The complications arise when you realize that every business has its own definitions of value, and of total expenditure. In order to really measure your return you’ll need to really nail down your costs and create an ongoing measurement model that can be applied to all your social media campaigns.
First, you’ll need to define exactly what ‘total expenditure’ implies.
There’s certainly a common myth that social media campaigns are free to run. Well, it’s true that setting up a Facebook page and sending tweets won’t cost a penny, but hiring someone to do that for you?
As with any campaign, you’ll need to run some fairly complicated breakdowns to ensure you aren’t caught out by hidden costs.
Here are four main areas you’ll need to consider:
- Staff Costs
- External Fees