Can I calculate the ROI of specific SEO strategies or campaigns?

Calculating the ROI (return on investment) for specific SEO campaigns and strategies is definitely possible, and can provide super valuable insights. Here's generally how I'd approach it:

First, clearly define the goals of that particular SEO initiative. Common ones are increasing organic traffic, lead generation, sales, and brand awareness.

Next, identify the key metrics that will indicate progress towards those goals. If it's an e-commerce play, you'd want to track metrics like organic traffic, conversion rates, and revenue specifically from organic search.

Establish a baseline for those metrics before kicking off the SEO work. That way you can clearly measure the gradual impact over time.

As the campaign progresses, diligently track how those goal metrics are changing period-over-period. This data will allow you to quantify the benefits in concrete numbers.

For revenue-based goals, you can then assign a dollar value to those benefits. Let's say your organic traffic went up by 25% and your conversion rates were steady - that increase in sales can be attributed to the SEO.

On the cost side, calculate all the investments made into that SEO campaign - maybe hiring an agency, tools, content creation, link building, etc.

Then simply use the formula:

ROI = (Revenue/Benefits - Costs) / Costs x 100%

If the campaign generated $70,000 but cost $20,000, the ROI would be ($70,000 - $20,000) / $20,000 x 100% = 250%.

An ROI over 100% means you had a positive return. Under 100% means the costs outweighed the benefits.

Some campaigns may be harder to measure ROI, like if goals are more awareness-based. However, focusing on ROI-positive initiatives with clear revenue impacts can make a powerful case for continued SEO investment.