Are you getting good results from your content marketing strategies in Singapore? Most of the businesses fail to achieve their goals because they do not monitor content marketing ROI (return on investment).
A recent report by Content Marketing Institute shows that most of the digital marketers are not aware of how a content marketing program looks like or functions. Only 41% of B2B marketers said that their brands have clarity on content marketing analytics and success.
Today we look at content marketing ROI and the various content marketing metrics that you can use to gauge the performance of your content.
What is Singapore Content Marketing ROI?
Simply put, content marketing ROI is the percentage of revenue accrued from content marketing strategies you implemented in Singapore in comparison to the amount of money spent creating and distributing the content.
In the current digital marketing landscape, return on investment is one of the most essential metrics of any marketing strategy. Even though money is one of the primary indicators of how well your strategies are working, if the target audience is not viewing, sharing, or responding to your content, the chances of generating any revenue from it are slim. That is why it is important to look at other content marketing metrics that are equally relevant to your business.
Guide on How to Calculate Content Marketing ROI
Step 1: Determine the Cost of Production
Even if the content was written by your in-house team, there is still a cost attached to it. The cost of creating the content also includes assets that you paid for such as audios, videos, images, or any tasks that you hired a freelancer or agency to do.
Step 2: Cost of Distributing the Content
As mentioned earlier content marketing ROI is defined as the revenue accrued compared to the amount of money spent creating and distributing the content. The cost of distributing content includes paid promotions such as social advertising, PPC advertising and any other form of promotion done through media channels.
Nowadays, there is software that is designed to help digital marketers distribute content faster and conveniently. The cost of acquiring such software should be included in this category.
Step 3: Calculate the Amount of Revenue Generated from the Content
The first thing that you need to note is that if the blog posts, landing pages, and service descriptions are top-notch and in line with the needs of the target audience, you will generate leads from them. Sometimes, there is a clear tie of content, leads, and sales. For instance, when someone clicks on a CTA button then buys a product after reading your product review.
In other instances, the connection between sales and content is not direct. Adding up the number of sales that you got from a piece of content will help you to know your ROI.
Step 4: Calculate the Return on Investment
One of the simple and straightforward formulas used to calculate return on investment is Convince and Convert.
For example, if you spent $400 on a new piece of content and generated leads worth $1200, your ROI is 200%. Here is a breakdown on how we arrived at 200% return on investment.
- $1200 – $400 = $800
- $800/$400 = 2
- 2 x 100% = 200%
Thanks to advancement in technology, there are many content marketing analytics that you can use to determine the performance of your content accurately.
Now that you have a clear understand of how to calculate content marketing ROI, let us shift gears and look at the other content marketing metrics that you also need to factor in to determine your return on investment. As mentioned earlier, money is not the only indicator of content marketing success.
Additional Content Marketing Metrics That Matter
1: Lead Quality
Audience gravitate towards website that offers great content that is in line with their needs and expectations. This is why content is one of the things you need to consider when creating a lead generation strategy.
There are many ways to determine lead quality. For example, if you just published a blog with a content upgrade or lead magnet, you can tell if it is effective in attracting quality leads if:
- The audience reads the article and take advantage of the lead magnet. This response shows that they interested in your brand and thinking about working with you
- The audience look at other sales funnel resources
- Leads contact customer care personnel to ask about your services and other pre-sale questions
One of easy ways of determining a qualified visitor is by looking at whether they visit other target pages such as the product pricing page. Google Analytics can help you know the specific pages that your visitors frequent when they land on your site.
Set up your goals on Google analytics by going to Conversion tabs > Goals > Funnel Visualization.
Before we look at the next metric used to measure content marketing ROI, it is important to note that if your website gets a generous amount of traffic but the bounce rate is high and conversion rate low, it means the leads your content is pulling are not ready to convert. Consider revamping or restricting your Singapore content marketing strategy.
How many of the leads turn into sales? What is the next value of the sales? Use the Convince and Convert Formula we discussed earlier to do the ROI calculation.
Again, head over to Google Analytics click on Behaviour > Site Content > All Pages if you have already enabled e-commerce in Google analytics.
One of the content marketing metrics you will see on the Google Analytics dashboard is Page Value. This is the average value of the specific page that a potential customer visited before converting or going to the target page This metric will help you to identify pages that have the most significant impact on your overall site revenue.
Note that Page Value only monitors conversions that happened during one session. However, content marketing is not always linear. Sometimes, a visitor will come across your blog, read it but leave to do more research and comparison, and then return the following day to buy the product.
You can track such leads by using Google Analytics Assisted Conversions. It measures the number of conversions that a specific funnel such as organic search and paid ads assisted a lead to take the desired action. Click on Conversions > Multi-Channel Funnels>Assisted Conversions.
Also, check out the Click Direct Conversion Value column on the dashboard to know the amount of revenue generated, indirectly or directly.
Content performance is not static, some of the blog posts may become less or more relevant over time due to changes in the market. Google Analytics can help you know the performance of the content based on dates, conversions, and sales.
3: Website Traffic
The foundation of any Singapore content marketing success is website traffic. This is based on the fact that without website traffic, you will not get any revenue. Google analytics can help you to know the amount of traffic that each piece of content on your site contributes to the overall site traffic. Click Behaviour > Site Content > Landing Pages – this will generate a report that will help you to know the specific pages visitors land on. The pages that record the highest amount of traffic are listed at the top.
Change the time periods to know your site traffic trends and the source of most of the traffic. Knowing the primary sources of traffic will help you to adjust your Singapore content marketing strategy accordingly. For example, you will be able to know which channels to invest more time in and which ones to ignore.
Here is a trick that I usually use to know where the traffic to the most popular landing pages on my website come from. On the landing pages report, click on any page that you want to monitor > Secondary Dimension > Acquisition > Source Medium. Clicking on Source Medium will reveal the platforms that most of your website traffic comes from.
4: Onsite Engagement
The success of your Singapore content marketing strategy cannot just be based on getting the target audience to visit your site. You need to increase the amount of time they spend on the site. A low bounce rate means that a majority of the people who come to your site spend some time reading your content. The more time a potential customer spends on your website, the higher the chances of converting. You will also get enough time to convince them to go ahead and take the desire action.
Engagement Metrics on Google Analytics will give you a clear perspective of how visitors interact with your on-site content. To get this report, head over to Audience > Overview.
The three important statistics that you should focus on are bounce rate, average session duration, and pages per session. It goes without saying that engaged website visitors who love the content will spend more time on the site and visit more than one page.
You can also know the bounce rate recorded by each page or content piece by clicking on Behaviour > Site Content >All Pages.
5: Social Media ROI
Engagement with potential customers that happens offsite is also another important metric for evaluating content marketing ROI. One of the unique attributes of social media platforms is that if people consider your content relevant and useful to them, they will share it with other users on the platform as well as link to it.
It is important to monitor referral website traffic and social media engagement as most of the purchase decisions nowadays are powered by recommendations posted online by other customers. Here in Singapore, there are more than 3 million active social media users. If your video or blog post goes viral, rest assured you would receive a ton of fresh traffic to your site and sales.
Google Analytics can help you to gauge your site’s social engagement level. Go to Acquisition > Social > Network Referrals.
You can also go a step further to look at how much revenue was accrued from social media traffic by clicking on Acquisition > Social > Overview.
In the above screenshot, you can see the percentage of conversions from every social media network. In this case, YouTube has the highest social referrals – this means that the content marketing ROI from this platform is good. The client can proceed and channel more resources and time to this platform to continue getting even better results.
How to Use Buzzsumo to Determine Content Engagement Success
Buzzsumo is an excellent tool that you can use to measure content marketing ROI in Singapore. It tracks social media shares in real time. More shares means most people on social media find your content relevant. Input the specific post URL to see the number of shares that it has received so far. Alternatively, you can input your domain URL to see the top 10 articles on your site.
This tool, Buzzsumo, gathers information from four social media platforms namely Pinterest, Twitter, LinkedIn, and Facebook.
6: SEO Success
How well does your content perform in search engines?
Based on the fact that most people inherent click on results that are displayed at the top of SERPs, more clicks mean more traffic and higher sales and leads potential.
Here are some questions to assist you gauge your site’s SEO performance.
- How does your content rank for the target keywords?
- Is your website displayed on answer boxes for relevant terms?
- What is your current domain authority?
- Are you receiving inbound links?
One of the simplest ways of analysing SEO performance is by switching your browser to incognito mode and typing one of the target keyword in the search tab. If a few of your content pieces that you optimised with that target keyword appears at the top of the SERPs, you are doing a good job.
Open Site Explorer by Moz can also help you to know your domain and page authority. This tool also indicates the page and domain authority of inbound links. All you need to do is input your site URL on the search box and hit enter.
Here are two important factors to keep in mind about SEO.
- High page and domain authority is a sign that content is considered an authority and ranked well by search engines
- Authority of inbound links is an indication that respected websites are linking to your on-site content. Links from high authority sites will boost your site’s authority.
7: Authority and Exposure
Most of the content marketing metrics we have discussed so far are online website metrics. However, site authority and exposure happens offline and online. The more people recognize your site as an authority, the more they will link to your content and share it thereby increasing your reach and improving your chances of getting new leads and sales.
The Moz tool discussed above can help you determine your site’s online exposure and authority. Offline site exposure can be determined by checking if:
- You are invested to attend or speak in expert roundups and industry events such as conferences. Monitor the number of invitations that you get overtime
- Your site is featured by renowned/authority media outlets including radio and TV. Jot down offline media mentions on a spreadsheet for future reference.
Regularly evaluating content marketing ROI will help you make informed decisions as you embark on rigorous digital marketing in Singapore. Sure, monitoring all these content marketing metrics is not usually possible. Just pick a few that are in line with your brand’s goals and objectives.
Get in touch with us for more details about content marketing ROI. We will help you create custom digital marketing campaigns that will elevate your business to the next level of success.