Using social media to market your business is something every business should do; however, despite what some may think, social media is not free. There’s at least a minimum investment that you have to make, even if it’s just your time, existing knowledge, and ability. When there’s an investment in the business, it becomes necessary to measure the return you’re getting on that investment, your ROI.
But how do you measure the ROI of social media? Well, the math is the same as any other ROI calculation:
ROI = (RETURN – INVESTMENT) / INVESTMENT
The math, the calculation, is easy. Defining “return” and “investment” are the hard parts. Here are 7 variables to consider when measuring, proving, and defending the ROI on your social media investment. Continue reading