Under pressure to deliver tangible digital marketing measurements? It's time to calculate your digital marketing ROI and demonstrate results
The fundamental formula for calculating your digital marketing ROI is:
ROI = (Gains from investment - cost of investment)/(cost of investment) × 100%
As a marketer, one of your main worries is how to prove the effectiveness of your digital marketing activities. To prove it, your boss wants hard numbers - so it's time to calculate your digital marketing ROI.
Let me tell you this though: there’s no exact method that will capture your digital marketing ROI perfectly. It’s just difficult to quantify some of the activities you engage in.
Having said that, you can still have an approximate value of your digital marketing ROI. This gives you insights into the effectiveness of your marketing efforts.
Apart from providing a figure to your boss, it helps you to adjust your marketing strategy to improve results. But to…
Good digital marketing isn't just about creating content, you also need to review your performance to see where it can be improved
How often do you review your marketing performance?
Creating great content for the various channels you use for your marketing campaign, whether they be social networks, your website or blog, or any other channel you’re using to connect with your audience, isn’t really enough to get you results.
The only way to continue growing and evolving is to constantly improve and optimize your marketing strategies. In order to do this, you need to review your marketing performance, consistently.
Our Content Marketing Learning Path supports members to plan their approach and increase the effectiveness of their content marketing activities with practical skills development and resources to measure and benchmark their success.
In this blog post, discover why reviewing marketing performance should be at the top of your priority list in 2021.
Read up on our latest pharmaceutical marketing strategy recommendations to optimize your marketing plan and convert more customers over the next 12 months
Take stock heading into 2021 after what has been a challenging year for pharmaceutical marketers, healthcare, medical and high-science marketers, and all who work in the industry. The strategic evaluation and forecasting season that comes with year-end means many of you are scanning, benchmarking, and prioritizing to strengthen your pharmaceutical marketing strategies for the coming year.
When getting ready for 2021, before even looking at your strategy it's essential to revisit your planning framework. So, let's quickly take a whistlestop tour of why the RACE Framework is the key to setting up your pharmaceutical marketing strategy for success.
Using the RACE Framework to plan your pharmaceutical marketing strategy
The RACE Framework is a practical framework to help manage and improve results from your digital marketing. When planning your overall marketing strategies,…
How do you run content marketing campaigns for your business in 2021 when the competition is fiercer than ever?
Content marketing has been proven to produce amazing results for businesses. For instance, a good content marketing plan will generate you three times more leads at a 62% lower cost than traditional marketing. Coming into 2021, knowing that we face a difficult economic recession, now it's more important than ever to leverage content marketing to improve your ROI.
But there's a little problem: how do you run content marketing campaigns for your business in 2021 when the competition is fiercer than ever?
Frankly, the first task you need to perform is to create a content marketing plan. With a good plan in place, you can take the first step to achieve content marketing success next year.
Unsurprisingly, CoSchedule found that marketers who proactively plan their projects or campaigns are …
The must-know content marketing statistics to benchmark your plans against this year
Content marketing is still very much at the heart of digital marketing, with content continuing to be a vital tactic for bringing in traffic and encouraging conversions.
However, content marketing has moved past blogs and now encompasses so much more. The industry is also more competitive than ever, with content being produced on masse, making it harder to ensure yours stands out.
In order to be successful at content marketing, you need to ensure that you’re taking into account more technical aspects – such as SEO – but also that you’re effectively battling for consumers’ attention. It is this battle that has led content to change at a rapid pace, with competition leading to increased levels of innovation.
This is why you need to stay on top of the latest trends and advances in the content marketing arena. With this in mind,…
Only 39% of marketers say they are somewhat successful at tracking the ROI of their content marketing, but there are ways to improve your proficiency
Content marketing is a highly effective form of marketing. Statistics show that per dollar, content marketing generates three times as many leads as traditional marketing.
As a content marketer, you understand these benefits and statistics. But your boss needs to be convinced. What amount of revenue is content marketing adding to your company's bottom line?
If you find it difficult to answer that question, you're not alone. In a survey of B2B marketers published on LinkedIn, only 39% considered themselves at least somewhat successful at tracking content marketing ROI.
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You need better content marketing metrics - ones that your executive team really care about
Like the father character Tevye in the classic movie 'Fiddler on the Roof,' some digital marketers seem to blindly follow tradition without much thought. They focus on traditional metrics like click-through rates, cost per acquisition (CPA) or return on ad spend (ROAS). The problem is, their executive leadership often doesn’t see how these metrics translate to the bottom line.
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Keeping in mind the goal of marketing: to grow your business at the lowest possible cost. So, for brands whose growth depends on acquiring and nurturing leads, your content marketing (CM) metrics must…
Audit your content and SEO with our mindtool to get more from your content marketing
One of the biggest appeals of digital marketing is that it's data-driven - we can readily review the effectiveness of our activities and make informed improvements. This is particularly true for using content marketing and SEO to attract and convert visitors to lead or sale.
Yet, the tools that are available within analytics to help us visualize and optimize our content haven't really changed since I've been involved in digital marketing. If you dig into the Behaviour reports in Google Analytics you still see long lists of Top Content and Landing pages to try to interpret. Using Content Groups in Google Analytics can help simplify by grouping related content. Although you can sort the lists, it's not easy to identify which content is performing well and can be enhanced and which is under-performing and which…
Content marketing works, but measuring content marketing ROI is challenging
In the Smart Insights-Hubspot research into content marketing in Europe, 44.4% of marketing managers who responded to the survey, say they struggle to measure the return on their content marketing investment.
[caption id="attachment_34135" align="aligncenter" width="550"] 44.4% of marketing managers struggle to measure content ROI[/caption]
This inability to measure the ROI of content marketing confirms a need for more guidance on how to calculate the cost of content marketing and measure the return on investment.
In this post I want to walk you through a simple but effective costing model, and show you how, by breaking out the component costs of content into labour, production and distribution, you can work out your content marketing cost, which provides the basis for evaluating your content marketing…
5 Questions to help set, manage and review your content marketing effectiveness
As we accept that our consumers are learning about, and navigating through, more and more information about our brand, organisation, industries or topic areas as they research online, we're needing to deploy more sophisticated strategies in order we can earn attention, and importantly trust. This is what sits behind the drive of content marketing's rise to the forefront of the digital marketing agenda.
Content marketing is starting to mature, too. More and more reports, such as this from the Aberdeen Group, illustrate this, here too.
An easy start-point
Below is a simple matrix of ideas to help you set the KPIs or metrics based on what we've used on different projects. We're not saying "this is the way you must do it" or that you need to use all of these KPIs. Instead, we hope this is a useful framework…