ROI using Social Media
ROI using Social Media:
First best practice that needs to be followed on calculating ROI for social media is to quantify the investment made on social media platforms that is time, money and effort and then determine how much value you got in return by connecting back the results to the overall business goals. The main results that you can measure using social media are Reach, Engagement and Audience growth.
• Reach – This helps you to measure the total number of post & page reach to your audience.
• Engagements – This helps you to measure the total number of people who have interacted with your brand such as likes, comment, messages & Shares.
• Audience Growth – This helps you to measure the total number of new followers or fans that you gained through the social media platform.
Each of the above metrics can be used to measure the ROI, which is the value that you have gained using the social media platform.
• Marketing executive spends 4 hours in a social media for a day and gains 100 new visitors, also generates 25 new leads for the business.
• Consider the lead conversion rate is 5%, then 25*0.05 = 1 customer
• Where the cost of one product is $1500, so the revenue generated per day using the social media platform by one marketing executive will be 1500 * 1 = $1500
Based on the above calculations you can set the marketing budget for your business and Increase your sales and revenues.
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