Blogs! Now we all know they prove to be the most effective weapon of content marketing strategy to grow one’s business. But have you ever wondered how much a blog post is worth to your business? Is there any substantial return from all the resources and efforts you put in to create a literary masterpiece. Can you put a number on it? Well, that’s ROI- the return on investment- and the question that remains is how do you calculate the ROI of a blog post?
First, let’s get to know what ROI is, then we’ll talk about what metrics to look up to, to measure the effectiveness of your content.
What is Return On Investment(ROI)?
ROI is traditionally defined as the return of an investment divided by the cost of the investment.
Here, the investment on a blog post might consist of:
- Cost of generating content
- Cost of sourcing the content externally
- Software and Tools used
- Advertising your blog post
- Distribution of content
And the returns from a blog post might include benefits like:
- Generation of Leads and Revenue
- Increased Traffic
- Brand Awareness
You can check out this really cool infographic on how to measure ROI in social media.
Having said that, we know for a fact that blogging acts a robust acquisition platform for potential customers through SEO and social media. However, it is as crucial to evaluate the substantial returns it is bringing in. Apparently, it’s a struggle for many marketers, that face the challenge of associating their content directly to a concrete ROI. There are, however, ways of calculating your returns;
How to calculate the ROI of a blog post
While some of you might ask what is the need to calculate the ROI, don’t you think it’s important to know that your blog posts and your whole content marketing strategy is actually bringing in some fruitful returns, and not just eating up your budget. It certainly is! So, when you want to calculate the ROI of a blog post, one needs a proper channel of figuring it out.
Either you can do a monetary calculation of your return on investment, by putting a dollar value on your blog post. For that, these are the questions you need to keep in check:
- What is the direct cost of writing a blog post?
- What are the costs of running the blog?
- What is the cost of advertising and distribution of your content?
Or you can go about the non-monetary way, that is, you take into consideration all the possible metrics to measure the effectiveness of your blog post against.
What to measure
Here are some specific metrics that can be used to assess the efficacy of your blog posts, to determine long-term ROI and potential revenue:
- Leads Generated: For any content marketer, lead generation is one of the major goals, and hence is important to justify the ROI of any content they produce. By monitoring how many leads are generated from your blog, you get a handle of your audience and what type of content works for them. With Google Analytics trending these days, calculating lead generation is not so difficult anymore!
- Traffic: Blogging drives traffic. And website traffic is a key factor in deciding your blog’s success as it determines how much audience your content is able to bring in for potential conversions. Needless to say, it is an important measure of your blog’s success.
- Unique Site Visitors: This is one simple metrics to evaluate the success of your content. You can keep track on the number of unique or “new” visitors to have an idea of the number of people visiting your post, preferably on a regular basis, either weekly or monthly.
- Conversion Rates: Blogging sure will bring in visitors to your post, but how many valuable leads are generated that will result in sales? By monitoring the conversion, you can have a better sense of the type of content that your audience fancies, and eventually will convert.
- Customer Engagement: For businesses that work on B2C model, whose goal is not generating leads primarily as much as engaging with their customers, blogging is a fantastic way to go about it, as it is nothing but a full-fledged conversation!
- Social shares/views: Monitoring the number of times your blog post is viewed and shared among various social media platforms, is rather an important metrics. Social shares increase brand awareness, grow subscribers, and reach out to the audience that may not know you.
As Chris Brogan once said, “No matter what, the very first social media real estate I’ll start with is a blog“. So, know how to assess the worth of your social media real estate, that is, your blog posts and be assured to get fantastic returns!
And of course, we at BlogPanda are always here to guide you.