Profit (or value achieved) divided by investment x 100 is how to work out your social media ROI %.
ROI can be measured both in terms of monetary value and non-monetary metrics within social media depending on the campaign goal. For example, if a company is running a paid ad campaign on social media with the aim to increase brand awareness, the ROI could be measured by growth in follower count or reach. Whereas, if the campaign goal was to achieve sales then the ROI would be measured based on a direct impact on revenue.
If your ROI is more than 0, it means that your investments are effective and making your business money. A negative ROI indicates that the investment was greater than the return.
Tracking ROI can demonstrate the value of social media marketing efforts to an organization and inform budget allocations for future campaigns. It can also help social media managers to identify what works successfully and refine strategy over time to improve returns.
Testing – experiment with different ad campaign formats, try different audiences and switch up your content to see which delivers the best results.
Be sure to measure results and track key metrics so you can clearly see what is working and do more of it.
Set goals with clear objectives as to what you want to achieve through social media marketing – this will impact both your strategy and ROI.
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