Social Media Marketing Cost: Why It’s Worth Every Penny
The social media marketing cost is worth the money you put into it, because of the amazing results you’ll receive. Learn more information here.
Keyword(s): social media marketing cost
Social media is a big part of your online marketing strategy. It is also huge when it comes to branding. Building a social following can take time, and it also requires a financial investment.
In the full scheme of things, social media marketing cost much less than you may think. The goal is to zero in on your target audience, understand their habits, and plan around the insights from the campaigns you run.
Hiring a social media marketing professional will be beneficial to those who have little to no experience. They will know how to reach your audience and best practices to use based on your product or service. A specialist will also know how to incorporate your website content into your social media advertising.
Are you a small business owner exploring the need for social media marketing? Keep reading to learn why paying for social media is worth the cost.
What Does Social Media Marketing Cost Include?
When people think of paying for social media marketing their thoughts automatically go to paid ads on platforms like Facebook, Twitter, and Instagram. This is a big misconception. The truth is social media marketing is multi-faceted.
The cost of social media marketing includes a wide array of things that bring your marketing campaign full circle. Depending on the firm you choose, your costs can include photography, videography, blogging, and other content production.
No matter how much you spend on advertising and boosting your posts if the content isn’t engaging people won’t give it a second look.
Next, you have to decide who will be responsible for engaging with your online audience. Will you respond to questions and comments about your brand? The person engaging with your audience can make or break your social media image.
Websites house the content shared on your social media channels. This content needs to be current and supported by Search Engine Optimization (SEO).
The social media marketing price will be based on these services and other needs that may arise.
The Percentage of Your Marketing Budget That Should Go to Social Media
It’s hard to deny the impact social media has had on businesses and their brands. It has allowed small businesses to compete on the same level as large corporations. Understanding how much of your marketing budget should go to the cost of social media marketing will help you budget for the expense.
Companies allot anywhere from 2 – 5% of their annual revenue for their marketing budgets. Of this number, social media marketing can consume 13.8% of their marketing expenses.
As digital marketing trends continue to grow and as new methods are introduced, business owners can expect this number to grow. However, it is not the cost of social media marketing that will increase but the need to keep up with trends. And the focus paid to incorporate social media overall.
How to Determine How Much Your Business Can Afford to Pay
Determining how much your business can afford to spend on any marketing endeavor depends on the company itself. Of course, if you are a multi-million dollar revenue earning business you can spend more than a small business barely breaking even.
The size of your company doesn’t mean you can’t take advantage of what social media offers.
The determining factors lay heavily on whether or not your intended audience is on social media. Plus, you need to understand which platforms they are most likely to spend time on.
Keep in mind if you have a very diverse audience you will need to spread your marketing dollars across multiple platforms. Each platform has its own fee structure. When advertising on different platforms, monitor which ones are bringing in the best results and recalibrate your resources.
Tasks You Can Handle Yourself
If you’re working with a limited marketing budget don’t overwhelm yourself on how you will pay for social media marketing costs. There are things that you and your team can do on your own. With a small investment, you can take a social media marketing course that can help you reduce the expenses of hiring an outside firm.
When it comes to images and videos there is no need to pay a professional photographer. You can take great photos and videos with your smartphone. There is also the option to purchase rights to stock images.
No one knows your business better than you and your team. Utilize applications offered to help you stay abreast of social media messages and comments. Direct notifications to a specific email address that is constantly monitored.
If it is a task you simply are not able to handle, leave it to the professionals. Not everyone can write effective content or craft the perfect hook for a post. The money spent on hiring a social media marketing pro should be as strategic as the marketing plan itself.
Measuring Your Return on Investment
To determine the best use of your social media marketing dollars is to measure your return on investment. Is your business growing? Have you experienced growth in your revenue?
These are good signs that your strategy is working.
One of the best benefits of having business social media accounts is most, if not all of the platforms offer free insights reporting. Coupled with Google Analytics, you can get a clear picture of how effective your website and online marketing is doing.
The firm you hire should also offer analytical data based on this information. Ask if their services provide monthly overviews. After a few months, you will have a clear picture of the actual social media marketing costs or your business.
Hiring the Best Social Media Marketing Firm
Understanding your social media marketing cost is important when it comes to shopping for a marketing firm. You want to know exactly what you will be paying for and what to expect in return.
If you’re looking for a full-service firm that can handle all of your online marketing needs, we’re here to help. Click here to learn more about our services.