How to calculate the ROI of social media marketing campaigns
Firstly, it seems obvious to say, properly defining the objectives. Some campaigns are launched to increase the brand awareness, others to grow the audience of a social account (e.g. the “followers” or “fans”) and others to get leads for further business initiatives.
For each goal type you should be able to use different concepts and proper metrics to measure the results: for example, if the goal is to increase the awareness of a brand, you probably don’t care about measuring how many leads you get, but you’re likely more looking into the engagement rate, the impressions, the total number of interactions (e.g. comments, likes, shares). We have to admit that in some cases the campaigns have not gone wrong, but simply they have been measured incorrectly or the data that have been analyzed are not the ones that should be taken into consideration.
Our suggestion is to measure and compare the KPIs that apply to your specific case. Over the years we have identified 4 types of KPIs to measure social campaigns according to their scopes:
- Audience growth
- Inbound traffic (clicks to website)