How can companies effectively measure the ROI of their social media efforts in terms of customer engagement and retention, and what key metrics should they focus on to track the success of their social media strategies over time?

Companies can effectively measure the ROI of their social media efforts by tracking key metrics such as engagement rate, click-through rate, conversion rate, and customer retention rate. These metrics can help companies understand how their social media strategies are impacting customer engagement and retention. Companies should also analyze the lifetime value of customers acquired through social media, as well as the cost per acquisition, to determine the overall success of their social media efforts in driving customer retention and engagement over time. Regularly monitoring these metrics and adjusting strategies based on the data collected can help companies optimize their social media strategies for maximum ROI.