The formula is ROI = (Revenue Attributed to Campaign − Total Campaign Cost) / Total Campaign Cost × 100%. Revenue comes from aggregating conversions across promo codes, UTMs, pixels, and attribution models into one figure. The cost side must be comprehensive — not just creator fees, but agency fees, content production, product samples and shipping, and the platform and tooling costs of running the program. Leaving those out inflates ROI and hides the real economics.
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