How to Measure Content Marketing ROI within an Hour
Learn how to measure accurate ROI of your Content marketing campaigns in an hour. Get Your Step-by-step guide to measure Content Marketing Metrics in no Time
Measure the Right Metrics to ascertain Content Marketing ROI in just 6 Steps
Be it any form of marketing – online or offline – content is the king and content marketing is as indispensable as oxygen is to life. So if you have taken the lesson and have got content strategists to build an efficient strategy for your business, then that is certainly not all. Your work doesn’t end with hiring competent strategists and forming a great team of content writers. You also need to know whether your content plan is working in favor of your company or not. And for that, you need to keep track of the various content marketing metrics, so that you can understand the success rate required to achieve the ROI.
So, why is it so important to track Content Marketing Metrics?
When you get your team of creative writers to work on a particular content, there is a purpose that you have at the back of your mind. It is either to attract backlinks to your site or maybe boost your SERPs. Unless your campaigns are bringing in quality backlinks, or getting you a higher rank on the search engine results, it is going to be an immense waste of money and efforts. This is why, you must track metrics to understand whether your campaign is running well and driving the targeted results or not.
Now, the next question is – How do you ascertain the ROI of your content marketing campaigns? Read along for everything you need to know.
Step-by-Step Guide to measure ROI for your Content Marketing Campaign
To help you through the elaborate process, here is a chalked out plan with the steps to determine content marketing ROI within an hour.
Step 1: Define your content marketing objectives
This is the root step where you define the objectives of your Content marketing campaign to determine the accurate ROI. Unless you know what you wish to achieve through your content marketing efforts, there will be no basis of calculation.
You might be running content marketing campaigns to establish branding value or getting an enhanced search engine presence. In that case, you must stress on measuring performance instead of monetary ROI. But if you have aligned your content marketing strategy to mine out better leads, then calculating direct ROI would be more feasible.
Step 2: Calculate the time spent on a campaign
You must keep track of the time you invest in creating content and its distribution. If you have delegated the task to a content writer or Python assignment helper , then you can simply track the value of time, based on the salary you pay to the employees. Let us say that the employee spends 10 hours to create and distribute content. If you pay $5 per hour, then you invest $50. So this is how you convert working hours into monetary terms.
Step 3: Outline the relevant metrics
As discussed earlier, your content marketing campaigns can have two goals – revenue generation and enhancing brand authority. In each of the scenarios, the metrics you measure would be different. For revenue generation, the parameters that you can track would be lead generation and revenue curve. Whereas, if you aim to increase the brand value of your company, then the targeted metrics that you need to look at Click Through Rate (CTR), number of backlinks, page visits, etc.
Step 4: Calculate the gross returns
Putting a call-to-action on your website can help you track the clicks on your sales-page that have been redirected from the content page. Furthermore, you can also track the number of people who click on the buttons to make a successful purchase. Although the calculations can be complicated, figuring out the total purchases made isn’t altogether an impossible task.
Let us take the example of an academic site that offers essay assignment writing help. Say 30 students land on the sales page from the content page of educational blogs. Out of these 30, 15 have spent $20 each, which has led to sales amounting to $300. Therefore, the gross return is $300. If it is lead generation that you are focusing on, you can track how many leads can be transformed into a customer. The sample calculations are sure straightforward. However, in your case, the gross return will depend on other aspects of your pricing model.
Step 5: Choose an attribution model
The most critical stage of ROI calculation, choosing an attribution model will be a one-time activity. But what is an attribution model? The model records how you break the revenue of your company into various steps, which depends mostly on the number of phases in a funnel.
There are two types of attribution models – multi-touch attribution and last-touch attribution. In the multi-touch model, you need to give credit to each of the phases in the funnel. For clarity, you can give equal attribution to each stage. While this may be unrealistic, it will be more accurate than last-touch attribution. In last-touch attribution, you have to assume that the consumer took the last step before making the final purchase.
Step 6: Calculate ROI Time for final ROI
If we take the example of academic help company, with $50 of working hours spent for creating and publishing the content and $300 divided by 3, which means $100 of gross returns. According to the calculations, excess returns would be $100 – $50 = $50. So that would mean the ROI for the content marketing campaign would be 50%.
When you calculate the ROI of your content marketing campaigns, you gain access to data that helps you make future decisions and build foolproof strategies. Calculating ROI will give you better insights into what is working and what is not, thereby facilitating better results. With the step-by-step guide for the procedure, arriving at Content Marketing ROI in less than an hour is no more a tedious job to do. The calculation will not take much time, but with minimal effort, you will be able to make the best of your content marketing campaigns.
So wait no more and get to it right away. Here’s wishing your company all the luck and success!