Whether you’re creating a content marketing strategy for your own business or a client, the primary questions still remains – What’s the Return on Investment (ROI)? For all the efforts you’ve put in your content marketing strategy, the ROI needs to be positive.
What constitutes ROI varies from business to business. However, every successful content marketing strategy needs to answer at least one of the three crucial questions listed below:
- Has it driven sales for the business?
- Has it saved costs for the company?
- Has it helped in making customers lives easier, thus increasing retention?
To sum it up, a growth in sales, decrease in costs, and customer retention are the three key areas which determine the success of a content marketing strategy. Let’s look at each of these points in more detail:
Measuring and Tracking Sales
Measuring and tracking sales is the part which answers whether your business actually made any money. The results of your content marketing strategy must need to answer questions such as:
- Did you make any sales through your e-commerce section?
- How many visitors came though organic or inorganic search and bought your product or service?
You can measure all of this by looking at you sales metrics in your own CRM and Google analytics.
Measuring and Tracking Cost Savings
Cost savings is basically your actual profit: (Converted Leads – Total Cost per Lead). While calculating the total costs per lead, you need to factor in the money you spent paying employees or freelancers in creating the content for you. This also includes all the overheads such as the rent, insurance, utilities, design costs, hosting fees, subscriptions, and software costs.
Measuring and Tracking Customer Retention
By customer retention, we not only mean the new leads coming in but also the average life of the existing customers. Your goals must be to keep all customers longer and happier. You can measure this via your CRM to track what kinds of content are being consumed by your customers and measure whether that content has helped in retention and renewal of subscriptions.