Budgeting for Content Marketing
10th August 2015
Budgeting for content marketing; what to do
Budgeting for content marketing can be hard, and for some people it appears that producing the right content for your audience on a constrained budget is far more challenging than first expected. It is easy to create good quality content when you’re on a big budget, but what happens if your budget suddenly gets halved? Could you still make the same quality content on half the budget? The simple answer is no, but there are a few things you can do to create the best possible content on your own budget.
- Content management FAQ – here is an easy one; all you do is take a look in your sent emails. Notice any questions being asked a lot? If you do then it might be a good idea to create a FAQ section within your site and answering all of the questions on there that you see getting asked a lot on email.
- Factual source – if you find yourself using a lot of facts in your content then why don’t you create an area on your site for statistics and figures? You can then refer to this within your articles, and it will create more traffic travelling around your site. This will also make your content appear primary, and it will make your brand look more professional and appear expert within your industry.
- Find yourself using productivity tools daily? – write about it! Productivity hacks that make daily life easier are some of the most popular articles on the internet. This is a cheap way to gain a lot more traffic and engagement on your site, encourage your following to comment below on their favourite tools, or ask them which tools they think are best. Engagement is key.
- Have some fun! – post some content for entertainment purposes. If you cannot afford to create any content then make some content for free, and make some people laugh. This will also make your brand seem more human and actually can be beneficial for brand interaction.
- Documentation – anything big going on in your industry? If there is be sure to document it and record it. Any hot or new news can generate a lot of traffic. Ensure you are the first on the bandwagon for writing articles on changes and you will find more people begin to use your site as a reliable source of information.
How do I measure if my content is effective?
The common way to identify whether or not your content is doing its job well is to measure something called the “return on investment”. This is a measure of how well the content you create and post returns back into revenue for your company. Of course if you are not getting any returns and you are losing money from your content then you will probably need a huge overhaul in the way that you create content. Also if this is the case it can be difficult to know how to rectify the issue, but sometimes it can be simpler than you think. If you are putting a lot into content and not getting much back try cutting the budget. See if you can create similar quality content on less of a budget, and if you can then you have identified a huge error in the way that you create content. Increase in budget should always transfer to more return.
The 3 components in content marketing are the cost, then the utilisation, then the performance. Basically, the cost needs to be low enough so that at least 40% of the content can be wasted and the content still makes back the cost. Most companies use much less than 50% of the content created, so you have to come to the conclusion rather rapidly that the content you create may well not be used at all.
So, how do I know if I am doing well?
In order to actually come to even a slight conclusion about your ROI then you need to have a deep understanding on how your business works, and the ability to build upon this to increase your value. To achieve a higher return then you need to understand the whole system of your content creation, the costs, usage and performance. If you understand these costs then the chances are that your ROI is good, deep understanding of those things brings success.