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![How to know if your strategy is ACTUALLY working 👇short answer.. ROI 💰
1️⃣ first things first, set your goal. Whether that’s to increase market share, brand equity, sales, etc. Select a goal for your campaign 🎯
2️⃣ once you have established goals, identify the metrics you’re gonna use to track those goals. Several tools you can use to track your metrics are @hootsuite, @sproutsocial @dashhudson, our your own platform’s insights tool.
🧴let’s say you’re a skin care brand & you just launched a new product. Part of your campaign is to partner with an influencer that aligns & is relatable to your brand & its values.
💰you partner with this influencer and invest $700 for an instagram post, which generates $1200 in sales.
🧠 now, take out your pen and paper 📝
ROI formula —->
[(amount gained - amount spent) / amount spent] x 100
Using this formula, let’s calculate what our ROI is for this specific skin-care campaign ⬇️
[(1200-700) / 700] x 100 = 71.4% ROI
Congrats! ✨ now you know how to calculate the return on your investment! 🎉
This number will help you understand and justify your investment & assess the next steps - whether you want to optimize your campaign or take other routes.
🤳🏼 Let me know if this is helpful & don’t forget to save this post!!
#socialmediamanager #socialmediatools #socialmediaapps #socialmediaagency #contentcreationtips #contentcreation #roi #returnoninvestment #marketingtips #dashhudson #instagramtips #instagrammetrics social media agency, social media tips, miami marketing agency](https://scontent-sea1-1.cdninstagram.com/v/t51.29350-15/456117584_1031638891737490_8988819955360300117_n.jpg?stp=dst-jpg_e35_tt6&_nc_cat=105&ccb=7-5&_nc_sid=18de74&_nc_ohc=Q70KmvbcUXAQ7kNvwHiStsb&_nc_oc=AdniAHd2UsXIrSlOo6e9HkogujgCCD3IsbM814w5IweNxnTRG2rLgQnD0Aw3uBnKWTI&_nc_zt=23&_nc_ht=scontent-sea1-1.cdninstagram.com&edm=ANo9K5cEAAAA&_nc_gid=Vybv0LN9LO-KluwVKr-4KA&oh=00_AfIcoCbvFDkJdaJ3JhFX1DeOzRlwm8RdnfwQT5pTG1FZ_Q&oe=6834462F)
