Creating content for your company is necessary if you want to bring in more customers. Without content, people have no way of hearing about your company or seeing what you have to offer. Companies, therefore, tend to spend a lot of money on their content marketing strategy to promote their business.
That being said, if you aren’t going about your content market strategy effectively, then it could be costing you way more than you ever intended.
The High Cost of Content
Large companies will invest a big portion of their budget in content creation. This could be anything from hiring a writer, a photographer, a media specialist, a social media manager, or anyone else tied to the production of a single piece of content. Take a look at Buzzfeed, for example, who invests a lot of money in their own, original content. That being said, their site is driven by content.
However, that shouldn’t mean content can’t be the drive of yours, too.
On average, a company that has a $10 million marketing budget will spend close to 18% of that solely on content marketing. Of course, the more money a company makes, the higher this budget will be.
More Content Means Additional Investments Elsewhere
If your company is spending a lot of money on content marketing, then it’s very likely that you’re spending money on anything and everything associated with that content. Companies need to find ways to protect the content they are producing, spread the content across the web, and keep up with technology to make sure nothing gets in the way of their flow. This can lead to more and more costs that won’t ever be getting smaller.
The Output is Usually Much Less Than the Input
Content is taking over the internet. A disproportionate amount of content is produced daily, and it’s easy to wonder whether or not companies are benefiting from all the work they are putting in. According to VentureBeat, though content marketing is up 300%, only 5% is actually getting read. What this means is, only 5% of branded content counts for 90% of the engagement. That’s a serious imbalance.
If your company is a content producing machine but you aren’t seeing too many results, then it’s time to make some adjustments. While creating content is important, the high costs should be considered. One quality article will do much better than repetitive articles that are done several times a day or week, and only if the audience is engaged in it.
Companies need to, therefore, be very mindful of the relationship between their spending and the success of their content.
The Bottom Line
If companies want to do well, they need to produce content. There’s no doubt about that. But, more often than not, the costs associated with content creation are not really matching up well. Companies are spending too much to produce content, and they aren’t getting enough engagement or leads in return.
If you think your company is spending too much on content, then there are ways to limit those costs. If companies can bridge the gaps between content marketing and sales and increase the workflow, some costs can be cut. Additionally, companies should take a look at the ratios between content, conversions, and ultimate spending. Ask yourself, “Is the money I’m spending to produce this content actually worth it? Or, do I need to make some adjustments?”
There is a lot of buzz surrounding content, and it sometimes hard to gauge whether or not you’re going about yours correctly.
Request a demo with Mission Suite today and see how we’ll help you analyze your content costs.