Social media marketing has become an absolute necessity for every business that is looking to survive, especially during the current pandemic.
Money is tight and you must know exactly how much you should be spending on your social media marketing. Find a social media marketer for your business.
Whether you are yet to start you social media marketing campaign or have already explored and implemented social media marketing for your business, this article can be of great help to you in determining whether or not you are spending too little or too much on your social media activities.
To help you do that, we will talk you through some relevant points that will help you understand everything better.
And just to clear one thing up, to be successful and achieve your business goals on the internet, you absolutely do not need to have budgets in the hundreds of thousands.
Table of Contents
Define your marketing goals
This is the beginning point of all successful social media marketing campaigns.
Your marketing goals will determine how you would go about executing your social media marketing campaign activities.
Knowing what you want to achieve and how you are going to achieve it right from the start will save you a lot of resources and stress on random, irrelevant marketing-related activities.
Outline your marketing campaign activities
While trying to define exactly how much you need to run a successful social media marketing campaign, it is vital that you make a list of all the activities included in your marketing campaign and be well-aware of them all.
Do you make use of paid advertising?
Do you outsource your content creation efforts to an expert?
Is video marketing a part of your marketing campaign activities?
It is vital that you’re well aware of all these because they’re all parts of the social media marketing campaign that you can spend money on as the days unfold.
Evaluate and prioritize
Now that you’re well aware of all the activities involved in your marketing campaign, especially those that are capable of taking some money away from your business, it is time for you to do some critical analysis.
Trying to carry out all marketing activities at the same time is cost-intensive, so you’ll have to let some things take the back seat in the meantime.
Usually, there’ll be those activities you can put on a hold; and this is especially necessary for you if you don’t have a robust social media marketing budget.
While evaluating and prioritizing, it is necessary that you pay attention to your business goals, and the resources you have at hand.
Begin by investing your money in activities that can yield tangible results and drive you toward the achievement of your goals within the shortest possible time frame.
Create a budget
As said earlier, there’s no amount that is set in stone for the success of your social media marketing.
Take a critical look at the activities involved in your marketing campaign, your business’ goals, and other factors as you create a budget for your social media marketing campaign.
Since social media marketing is usually an ongoing process, it is best you create a long-term budget (preferably for a year).
When the chips are down, it is ultimately up to you to decide just how much you spend on your social media marketing campaign.
If you are a small business, anything from $1,000 – 5,000 per month can yield you some pretty good results.
On the flip side, if you are looking to create only social media content, you can do it for even cheaper than that if you hire a local social media marketer that can take care of it alone.
However, on the opposite end of the spectrum, if you are a large company, and you want it all, you should prepare a budget of around $10,000 per month.
If you found this article useful read this; 6 Reasons Why Your Business Needs an Intensified Social Media Campaign, How Generations Use Social Media and 5 Ways to Double Website Traffic through Social Media.