Numbers matter when it comes to your insurance agency. When you set a goal to sell ‘x’ number of policies throughout the year, measuring where you ended the year will show you how effective your strategy was during that period. If you hit your target, then it’s safe to say your strategy is working; however, if you missed your goal, then your strategy for leads may need some tweaking.
The same premise applies to content marketing for insurance. You can measure the return on investment (ROI) of content marketing by measuring where you started based on where you are now.
Unfortunately, many insurance Brands understand content marketing has an effect on their bottom line, but they don’t know where to begin when it comes to measuring their success. If you think about it, measuring the ROI of content marketing is challenging. How can you measure engagement? How do you determine what content is responsible for driving and converting traffic? These questions underscore the fact that a lot of the work and results associated with content marketing aren’t measurable attributes. Fortunately, there is a way you can accurately measure your ROI and determine what marketing strategies are working for you.
Understand What You Are Spending
In business, you can easily determine your ROI by plugging your investment numbers into the formula for ROI. And, that’s where we will start today, too. You have to start by understanding how much you are spending on content marketing.
If you outsource all of your content , then tallying your total expenses for content marketing is straightforward; your total for expenses is your outsourced marketing budget.
You'll need to do a little more work to calculate your expenses if your content marketing is in-house, though. Start by calculating the direct expenses associated with your content marketing. The cost of hiring an influencer marketer, your budget for your Google AdWords campaign, and the cost of hiring a writer are all factors that are direct expenses of your content marketing strategy. Other costs like your marketing department’s salaries, should be allocated to your expenses based on the amount of time each individual worked on your content marketing strategy. It’s important to keep in mind that only the appropriate portion of their salaries should be attributed to your content marketing expenses; otherwise, you’ll misappropriate your business expenses.
Measure Your Gains from Your Investment
When it comes to analyzing your gains, that’s the tricky part of determining your ROI of content marketing. Your gains include factors that aren’t quantifiable. For instance, if you’ve noticed an uptick in your engagement, that’s a factor you should consider when determining your ROI, but engagement isn't easily quantifiable.
The easiest way to quantify your marketing efforts is to ascribe a value to factors that aren’t quantifiable. Once you have a value, use the same value for each factor every time you calculate your ROI. Ascribe a value to Brand visibility, Brand reputation, new subscribers, and other factors you know affect your content marketing strategy.
Once you have the details, then determining the ROI of content marketing for your insurance Brand is a matter of simply doing the math. Obviously, when you have more gains relative to the amount of money you’re investing, you are winning. Your content marketing strategy is working. As such, look for low-cost marketing strategies that have a high impact throughout the year to maximize your ROI. Research shows certain aspects of content marketing yields higher returns than others when it comes to various components of content marketing. For Instance, email marketing is essential for lead generation. Additionally, insurance Brands with blogs generate a lot of traffic. Armed with this information, you can positively affect your content marketing for your insurance Brand.
At Hult Marketing, we help you maximize your ROI by going beyond content marketing. We focus on building your relationship with your customers through a number of marketing tools and techniques. In the end, your customers have a clearer vision of your Brand and how you help them meet their needs. Ultimately, our goal is to help you create a strategy that improves your ROI and your bottom line.
To learn more about key components of a winning insurance marketing strategy, download our free eBook, Tools of the Trade: 7 Fundamentals for an Effective Inbound Marketing Campaign. It’ll help you understand how to attract and nurture your target audience.
Integrate your current strategies with fresh inbound marketing ROI based ideas to attract more clients to your organization. Let's touch base and I will put the Hult Team's experience to work for you. You can contact me at 309-673-8191 or firstname.lastname@example.org, and together, we can create a better focus on your insurance Brand.