Dollars are one of the easiest metrics to measure. As you analyze the success of your campaign, be sure to consider all the money spent and how it was spent. Key areas in which you can spend on social media campaigns include:
Ad dollars. How much money was spent on the campaign? Did the amount spent per click pay off against the number of conversions that resulted from the ad spend? Time spent. What were the billable hours spent developing and executing a campaign, including time managing each component and creating the content? How does that spend compare with the effort that went into the campaign?
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Sponsorships. Did you pay an influencer to create content for your brand? If so, how well did the influencer deliver? Did they produce the brand awareness, email signups, conversions or other results that were desired as a result of the campaign?
Key takeaway: In determining your social media ROI, be specific about what you ultimately want to accomplish and what metrics you’ll focus on to evaluate your progress. Rather than be caught up with “vanity metrics,” like the number of followers, focus on engagement (or conversions), and, finally, be patient, it takes time to develop a successful social media strategy.