How to triple your ROI with content marketing
You're trying to tie a bowtie.
And well, it's not going very well. In fact, your attempts look downright wonky.
You glance at the clock and realize you've got less than half an hour before you need to call an Uber to get to your fancy "Tech Scions to Watch" awards dinner on time.
So you do what most people do and google "how to tie a bowtie," and suddenly you're delivered to Ties.com's blog and YouTube knotting guides.
These guides have proven to be a boon for Ties.com, attracting 10 million people a year.
While not all views result in sales, content marketing has been a key factor in their 30% annual revenue growth for the last five years.
As Ties.com has discovered, content marketing is one of the most powerful tools in digital marketing for generating leads, converting prospects, and most importantly, earning a high marketing return on investment (ROI).
In fact, 79% of companies that have a blog report a positive ROI for inbound marketing.
What is content marketing?
Content marketing is an example of “owned marketing.”
Owned marketing is the content produced by your company, which includes videos, blog posts, e-books, whitepapers, podcasts, and any other creative forms of original content.
If you think of your overall digital marketing strategy as a wheel, content marketing is just one of the sturdy spokes to reinforce that wheel.
Content marketing can also help you show off different sides to your brand, especially if you want to appeal to a wider customer audience.
For example, tech giant Cisco showed how it made the world better, from saving rhinos to building smarter cities, in its “Never Better” blog.
Through these personal stories, Cisco emerged as a company dedicated to global corporate social responsibility.
Cost-effective and powerful
The results of effective content marketing are loud and clear.
Done right, content marketing can triple your digital marketing efforts at more than half the cost.
You read that right.
Content marketing yields more than three times your leads per dollar than paid search, and three times more leads than outbound marketing.
And it achieves these results at 62% of the cost of other marketing efforts.
Tracking the success of your content marketing
So we know what you’re thinking.
This sounds awesome! Now how do I know if what I’m doing is actually working?
Here’s how to measure your content marketing efforts: Remember that what you want to measure and how often will also depend on the frequency and volume of your content efforts, but here’s a general guideline of the most important and juiciest metrics:
How many people are viewing your owned content
The number of viewers that express interest in purchasing your product or service
The number of actual purchases of your product or service
Average sale amount:
How much your customers are paying
Compare these numbers to what you actually paid or are paying to generate your content, and you should be able to get a good sense of your ROI.
In its simplest terms:
ROI=(Gain - Cost)/Cost
Say you spent $1000 on content marketing and received $1500 in additional sales.
Your ROI would be:
($1500-$1000)/$1000, or 50%
Congrats! You got a 50% return on your marketing costs.
Of course, ROI may be way more complicated.
It takes time to convert clicks to leads and leads to sales, so you may not see returns right away.
It’s also difficult to separate out the impact of content marketing from all the other marketing your company is doing.
We'll discuss that in a future post about what metrics matter most when it comes to content marketing.
Your content marketing team can help you set up Key Performance Indicators (KPIs) and goals so you know whether your program is working.
For more information about how to structure or strategize an effective content marketing program for your company, contact Scribe at email@example.com today.