How to Calculate ROI on Social Media in 5 Steps

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How to Calculate ROI on Social Media in 5 Steps
2
Define Clear Social Business Objectives

• First, set your social media goal and stick to
  that purpose only for a specific time period. It
  will help you to calculate the value of your
  social media investments and increase the social
  media ROI. What can be your goal in social media?
  
• Boost sign-ups, generate leads
• Improve brand recognition
• Increase sales and boost newsletter subscribers
  etc.

3
Track Metrics that Align With Your Objectives

• Getting insights by tacking the performance of
  social media metrics will give you better ROIs
  and plan your investment in a better way. Here
  are some of the core matrices to consider for
  enhancement of social media ROI
• Reach
• Site visits
• Form submission
• Lead generation

4
Calculate Your Social Media Costs

• It is imperative to measure the cost side of
  social media marketing efforts. It will project
  the profit picture of social media and allow you
  to calculate the returns of each expense. The
  most relevant costs of social media marketing
  are
• Subscription cost of tools.
• Cost to create content.
• Ad campaign cost
• The cost of hiring agencies.

5
Calculate Your ROI

• Once you get the cost amount and total value of
  the input, start calculating the Social media ROI
  of your organization. It showcases the ultimate
  picture of where all your efforts have gone and
  also gives insight into the planning of future
  strategies.
• Pro tip
• Social media ROI formula Earnings- cost/cost100
• Positive ROI means profit
• Negative ROI means a loss

6
Create an ROI Report that Shows the Impact of
Social

• Once you get the details on social media ROI,
  take the next step towards report creation. Here
  are some pro tips for creating reports on social
  media
• Use the right template Furnish the report in a
  simple language
• Incorporate all assumptions and track short-term
  progress with KPIs
• Showcase the business objective and social
  results.

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