How Much Does Social Media Marketing Cost?
So you know your business needs social media marketing, but your not sure if it fits into your budget. Social media marketing is the most powerful marketing method out there today. Knowing how to use it, and where to spend money on it is vital to social media marketing success.
If your building a marketing plan and are wondering if you can afford social media marketing costs, keep reading. In this guide, we will break down different social media costs so that you can find the best methods for you that fit within your budget.
Stop wondering "how much does social media marketing cost?" with this complete guide. Knowing more about these costs can help you prepare a budget for your social media marketing. Costs will differ business by business depending on your audience and company needs.
How Much Should Your Company Spend On Social Media Marketing?
Before thinking about making a budget for your social media marketing, you will want to make sure that you already know how much money you can allocate to your general digital marketing. This will include areas like your web page design, SEO services, and email marketing.
Looking at your digital marketing budget as a whole will help you determine how much you can spend on social media. Most companies spend at least 15% to 20% of their digital marketing budget on social media efforts.
How much you choose to spend on social media marketing will depend on a few factors. Consider the size of the company, the number of employees, and the industry. These factors will affect how much a company can afford to spend on social media marketing.
Consider Your Audience
Before spending your social media marketing dollars, consider your audience. Figure out who you want to reach and how you can best reach them through different social media platforms.
Figure out what social media platforms your audience is using. Knowing your audience will also help you figure out what kind of marketing content is most compelling to them.
By investing in creative content, you can engage with your customers in an exciting and innovative way. While this may take more time, planning, brainstorming, and energy, this investment will be worth it in the long run. Creating engaging content can help your posts and advertisements move more organically, increasing online engagement.
Align your advertisements with the other ads on the platform. Try to tell a story with your content rather than using sales heavy, promotional content. Posting on social media regularly is the best way to diversify your content.
This will help you to interchange posts about your products or services with things your customer would find interesting or entertaining. You can also include information that could be extremely helpful to your audiences. Interchange your content type, with images, videos, graphics, and more.
Higher quality content will ensure that you reach more customers, which will be the best use of your marketing dollars. For help when it comes to brainstorming advertising content ideas, see what other businesses are doing in your industry.
Consider Ads and Content Creation
While static image ads are useful, video advertisements are even better. While it may be more challenging and expensive to create, it's likely to make a much bigger impact.
Video marketing is much more engaging and comprehensive. This content can up your views and engagement on social media.
Because many social platforms showcase video advertisements, it's easy to use one video across multiple platforms. While you want to consider ad costs, you will also want to consider other areas in your social media marketing budget. If you have a content team in or out of house that manages your social media marketing, you will want to include these costs into your budget as well.
If you don't already have a team managing your social media, you should consider it. This marketing platform takes a lot of time and effort. It involves creating strategies, advertisements, tracking results, and more.
Depending on your company's size, delegating digital marketing duties to experienced experts can help. Not only will you cut down on stress and confusion but you will also make the most of your marketing dollars.
Track Your Social Media ROI
When spending your marketing dollars on social media efforts, you want to make sure you have a clear system when it comes to tracking your return on investment (ROI). Every company will address tracking social progress differently depending on your goals and company size. Companies track their ROI by measuring the number of products sold, customer engagement, or generated leads.
There are tools on many platforms that can help you track your engagement. Some easy progress indicators are an increase in followers or an increase in likes, comments, and views. You will also want to note if there is an increase in online traffic generated from a social platform.
Your Answers to "How Much Does Social Media Marketing Cost?"
Now that you know more about social media marketing and budget planning, you can figure out how much does social media marketing cost for your company. While your budget will differ from other businesses, it's important to figure out a realistic budget based on your company size, and industry. Start working on your social media budget today by using these helpful tips.
Are you looking for a team of professional digital marketers to take your company to the next level? Contact us today so that we can find out the best ways to digitally market your company.