Ways to Measure Social Media ROI

ROI stands for Return Of Investment. It is that investment that the businesses had made for building up their platform online. It is essential for you to measure your ROI as this will tell you the actual progress that you have made till now so that you are aware of whether the strategies that you have planned are going well or not.

There are numerous ways in which you can measure the ROI of your business depending on various factors that play a crucial role in your business. Like your company’s mission, vision, objective, implementation strategies, and many more.

As the factors are varying for different companies hence there is no fixed formula for the same. The formula uses different values rather than using revenue or profit as the starting figure.

You must keep a check on the amount that you have spent on social media as social media is a large platform with subparts so ensure where you spend and how much. Like as advertisements, the cost for managing social tools and platforms, the amount you spend on creating genuine and original content, salaries of social media teams, training of members, salaries of agencies or consultants if you hire any, and a lot more.

 

Calculating ROI Of Social Media Is A Full Procedure That Comprises Of Various Steps:

Set A Goal

It is essential to set a goal as setting a goal you know what your exact aim is and you will directly focus there rather than focusing on the non-required aspects so that you don’t waste your time and achieve what you want to.

Track Your Goal

After setting a goal it is equally essential to track down your goal so that you know your progress or flaws with your plans and strategies so that you have time to work on them and update them before it’s too late and many losses have been caused

See What’s Trending

As social media is all about the latest trends and fashion that is growing day by day due to inventions so it is essential for e-commerce companies to go by them as their thighs may go outdated and their sales, as well as customer acquisition, will stop if they don’t follow the same.

Apart from this to calculate your ROI from social media investments you can use a social ROI calculator that will give you an approx idea of the data that you require as well as you can use the free / paid to google analytics which is a service offered by Google to its users who are running their e-commerce business.

You should also keep a report of the factual as well as actual data of your followers, reviews, and responses, and the sales that you are getting from your customers in the e-commerce business like that is also an ROI as it is what you were really aiming for.