We all know content marketing is hard. Not enough time and too few resources are the most common objections I hear from clients and prospects in my marketing practice.
But according to this infographic from The Content Marketing Institute and Marketing Profs, one-third of companies cite an inability to measure the effectiveness of content marketing as one of their challenges.
In my mind, there are only a few important metrics when it comes to measuring the effectiveness of content. Both are pretty simple to calculate.
The first metric I look at is cost per new customer.
I calculate this metric by taking my total salary in a given month and multiply it by the time I’ve spent on developing content, meeting with prospects and closing leads. I then add other costs assocated with new business development such as eBook design and marketing software (HubSpot, in my case).
Once I’ve got this number, I divide it by the number of new customers I secured in that particular month.
Here’s the equation for the math types in the crowd:
(Salary x % of time spent on new business) + Other new business costs/Number of new customers
Of course, content marketing is a long-term exercise. Results don’t happen overnight so I also look at another important metric: cost per lead generated. This number is calculated in a similar fashion to cost per customer:
(Salary x % of time spent on new business) + Other new business costs/Number of leads generated
So if you’re one of those 33% who’s concerned with how effective your content is, you now have two simple equations to help you measure success.
Do you have other suggestions for measuring how effective content marketing is? If you do, leave them at the bottom of this post.