In various embodiments, an iterative encoding application encodes a source video sequence. The encoding optimization application generates a set of shot encode points based on a set of encoding points and a first shot sequence included in the source video sequence. Each shot encode point is associated with a different encoded shot sequence. The encoding optimization application performs convex hull operation(s) across the set of shot encode points to generate a first convex hull associated with the first shot sequence. Subsequently, the encoding optimization application generates encoded video sequences based on the first convex hull and a second convex hull associated with a second shot sequence included in the source video sequence. The encoding optimization application computes a new encoding point based on the encoded video sequences and a target value for a first video metric and then generates an optimized encoded video sequence based on the new encoding point.