More content marketing has become something of a business mantra over the past ten years, but how do you know if the content you’re producing is doing your brand any good? Clicks can be deceptive, and sales don’t always mean long-term revenue.
Studies show that 33% of B2B marketers and 41% of B2C marketers have no idea how to measure their content marketing efforts effectively. If you’re wondering whether your efforts are hitting the mark, here are a few simple tips to help you measure its worth of your business publishing efforts.
The simplest way to measure your content marketing’s value
The single biggest measuring stick to effectively gauge your content marketing program is to look at your ROI (return of investment). A lot of companies track ROI differently, but we prefer marketing guru Jay Baer’s formula: “Return minus investment, divided by investment, expressed as a percentage.”
Here’s how it works:
Your content marketing ROI encompasses any and all revenue generated from your marketing efforts. We’ll designate this as ‘R.’ Everything from generic ad sales to landing page conversions should be included. If you’re in doubt as to whether a specific amount came directly from your content marketing, it’s best to just include it.
Once you have an exact revenue amount, you need to add up the total amount spent ‘S’ to produce this content. Make sure to factor in both your external and internal spends, and include both any employee salaries and the price it costs to build any off-site media.
Now, subtract your R from your S, and then divide that number by S. That final value, in a nutshell, is your content marketing ROI.
Your calculations should look like this:
R - S = X
X ÷ S = ROI
Don’t let the numbers fool you
There’s no question as to whether content marketing works (Spoiler: It does). However, if you don’t have the right metrics in place, then chances are your marketing efforts are going to waste.
Where many businesses tend to look at the revenue aspect and discard everything else, the key to effectively measuring your marketing efforts is to look at the sum of its parts. Think of it like baking a cake: every ingredient is essential and works in tandem to help create something great.
As stated above, it’s important not to get too hung up on the specific dollar value. After all, a good content marketing program is a lot like an expensive bottle of wine; the value only tends to increase over time. That said, if your final amount is negative, it’s probably safe to assume your efforts aren’t working the way they should.
Don’t get discouraged if your numbers aren’t there yet
Content marketing was never designed to produce immediate results. And if it does, chances are those results aren’t going to last. Truth be told, your current content marketing ROI isn’t nearly as significant as, say, PPC (pay per click) ROI, which is built for immediate results.
Since every brand is different, your tools for measuring your marketing effectiveness should be different too. While the above algorithm still holds true for your overall investment, it’s important not to get too hung up on the individual details.
With more brands producing their own content marketing materials, the best way to measure your content marketing is to set clear goals, create detailed road maps, and then base your marketing efforts off of that. Follow your progress, look at which pieces performed well (and which ones didn’t), and then start setting up metrics to track your efforts based on those benchmarks.
A good content marketer always has clear goals in mind. And a good content marketing program is one that is continually funneling, engaging, and converting new customers.
Still, have questions about measuring your marketing efforts? Get in touch with the StellaPop team today!