

Dennis mentions that IndexTools is the only analytics platform today that provides Online Video Analytics:

"….And before you fall for any bullshit, patent pending, we are the only online video analytics provider - marketing spiel, I would like to conclude that you can collect and analyze most of the above mentioned Essential Online Video Metrics in all of the enterprise analytics packages out there. :-)"

Some of these metrics aren't all that easy to measure, honestly (ie: Online video positive consumption action would be a "soft" metric - it would probably be a subjective judgement by an panel of viewers - I can't see how else you'd measure it).

I think the idea of comparing conversion rate of an online video to the site average is a good thing to do:

• Conversion rate segmented by Online video started COMPARED to the site average
• Conversion rate segmented by Online video ended COMPARED to the site average

Where the above two suggestions immediately shows the success of using video for conversion purpose. Imaging a positive scenario where you have 1% site average conversion, 2% on those who started a video and 3% on those who finished it (expecting that the more a visitor consume the more engaged and interested he is).

I think this is exactly the kind of definitions and measurements we need and it reminds me of a conversation over dinner I had last summer with Gary Angel which I will play you a clip here:

I apologize in advance for the slurred sound of my voice and maybe a couple of laughs too many - though it was a fun evening and it was the beginning, I feel, of the Social Media Standards effort my committee began to undertake last year - when I was elected to the Board of Directors.