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How to Measure Social Media ROI

Social Media ROI  is a term trying to relate social media with revenues. Measuring ROI is an integral part of every business and is essentially required to track the progress, popularity, returns, budget and various other parameters involved in marketing to build a market strategy accordingly. Since Social Media is unpredictable due to various viral factors involved in the investing Social media, you can never tell or predict what your returns would be for a particular investment on the social media. Thus traditional methods of measuring Social media won't work. Marketers need to take  rapid and flexible ways of calculating their Social Media ROI(Return on Investment)
Although we have already learned that it's very difficult to measure Social media ROI, still we will try to approach methods to get a near approximated value for the returns to plan and execute your marketing strategies accordingly.

Approach-I

  • Calculate the new customer value using social media.
  • Calculate user lifetime value.
  • Calculate Impression value.
  • Calculate customer service Value.
  • Add all the investment Returns.
  • Calculate social media expenditure.
  • Finally use above calculations to calculate your Social Media ROI.
Approach-II (Knowing your business seasons)
  • Calculate ROMI
  • Calculate ROMO
  • Finally use above calculations to calculate your Social Media ROI.
Tips

To learn in detail about the calculations and parameters involved visit Measure Social Media ROI




To learn in detail about the calculations and parameters involved visit Measure Social Media ROI