Can social media produce Return-on-Investment (ROI) in dollars, not just some fuzzy awareness and connections?
Yes it can, but you need to be strategic about it
In this infographic, Neil Patel of Quicksprout explains how to track the ROI of your Facebook, Twitter, LinkedIn and Instagram campaigns and use that knowledge to improve your marketing efforts.
The key to being a good marketer is testing. If you go on your assumptions, in many cases, you will be off. The only way you can figure out what's working and what's not is through testing. Social media is one of those channels that you ought to test. From leveraging it organically to running paid social ads, you can generate a positive ROI. — Neil Patel
6 Steps to Measure ROI
1. Set your conversion goals.
2. Track conversions.
3. Assign monetary value to each conversion using historical data or guesstimating.
4. Measure total benefits by channel.
5. Determine total costs.
6. Analyze results and improve
Read them in detail in this visual:
Top image credit: onlinebusiness.volusion.com