If you’re going to calculate the ROI of your social media campaign, you’re going to have to know math. That may come as a disappointment to people who thought social media was only about accumulating Twitter followers or monitoring Facebook “Likes,” but it’s true. The future of social media is about math, metrics and monetization.
The problem is that most companies aren’t doing an effective job of measuring the value of their social media campaigns. In fact, a recent survey by Econsultancy found that 47% of the companies they surveyed said they were “not able to measure” their campaigns and that “the jury is still out” on the value gained from their social media investment.
If you’re one of the people who isn’t measuring your social media campaigns on an ROI basis, you’re setting yourself up for failure. Here are some tips, advice, and a little bit of simple math to get you on the right path to ROI success.