Use These 5 Steps to See if Your Social Media is Profitable
A common calculation in the business world is return on investment, or ROI. Finding the ROI of your social media marketing, however, can be difficult. The normal factors may not be as obvious as in other ROI calculations.
Your social media campaign does have a quantifiable ROI from the total revenue directly generated by your campaign. Before using this formula, you have to determine the value of your social media goals. Whether you look at total spend per customer, the number of attendees in your webinar, or how many entries you had in a contest, you have to have a goal for each campaign.
Once you decide which goals are most important, determine which metrics measure the success of that goal. Social media offers a wide variety of quantifiable data tracked by the platforms themselves, Google Analytics, and third-party software that is tailored specifically to your company’s social media marketing efforts. From your data sources — including your marketing automation software — run reports, make projections, and find ways to improve. Continue reading the infographic below for more details on calculating your social media ROI.
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