Sometimes web-based efforts seem to take a lot of hours—but do they return a reward, especially when it comes to the bottom line? If you haven’t been tracking the turn of your social media investments, today is the time to get started.
To do that, you have to start analyzing your return on investment, much like you would any other business-related effort. The calculation is fairly simple: How much have you invested, and how much has that investment cost you? But what goes into that calculation involves more than numbers. In order to really determine the return on investment, you have to determine the goals of your social media efforts. Those are not necessarily the same for each effort—they may be email signups or coupons downloaded, for example. And how you measure those goals may be different than traditional business campaigns.
There are more steps involved in accurate measurements of social media ROI, and this graphic can help.