What Does Return on Content Mean?
Similar to any other return on investment (ROI), content marketing ROI is simply how much revenue you receive off of various content marketing efforts vs. what you spend to create that content.
Are You Measuring Your ROI?
Unfortunately, too many content creators (advisors included) aren’t measuring their ROI. So if you’re not measuring the success of your content, how do you know it’s working? Measuring your content’s ROI allows you to see what areas of your content marketing strategy excel and what might be wasting your time.
So, is Your Investment in Content Marketing Really Paying Off?
You may be wondering now how to tell if your efforts in content marketing are reaping the results you were hoping for. And when we say content marketing we mean things such as blog posts, infographics, videos, etc. However, not every piece of content you create can or will be tied to a dollar amount. With that being said, you will never know how well your content marketing ROI is without measuring it, so today we’re going to give you the only four steps you need to be able to determine the ROI of your content.
Step #1: How Much Did You Spend to Create the Content?
Maybe you had someone in-house write that blog post or design that infographic using a tool like Canva. And that’s great! However, it’s likely you still had to pay that person a salary or hourly wage. Or maybe you outsourced and used a freelance designer or ghostwriter the cost of hiring externally will obviously be easier to calculate and keep tabs on. In addition to the manpower/labor, you’re spending money on to produce the content don’t forget to also include any additional resources/tools, etc. you may have had to purchase to get the content created. This includes things like stock photos, design programs, etc.
Step #2: What Was the Cost to Distribute Your Content?
So you decided your content was really amazing and you wanted to promote it even further outside of just placing it on your website. Maybe you boosted a post on Facebook or ran an online ad campaign. Be sure to include costs for any paid promotions, such as PPC advertising and social advertising, as well as promotion through other media channels here.
Step #3: What Did You Get in Return?
If your content is good it should ultimately generate leads for you, which will, in turn, translate into sales or clients for your firm. Yay! As such, there should be a clear link between that piece of content that drew them in and revenue based on the annual fee you’ll be charging that client or their assets under management (AUM).
Step #4: Do the Math
Now the fun part, with numbers! Say for example you spend $500 on creating a piece of content and get leads worth $2000, then your ROI is 300%:
$2000-$500 = $1500
$1500/$500 = 3
3 x 100% = 300%
The bottom line: if you spend less on producing content than you earn in sales, then it’s worth it!
Putting numbers to content marketing is a great way to show that your content is doing its job. If you’re taking the time to create quality content for your financial firm, it only makes sense to follow up on how well the content is doing. Remember, you are producing content to generate leads, which means you need to make sure it’s generating leads. Measuring your ROI is a sure tell way to check up on the success of your content marketing efforts and strategy.