Do you remember the days of walking around your grade school classroom measuring everything in sight with an unwieldy wooden meter stick? Wouldn’t it make your life easier if you could measure return on investment for your inbound marketing just as easily?
Well, you might need more than a pencil and notebook to measure these analytics, but once you know which ones to pay attention to, measuring Return on Investment (ROI) on inbound marketing can be just as easy.
“Using a combination of metrics to establish your overall return on investment for your inbound marketing will definitely convince you it has been money well spent. Your content will keep giving you returns long after you have finished paying to create it.”
1. Consumption Metrics
Many analytics tools are available to track consumption metrics – Google Analytics, Hubspot. Hatchbuck.
2. Sharing Metrics
As the name implies, they measure how often your content is passed on via shares, likes, retweets and email forwards. This includes inbound links from external sources.
“Developing quality content for your inbound marketing will increase your ROI with prospects spending more time on your site and sharing more of your content. Ultimately, more prospects will be converted into customers.”
3. Lead Generation Metrics
4. Sales Metrics
Since all marketing goals include revenue generation, sales metrics are very important. But they can be difficult to quantify, as customers often need a minimum of 7 interactions before deciding to purchase. Knowing which pages prospects visit and for how long, prior to purchase, makes sales metrics easier to measure.
The investment for your inbound marketing includes the wages you pay for design and content creation, as well as any software or subscriptions you purchase and associated hosting fees. Assign a portion of your overhead to inbound marketing as well.
To calculate revenue from your inbound marketing, besides your gross profits, include the AdWords equivalent for your quality content, assign a dollar value to each customer, and place a dollar value on indirect leads (such as email subscriptions).
Revenue minus investment, divided by investment. Multiply this result by 100 to express your ROI as a percentage.
If you paid a professional inbound marketer $5,000 to create content for a month and your revenue for that same month was $200,000, that is a 3900% return on your investment.
With this free checklist, you will be given a new framework for campaigns that solves all of these common inbound marketing problems.
You will learn how to develop an inbound marketing campaign that:
Download our checklist today to start maximizing the return on investment for your future marketing campaigns!