Social Media ROI is arguably one of the hardest to measure in digital marketing. It’s hard to tell how much you can earn from a single Instagram post, or if a Snapchat can boost your sales numbers.
According to Convince and Convert more than 41% of businesses don’t even know if their Social Media efforts are actually paying for themselves.
Social Media ROI isn’t always easy to identify, but it’s not impossible either. To track your returns you need to understand what Social Media ROI is, it’s relevance to your business and how to effectively measure it.
So what is Social media ROI? ROI or Return On Investment has it’s roots in business and finance. It’s used to identify dollar returns on dollars invested. It’s to identify what you’ll get back from the time, efforts and resources you commit to Social.
For Social Media, you want to understand the amount of return you get from all your Social Media marketing initiatives. This means you have to understand how much you invest in your Social Media efforts and how much money your Social Media achievements are worth. By understanding your Social Media ROI, you’ll be able to avoid wasting time on social efforts that just aren’t working, you’ll be able to channel where your energy is most needed and you can which Social Media platforms work best to give you the best bang for your buck.
Watch the video for the steps of how to calculate the Social Media ROI. CLICK HERE To DOWNLOAD THE FREE SOCIAL MEDIA ROI CALCULATOR SPREADSHEET.
This video is introduced by Marley Baird. She is a video branding expert and works with businesses to position them as an industry leader and influencer in their field.
Marley’s expertise is in producing rapid content, generating leads on autopilot 24/7, warming up cold audiences and lowering ad costs all from utilizing engaging video content. Marley’s background is in social media, Facebook advertising, and event management, producing events with best-selling authors and celebrities such as Gary Vaynerchuk, Seth Golden, Randi Zuckerberg, Robin Sharma, and more.