How to measure the ROI of any channel?
Measuring the success of various campaigns is a core aspect of a marketer’s job.
When measuring ROI with social media, it’s helpful to take into account how you measure other advertising channels, and incorporate familiar business phrasing.
ROI can have many different calculations. You can calculate overall ROI, which includes all marketing spend and all revenue generated from your marketing channels. You can also calculate the ROI from individual marketing channel.
ROI is meant to inform your long-term marketing strategy. Over several months, you might notice that one marketing channel brings in far more revenue than the rest.
Based on those observations, you’ll know where to focus your time and energy to boost conversions and increase revenue.