First best practice that needs to be followed on calculating ROI for social media is to quantify the investment made on social media platforms that is time, money and effort and then determine how much value you got in return by connecting back the results to the overall business goals. The main results that you can measure using social media are Reach, Engagement and Audience growth.
Each of the above metrics can be used to measure the ROI, which is the value that you have gained using the social media platform.
Assume,
Based on the above calculations you can set the marketing budget for your business and Increase your sales and revenues.
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