Love it, hate it, you can’t ignore it. Social Media is here to stay. Facebook, Twitter, YouTube, G+ are the primary channels for traffic and growth for most online businesses today.
and start projecting their hockey stick growth based on these numbers. To add to the the pain most online marketers over commit and under deliver.
According to BusinessInsider “Many brands are moving away from metrics that purport to measure ROI on social media.
They’ve realized that social media isn’t a transactional engine or sales machine, so they’re dropping half-baked indicators that gauge secondary effects, such as financial return.”
Large brands and advertisers look at monetization over long term and tangible and intangible goals. They measure ROI of social media strategies in terms of audience-building, brand awareness, and customer relations.
I work with startups and startups are a different beast. They need to run quick experiments, decide what works for them and ROI is a simple arithmetic:
ROI = (All Returns- All Costs)/ All Costs.
I feel responsible for every $ that startups trust me with to hack growth and hate BS-ing when it comes to program performance. I want to evaluate programs in real time and make quick decisions. I use the following spreadsheet to measure the ROI of the programs built around the simple arithmetic definition of ROI.
Download BhaskarThakur-Social-Media-ROI (Right click and save)
Give it a spin and let me know if it works. Big Brands you may also want to try this simple tool.