The impact of content on the bottom line is hard to quantify. I get it.
A lot of the impact that content has on buying decisions are hidden to us marketers and business owners. The messy middle is hard to decode.
I had a bunch of conversations the past weeks with clients who want to give up on content and rather invest into paid channels. It's a mistake! If your potential customers read your competitors content to solve their problems, your competitor wins over the long run.
So I put together a list of ways that content contributes to revenue (even if you can't directly attribute it). Here we go.
1. Direct leads
The most straightforward one. People read an article, sign up and later buy the product or service.
Existing customers consume content and learn new ways to use your product. Educational content helps people realize the value of the product and stick around to keep using it. This means less churn (the silent killer!) and more recurring revenue.
3. Account expansions
If someone learns about a feature that’s not supported on their account tier they want to upgrade. There is no cheaper way to increase your revenue than to entice existing customers to spend more.
4. Word of Mouth
Your existing customers will teach their friends only if they themselves fully understand the platform and the problem your product or service is solving. Again, educational content helps them to just that. And btw., especially in B2B people will refer your brand just because they have read your content, even if they have never used your product ("yeah I heard about this great video marketing platform called Wistia, you should check it out").
5. Brand exposure
People prefer things they are familiar with. If you are constantly on their radar and top of mind, they will favor you when the moment comes to take a buying decision. And guess what, the reverse is also true. If they have never heard of you before, but have consumed your competitors content for years, guess who'll they purchase from?
6. Brand affinity and thought leadership
People want to use the best of the best. If you are positioned as the best, they want to use you. If you don't want to end up in a pricing race to the bottom with your competitors you need to elevate your brand to charge more. Associate yourself with the best brands in the industry. Get influential guests on your podcast. It works!
There are a hundred more nuanced ways how content helps to affect the bottom line. The takeaway is that if you are consistently helping your customers succeed through your content, they will trust you more, like you more and buy from you more.