Talking about ROI on your content marketing efforts and app development, it’s better to first understand what we mean by your content’s ROI. What is the ROI for your content marketing campaigns? How do you track it?
Apparently, even experienced content creation teams struggle at times to understand the goals and ROI associated with their campaigns.
The case is more prominent when it comes to talking about customers, more precisely, your content subscribers.
Measuring the value of your content subscribers app development
Remember, measuring the value of your content subscribers isn’t connected to what you should charge for your content marketing services. Measuring the value is more about quantifying the qualitative data given by the customers’ insights.
According to Peter Drucker, the purpose of any business is to create customers. However, often marketers and business owners take the term customer in a literal sense.
Commonly, businesses fall under the impression that a customer is created whenever he/she purchases a product/service from the company.
In other words, a one time, mighty big sale worth of 100 grand or more don’t you the customer of a lifetime. At times, even someone who hasn’t yet purchased anything from you can become your customer.
It is the customer who decides what’s going to become of your business. What customers pay you to go on to become your resources, revenue, and capital for future investment.
And great marketing strategies have the power to add value that tempts customers to invest their money and time in your brand. Still, not all customer investments translate into purchases.
Even things like time, attention, brand loyalty, personal data, etc. can become the source of wealth for your business.
Consider the example of the media business. There isn’t a single company that creates one product and sells another. The programs news channels put on the air isn’t about selling the programs, but selling the people who watch the programs.
Understanding the marketing’s value and app development
The ability of modern marketers is measured by moving a prospect through the buyer’s journey process in order to increase the value for their business.
Apparently, a qualified lead is more important than a visitor. Similarly, a sales opportunity is more important than a qualified lead, and a sale is worth more than an opportunity.
Digital marketers often calculate the value created by dividing the total marketing expenses by the total revenue created at each phase in the buying journey.
In other words, the amount of value a visitor prospect, or a qualified lead creates is zero—they haven’t purchased anything from the business and the ROI is the thing that matters.
How to assign subscriber asset value?
Today, the type of audience and relationship you have could be difficult to explain. You may a bigger, but non-engaging audience, on the other hand, a small, but the engaging audience who are loyal to your brand and willing to help you.
Understandably, businesses dissect and gauge their audience on the basis of their activity. For example, today’s engaged and active subscribers of your content might become unengaged and unsubscribe. The same activity can be applied to all kinds of visitors.
Other departments often look at customer value in terms of purchases made over the course of time. While digital marketers take increasing subscriber value like loyalty, activity, the strength of the relationship, and the tendency to engage with the brand and take action.
The idea is to understand that the value of the audience can be determined through both audience related goals and traditional marketing and sales goals.
You can even measure the different paths your audience takes to support a single goal. For example, if you intend your audience to fulfill a more sales-centric goal, figure out the different paths they can likely go through.
For instance, some of your content subscribers will walk through the traditional marketing process. In doing so, their value is the difference between the cost of obtaining that lead/customer through the traditional process against the cost through a more audience education method.
Consider the example of ServiceNow, an American software company, who launched its Workflow Quarterly in 2019.
The company’s 66% growth in subscribers in the first year, also reporting that 73% of subscribers are more likely to take any action on the website or completing the form, shows how effective it is as a lead generation platform.
Similarly, you can also measure the audience who didn’t convert through the traditional marketing methods built on typical monetization models.
Think about how and what value to assign to such subscribers.
It doesn’t matter if you belong in the list of the top iOS app development companies, run an online store, or established a digital marketing business, understanding the value of your content subscribers is vital to acquire engaged, action-driven customers.
