Content marketing isn’t just a buzzword; it’s a proven strategy that the big players use to crush it. But here’s the harsh truth: proving its worth can be a pain in the arse. If you’re struggling to show your bosses that your content is worth the spend, you’re not alone. Here’s how to measure the real return on investment (ROI) of your content marketing—no fluff, just the facts.
1. Calculating ROI: The Basics
Let’s start with the basics. To calculate ROI, you subtract what you spent from what you earned, then divide that number by the amount you spent. Here’s the formula:
ROI=(Return−Spend)SpendROI=Spend(Return−Spend)
For example, if you made £20,000 from a £10,000 spend, it looks like this:
ROI=(£20,000−£10,000)£10,000=1.00ROI=£10,000(£20,000−£10,000)=1.00
So, your ROI is 100%. If it’s positive, congratulations, you’re making more than you’re spending. Negative ROI? Time to rethink your strategy.
2. Tracking the Numbers
Here’s where it gets tricky. Tracking ROI isn’t just about calculating the numbers; it’s about making sure you’re including everything. Don’t forget to account for:
- Time Spent: Hours dedicated to creating and managing content.
- Salaries: Payments to your team or freelancers.
- Agency Fees: If you’ve outsourced any of the work.
- Media Spend: Money spent on promotion.
- Design Costs: Expenses for creating graphics, videos, etc.
The challenge is putting a dollar amount on your return, especially if it’s not directly tied to a sale.
3. Lead Generation: The Easy Win
If your content is behind a lead-generation form, you’re in luck. You can track how many leads it’s driving and match this to your sales. For instance, if your content downloads are linked to lead generation, you’ll get contact details. Use these leads to measure effectiveness.
Example: HubSpot’s downloadable templates require you to provide your contact details. They then follow up, making it easy to track how many leads convert to customers.
4. Alternative Metrics for Different Content
Not all content is straightforward. For blogs, videos, infographics, and other forms, you need to get a bit creative. Here’s how:
- Engagement Metrics: High page views, longer time on site, and lower bounce rates often indicate valuable content. More engagement means a higher likelihood of conversion.
- SEO Performance: Good content boosts your search rankings. Check how well your pages are performing in terms of traffic and rankings. This can give you a clue about the content’s effectiveness.
- Backlinks: If other reputable sites are linking to your content, it’s a sign of quality. Count the number and quality of backlinks to gauge value.
- Social Media Metrics: Monitor likes, shares, and comments. If your content is driving social engagement, it’s likely having a positive impact.
5. Google Analytics Attribution Models
Google Analytics is a powerful tool for measuring content ROI. It provides various attribution models to see how content contributes to sales. You’ve got:
- First Click: Credits the first touchpoint.
- Last Click: Credits the final touchpoint before conversion.
- Time Decay: Gives more credit to touchpoints closer to conversion.
- Linear: Distributes credit evenly across all touchpoints.
Try different models to see how content impacts the customer journey. It helps in understanding where to focus your efforts.
6. Start Simple and Build Up
Don’t overcomplicate things. Start with basic metrics and get a baseline. It’s better to have a simple ROI figure than to dive into complex calculations that might not be worth the effort. As you get more confident, you can refine your methods and get more precise with your ROI.
Conclusion:
Measuring content marketing ROI isn’t a one-size-fits-all situation. It requires a mix of straightforward calculations and creative metrics. If you’re struggling to make sense of your content’s impact, it’s time to get real about your approach. Need help figuring out your ROI or optimizing your content strategy? Book a call with me and let’s cut through the nonsense together.
