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How to Calculate Your Social Media’s ROI
When it comes to your business’s social media marketing, it can be difficult to determine what your return on investment (ROI) is. If you’re trying to figure out whether a campaign is a success for your business, then you need to know your ROI. Unfortunately, ROI can be very difficult to figure out when it comes to social media. There is no way to figure out exactly how much business your social media is generating and attempts to figure out this information can lead to misleading or inaccurate results.
While you likely will not be able to figure out the exact amount that your social media generates, there are ways that you can calculate the general ROI for your campaign. When calculating the effectiveness of social media marketing for Toronto-based businesses, here are four steps to getting an accurate ROI.
Begin with Measurable Goals for Social Media Conversion
To determine if your social media is a success, you need to know what will make it a success. Different businesses will have different objectives, which means what’s successful for one business may be a failure for another. Set measurable goals and objectives for your social media conversion; these could include goals based around clicks on your links, sharing or retweeting social media posts, or online purchases made.
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