How to measure your content marketing ROI in 6 steps
While you can’t track your content marketing campaign’s ROI with 100 percent accuracy, you can implement a few steps to help you determine the difference between a content marketing plan going in the wrong direction and one headed down the right path.
Get started measuring your content marketing’s ROI by following these six steps:
1. Establish a budget
Whenever you begin a new marketing campaign, you need to establish a set budget. Whether you operate a small rehab center or a facility with locations across multiple states, determining your budget is a critical step in preparing for your upcoming content marketing campaign.
When you know how much you can spend, you’re in a better position to distribute your budget.
In today’s age of ever-growing technological advances, marketers are much more informed about digital marketing strategies. The ability to choose from different techniques means you can build an innovative and smart campaign for your center.
If you already have a content marketing plan underway, figure out the amount of money you’ve invested into your campaign up until this point. Include the cost of your marketing team, blog compositions, video and audio work, marketing software, and more.
2. Calculate your anticipated costs
Once you outline your budget, it’s time to determine your expected production costs. If you’ve already launched your content marketing strategy, you should consider what you’ve already invested, plus estimates for future expenses.
Typical costs associated with a content marketing campaign include:
- Research analysis
- Social media maintenance
- Video production
- Advertisement production
- Website optimization
Depending on your strategy, you may not incur all these costs.
3. Determine your metrics
As is the case with any other digital marketing investments, you need to determine the metrics you want to track and monitor when it comes to measuring your content marketing campaign’s success.
Why are metrics important for your rehab center?
They’re a quantifiable value that allows you to assess the success of your current efforts, which provides you with an easier time for determining the real value and ROI of your content marketing plan.
Look for crucial areas of interest that’ll help you gauge your performance while highlighting potential areas of improvement too. Typical metrics include conversions, customer acquisition costs, click-through rates, website traffic, and more.
When you track these metrics, you’ll see a visual demonstration of the progress of your content marketing efforts. Can you honestly call your marketing tactics a success? Use your metrics as a reference point when looking to see the benefits your business has reaped so far.
4. Run Google Analytics
If this isn’t your first time using digital marketing, you’re probably familiar with online tracking-based sites that can help monitor valuable data related to your site’s sales and traffic. These tools are critical when it comes to measuring your content marketing’s ROI.
Use online analytics tools, such as Google Analytics, to evaluate your website traffic and other valuable data. With Google Analytics, you can track the progress of your marketing efforts. Plus, you’ll have a better understanding of the following:
- Traffic sources
- User engagement
- Conversion rates
- And more
This simple yet vital step plays a critical role in helping you determine your acquisition rates and conversions. As a result, data from Google Analytics can provide you with insight into your content marketing ROI.
When you break down the source of your traffic, you’re in a better position to make the adjustments that will amplify your sales while maximizing the benefits of your content marketing plan.
5. Establish a timeframe
While you may have doubled your initial investment into your content marketing project, how long did it take you to achieve these profits? It’s important to examine the rate at which you’re achieving growth when calculating your ROI.
When you kick start any marketing plan, you should always have a time frame for your anticipated results. Set a date for what kind of results you want by a specific date. Remember that content marketing can take time to deliver results too.
If you’ve already enjoyed growth from your content marketing campaign, determine the number of weeks or months it took to achieve your current results. If you’re not earning the results you want or need in that time, consider adjusting your campaign.
6. Outline your projected return
The goal of most marketing strategies relates to increasing your company’s bottom line. Do you see a link between your content and your revenue? You’re likely to notice an increase in your sales from your content marketing strategy when you develop a robust, performance-driven plan.
For reference, here is the formula for ROI:
ROI = Net Profit / Total Investment * 100
For every dollar you invest in your project, you should expect to receive an even higher return.
When you add up your net profit, divided by your total investment, you can determine the ROI of your current plan. Then, compare it to the rate you’d like your campaign to achieve. Use this information to rethink and improve your content marketing strategy.
Boost your content marketing’s ROI
The connection between a company’s revenue and the quality of their content is indisputable. Do you know your rehab center’s current ROI levels? If not, there’s never been a better time to strengthen your content marketing plan.
At WebFX, we’ll help you determine whether your content marketing campaign is headed in the right direction. If it isn’t performing for your rehab facility, we can help. Get connected with our team at WebFX by contacting us online today!