How to Calculate ROI from a Social Media Company
ROI is important to any business venture that you engage in. Social Ease is a social media company in Tampa that can help understand your ROI and give you the ROI that you expect. It is easy enough to calculate the return on your investment when you are dealing with things that cost money but bring back actual revenue. However, social media can only do this for you indirectly. In order to understand what your ROI is and be able to tell whether or not you are getting the return that you are expecting, contact us at Social Ease today.
What is Your Social Media ROI?
Social media ROI is somewhat like normal ROI. With it, you calculate what you get back from all of the time that you spent working on it as well as of the effort that you put into it and the resources that you had to use. The easiest way to calculate this ROI is by using dollar amounts, as these are concrete numbers. However, many elements of social media do not have easy to calculate dollar amounts. In order to track ROI on these channels, you are going to have to shift your expectation of what your ROI would be. Two things to consider are the monetary investment that you are making in social media and the calculated dollar amounts that you assign to your social media goals.
Calculating Your Investment
To get an accurate estimate of how much money you spend on your social media, you must look at a couple of things. The first of these is your time spent working on the social media. The next thing that you must look at is what social media tools you are utilizing. For instance, if you are using a paid service to help you with your social media, you can include that in your total cost of tools. The final cost to consider how much you spent on advertising on these social media channels.
Once you have done this, you can just calculate the total cost spent on social media. With this information, you can then determine what your goals are for your social media. These are going to vary depending on what you are focusing on. After you have done this, you can then determine what your goal is worth. You can do this by estimating or you can form a calculation based on a variety of factors. With that information, you can then determine if what you spent was worth what you got.
Need a Social Media Company?
Social media can be difficult to take care of on your own. You may find that your ROI is better off when you have someone else take care of your social media for you. We know how to handle social media, and we can provide you with the service that you would not get elsewhere.
Social Ease is a social media company that is located in Tampa. If you need help with your social media, contact us today.