Calculating Your Social Media ROI
We're constantly talking with clients and colleagues about the importance of measuring the return on investment (ROI) of different marketing initiatives. And quite frankly, measuring ROI seems to share a lot of characteristics with the unicorn.
For example, they're both elusive - no one's ever seen either of them apparently. Both are rumored to come with rainbows and an intense sense of euphoria. And the list goes on and on.
In reality, ROI is nothing like a unicorn. For one, ROI doesn't have a single horn that can magically heal the sick, or make poisoned water potable. Also, you can actually calculate ROI. Especially when it comes to social media. In fact, the smart folks at Buffer (who happen to make an awesome app for sharing social media content across multiple platforms) have pulled together what they call "The Delightfully Short Guide to Social Media ROI." It's a great resource for helping you systematically walk through your social media initiatives, assign a monetary value to each, calculate your investment, and then your return.
We highly recommend giving it a read. It won't take you long, and it'll help you fine tune your social media strategy. Check it out on their blog.