Social media is quickly moving from a fresh, exciting new marketing channel to an established part of companies’ marketing strategies. As a result, it is no longer enough to simply state that you are on social media when discussing the success of your marketing. ROI (Return on Investment) is becoming ever-more important in convincing your superiors of the worth of your social media marketing, as evidenced by the fact that a quick Google search on ‘Social Media ROI’ returns over 4 million results.
But how do you measure your blogging ROI? Like social media, blogging is now an established part of many companies’ efforts to increase their visibility online. How can you tell that your resources spent writing a company blog are invested wisely? Let us help:
1) Determine your investment.
How much time are you investing in blogging per month? Tracking your time spent on the blog allows you to determine how much of your salary goes towards blogging. Are you paying for your blog domain? If so, don’t ignore this cost when calculating your investment.
2) Determine your goals.
What are you trying to achieve with your blog? In most cases, this will be related to guiding users to your website and increasing sales. Knowing your goals is crucial when determining any return on investment.
3) Quantify your goals.
How much is a visit to your website worth? Many web services allow you to track conversion rates from your information and buying forms. If you sell your product or service directly on your website, divide your monthly sales by your monthly web visits to calculate your conversion rate manually. Multiplying that rate by your product’s price gives you a solid estimate of how much each web visit is worth to you.
4) Calculate ROI.
Once you figure out what each web visit is worth, track how many web visits your blog generates each months. This can be done with tracking URLs, which you can generate for free via Google Analytics and other services. Multiply that number by the worth of each web visit, and you’ll get your monthly ‘gains’ from the blog. If that number is larger than your investment (see step 1), congratulations! You have a positive ROI. If it’s negative, you may want to reconsider your blog or gear it more directly towards directing traffic to your site.
Armed with an accurate ROI on your blogging efforts, you’ll be able to improve your blog and justify the time and resources spent on blogging to promote your business.
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