Perhaps you have finally made the decision that it is time to start your social media marketing journey, but what exactly does that mean? And more relevantly, how much does that mean? You want the best for your business, but it is important to be reasonable and logical about the budget that you are willing to spend for social media and how to spend it.
This article will discuss how to determine your social media marketing costs based on your budget, how can you determine social media marketing success through ROI, and what to look for in social media marketing packages.
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Social Media Marketing Costs
The truth is that social media marketing costs vary quite a bit. While signing up for an account is free since anyone can create a business page. Even so, social media marketing is very time consuming and costs money.
Why Social Media Marketing?
Social media has become one of the fastest-growing tools for internet marketing in the world. Social media is used to connect users to one another but can be implemented in a way that can be incredibly useful for your business. Not only does it keep you in contact with your audience, it also is an opportunity to promote aspects of your business.
Leveraging the power of social media for the benefit of your company can increase your web presence, develop your brand identity, and grow your business. Using social media for your business can be a complex process. Nonetheless, social media marketing is a key part of any business’s marketing strategy.
If you aren’t the most social media savvy, it can be difficult to determine what exactly you need. Knowing just how much to spend and where to spend it during the process is confusing.
What is the Cost of Social Media Marketing?
Most people want to know how much social media marketing can cost when they hear of how effective it can be. The truth is that there are several factors to consider. This includes the experience of the agency you may hire, the strategy you employ, as well as the amount of social media platforms you want to use to market your business. Before making any final decisions, there are some basic options to consider before making any final decisions. What options are available for you and your budget?
Estimated Cost: $20 – $100 per month
While there may be a lot of trial and error in your future if you decide to take on your business’s social media marketing yourself, it is possible. It will require a lot of research and a ton of time. There is a reason why there are services out there to do the work for you. Doing it yourself can be an incredibly frustrating process. Again, it is possible. There are subscription-based services to automate social media marketing to make the process easier. Planning, creating and scheduling content can take over your time but can be managed if done correctly and meticulously.
Buffer offers a great brainstorming exercise where you imagine you have $100 to spend on social media marketing. Buffer’s tools can also help automate the process if you decide to do this process yourself.
Outsourcing on a small budget
Estimated Cost: $500 – $1,000 per month
If your company has the budgetary allotment to outsource your social media marketing, there are many affordable options out there. Working on a small budget can be hard but it is done all the time. You will need to find an agency which should have different packages and pricing estimates. You will have to shop around and do some research. Look for agencies that are in your price ranges that also have a good reputation.
Outsourcing on a large budget
Estimated Cost: $1,500 – $5,000+ per month
If your company has a big budget for social media marketing, there are a ton of options available. The assumption is that higher-priced agencies will give super results. On the other side, you could also make every dollar count with a smaller, less expensive agency. No matter what your decision is, research is key. Keep in mind your specific goals and what you wish to get out of the experience. A good agency will focus on achieving the best results possible, no matter the budget.
Different social network platforms
The platforms you decide to market on can have an impact on how much your social media marketing costs. More so, what kind of service you look for will also determine pricing. Different social media platforms may have an impact on price, but they are often grouped together. You can choose how many platforms or which platforms you wish to focus on and price can be determined from that. The price can also vary from agency to agency.
Social Media Marketing ROI
Part of the social media marketing process is determining how your business determines success. What are you looking to gain from this process? Your social media marketing ROI depends on what your business’s objectives are. When you start this process, are you looking for an increase in brand awareness, a growth in revenue, or perhaps a larger web presence? Whatever your goal may be, it’s likely that you are looking to create value for your business. Social media marketing ROI is the sum of all social media actions that can create value.
Determining ROI can be difficult because it is difficult and sometimes impossible to attribute revenue directly to social media. Value is not always measured in dollars, so we need to look at ROI a bit figuratively. Your success is determined by how well you met your goals. So, how do you determine Social Media ROI?
Ways to Measure Social Media ROI
Create Goals and Objectives
It is important to determine what you are looking to get out of social media marketing. Do not forget that every aspect of your business is connected. Your social media marketing goals and objects should align with your overarching goals and mission for your company. How can this one aspect of your business help the rest of it? Your objects are what social media can achieve, but your goals are the how and when it will get done. If you decide to hire an agency to develop your social media marketing plan, you should also use their expertise to help develop your goals.
Track Relevant Analytics
Since we cannot equate value to revenue when determining the ROI of your social media marketing process, we need other numbers to use. You need social media metrics to learn if you are achieving your goals. Use the metrics that you have gathered – likes, comments, shares, etc. – to gauge your social media standing. You can learn how you measure up against your competitors and what kind of content is resonating with your audience.
Social Media Marketing Packages
There are many different ways to put your budget to use. How you spend your social media budget is completely unique to you and your company. There is no one plan or process that any and all businesses adhere to. It’s a unique and individual plan, or strategy, for your company and the goals of your company.
Agencies will have packages, or options, for you to decide from based on price and services. SEO Design Chicago has several Social Media Optimization Packages to choose from. When deciding where to outsource, you will need to research that the packages or services that the agencies offer align with your business’s goals. Cost estimations can change based on size and experience of agency as well as many other factors.
Social Media Content Packages
Estimated Cost: $500 – $2,300
These packages will include Content Posting that is specific to your industry. Content creation is key for any business but is essential for your social media marketing strategy. Personalized social media content creation can determine if your audience wants to engage with you and your products. There are a handful of Social Media Content Creation services to choose from. Before posting anything, or even creating any content, be sure to develop your Content Marketing Strategy with your preferred agency. This content will be relevant to your business and offerings and can have different scheduling options. Platforms include Facebook, LinkedIn, Twitter, and/or Instagram. The cost of these types of packages can change based on the number of platforms you want to include and the amount of posts per month or week.
Social Media Management Packages
Estimated Costs: $500 – $10,000
This large disparity of costs is due to several factors that will impact what can be offered to your business. There are “top tier” social media marketing agencies that can charge upwards of $10,000 but it is up to your company to determine if you need that. There are less expensive options that can achieve what your business is looking for from social media marketing. Depending on what you are willing to spend, there are a variety of options to choose from to help optimize your social media sites. These management packages often begin by assessing goals and then the development of a strategy.
Meet Your Goals Now
No matter what your goals are, social media marketing can be incredibly beneficial to your business. It can be difficult to determine how much you should allocate to your budget but a good agency can help you with your goals. SEO Design Chicago is an experienced social media marketing agency that can assist you with this process.