How To Measure ROI With Content Strategy 2024

    author image
    By Dev
    November 29, 2023
    ~ 3 minutes to read

    Content Strategy 2024

    Content marketing has become an essential component of any successful marketing strategy. With more companies investing in content, measuring its return on investment (ROI) is crucial. As we enter 2024, new techniques will emerge to quantify content efforts and demonstrate their impact on key business goals. This article explores effective methods to measure content ROI next year.

    How To Measure ROI With Content Strategy 2024

    Set Specific Goals

    The first step is defining concrete goals that align with wider business objectives. Common content aims include:

    • Increase website traffic
    • Grow newsletter subscribers
    • Boost social media followers
    • Improve brand awareness/positioning
    • Generate more qualified leads
    • Increase sales revenue

    Setting distinct targets gives you benchmarks to track progress. The goals should be:

    Specific

    Outline clearly what you want to achieve – simply stating “generate more leads” is too vague. Define a target number or percentage increase.

    Measurable

    Quantify goals so they can be tracked with data, e.g. “Increase monthly site visitors by 25%”.

    Achievable

    Stretch goals inspire but make sure they are realistic based on resources.

    Relevant

    Goals should map to business priorities and fill identified needs.

    Time-Bound

    Attach a deadline to create urgency, such as “Boost social followers 100% over 6 months.”

    Identify KPIs

    Once goals are established, pinpoint related key performance indicators (KPIs). These metrics demonstrate progress towards targets.

    Website traffic KPIs: Sessions, users, page views, pages/session, bounce rate, etc.

    Lead generation KPIs: Form fill rate, cost per lead, sales qualified leads.

    Sales KPIs: Revenue, conversion rate, customer lifetime value.

    Brand KPIs: Brand mentions, sentiment, reach and awareness surveys.

    Focus on 2-5 KPIs per goal to avoid data overload. Use digital analytics tools like Google Analytics, to form a baseline to compare.

    Attribute Conversions

    Next, attribute conversions through the customer journey to calculate content ROI. This means connecting engagement to eventual sales.

    Look for correlations in analytics between content downloads, site visits, leads and revenue. Gauge the impact on decisions and see what content converts best.

    Implement UTM campaign tracking to tag URL links. This isolates traffic sources, monitoring customer touchpoints with content that brings value.

    Calculate ROI

    With goals established, KPIs measured and conversions tracked, you can demonstrably link content to revenue.

    Calculate content ROI using this formula:

    ROI = (Revenue – Content Costs) ÷ Content Costs x 100

    This determines return on spend – assess against targets. If a piece yields 500% ROI, it generates £5 for every £1 spent. Anything over 100% is worthwhile.

    Optimise Future Content

    Use ROI data to shape plans and investments. Demonstrate the tangible benefits of content to secure bigger budgets.

    Analyse top-performing pieces – what content types, lengths, formats and topics engage most? Which distribution channels drive the most value? Refine based on these insights.

    Assess gaps creating new content around popular subjects that convert. Retire content with poor returns and double down on what brings real ROI.

    Emerging 2024 Techniques

    Exciting innovations will boost content measurement next year through enhanced analytics, personalisation and automation.

    AI-Driven Analytics

    Sophisticated artificial intelligence systems will uncover deeper insights from data – serving up recommendations to refine strategy for optimal ROI.

    Individualised Content

    Technologies like machine learning facilitate super-targeted, dynamic content customised to each customer. Performance can be assessed on an individual level.

    Automated Reporting

    Automated dashboards will compile key metrics without manual number-crunching, saving time while offering real-time tracking against KPIs.

    Conclusion

    Measuring return on investment is vital to justify-content efforts and unlock bigger budgets in 2024. By setting specific goals, monitoring performance through key metrics tools, attributing value across the customer journey and calculating ROI, you can refine your approach to boost results. Harnessing emerging innovations will bring sharper insights and customised content for next-level impact. Use these steps to make data-driven decisions that amplify content success.