Without measuring your Content Marketing ROI (Return on Investment, it’s very tricky to tell if your strategy is working. While many believe that the measure of content marketing success is by traffic rather than actual profit, an effective strategy will see the two walk hand in hand together into the sunset.
Making a focused effort to track your success means that you avoid falling into the trap of spending more on your content than it is worth.
To measure you ROI, you first need to define your investments. This can initially seem a little complex to calculate but is essential to come up with the figures. Programs such as Smartsheet, Accountsight or Paymo will help you to track costs and time spent on specific projects to make life a lot easier.
Consider all potential sources, including employee salaries (do you hire in-house or freelance copywriters?); marketing costs (software, print materials); time and expenses. Think about each one in terms of every type of content you produce as the cost will vary from piece to piece. For example, a 300-word blog post written by a content agency will usually involve different investments and resources than a weekly newsletter.
At this initial stage, it does pay to go into detail. If you’re not accounting for absolutely everything, then the subsequent calculations will be inaccurate and impact on your final profits.
If costs are omitted because you are unsure what to attribute them too, don’t just ignore them! Take the time to assign them correctly.
Return On Investment
Once the total amount that you are investing has been analysed, you can move on to calculating the returns. The most accurate way to do so is through your on-site conversions; for this, you will need to know the value of each conversion on your site.
Conversion values will vary depending on the complexity of your product and services. For example, if your site offers products for purchase, all you need to do is calculate the average purchase price to get your conversion. For more complex sales cycles, direct calculations won’t be possible. Then, you’ll need to work out how many conversions you’re getting in a given month, the total value of these conversions, and the average.
Traffic that has come from search engines, otherwise known as organic traffic, will almost certainly have come directly or indirectly from your content marketing. Through Google Analytics you can run a detailed report on your traffic sources through four categories: search engines, other websites, direct traffic and your RSS feed.
These results will produce the exact number of conversions attributed to your content marketing campaign. Multiplying this by your average conversion value will give you the total value that your content is bringing in.
By calculating your ROI as above, you will have the data that you need to analyse your content. Content that is performing strongly can be repurposed, through channels such as website content, social media or e-newsletters. Original content can also be elaborated on through long-form blog posts to reflect contemporary industry issues and those that affect your customer base. Likewise, content that performs below par can be removed or edited to fit better with what your audience is looking for.
You will also be able to assess how much revenue an individual piece of content has made. By taking into account other aspects of Google Analytics such as the bounce rate and overall blog views on each individual post or page, you will have the complete picture.
All of this data is easily accessible and will allow you to make informed decisions with regards to future content marketing strategy. It will also allow you to track future content marketing targets with KPIs (Key Performance Indicators) to enhance your campaigns and boost your ROI even further.
Content brings many more benefits than the financial aspect. Although brand visibility is more difficult to measure, customer retention and added future value can all be attributed to brand content. Return on content may not come immediately after publishing; it often comes further down the line which is why it’s essential to consistently analyse all of your published brand material.
Whereas content marketing does not offer the immediate income that pay-per-click (PPC) can provide, good content stays in circulation for a long time. It is one of the most valuable, long-term, brand marketing strategies and start-up costs are low in comparison to many other marketing campaigns. It’s also fantastic for SEO (Search Engine Optimisation)
By consistently developing great content in the form of topical blogs and other writing that puts you in touch with your target audience, a high volume ROI is more than achievable.
For consistent fresh content that will strike a chord with your audience and a content marketing strategy with great ROI, email us today: email@example.com