How much does social media marketing cost?
In a world that has become heavily dependent upon social media, this is undoubtedly a question that you have asked yourself.
The truth is that there is a HUGE variance in the pricing for social media marketing, ranging anywhere from $299 per month to $15,000 per month.
If that range in pricing is as startling to you, consider that social media has become the modern day word-of-mouth and your business simply can’t afford to skimp on social media marketing.
Therefore, when wondering how much does social media cost for your business, here are 4 things that you need to remember:
1. What is your overall marketing budget?
As businesses are preparing their marketing budgets for the new year, most are increasing the amount of funds that they will be allocating towards social media marketing in 2016.
This is because more consumers are choosing to follow and engage with their favorite brands on social media, therefore making it an effective way for businesses to deepen the relationship and build loyalty with their customers. Social media also offers a welcomed boost to SEO, which can help to drive more traffic to your website.
When creating a marketing budget, important factors to consider include knowing where your traffic is coming from, the demographics of your targeted audience, how your audience likes to interact with your business, the type of content that your audience likes to see from your brand, and how frequently your audience wants to be marketed to.
Knowing this will help you to best determine how much does social media marketing cost for your business.
2. Can you scale back other marketing expenses?
Take the time to evaluate how your social media marketing efforts are performing in comparison to other traditional forms of advertising
You may find that you’re not getting much from print advertising, for example, and can allocate those funds towards enhancing your social media marketing strategy.
3. Did you leave room for social media advertising?
Social media platforms like Facebook make it almost necessary for businesses to now pay for advertising in order to get exposure.
Therefore, when asking an agency how much does social media marketing cost, be sure to speak with them about a package that includes paid social media advertising as well.
When you partner with the right social media advertising agency, you’ll be pleasantly surprised to learn that paid social media advertising is more affordable that you would think.
Factors to think about as you plan your 2016 paid social media advertising budget include the audience you are trying to reach, how your audience likes to engage on social media, and how your competition is using social media to reach the same audience.
4. What is the cost of not being on social media?
By not having an active presence on social media, you are missing a huge opportunity to connect with your customers and build brand advocates.
This day and age, your audience expects to find your business on social media.
Therefore, if you’re not regularly engaging your fans on the likes of Facebook and Twitter, your business will appear out-of-touch with your audience, causing your brand to potentially lose credibility.
Also, considering that most consumers turn to the internet to research products and services before making a purchase, not being a part of social media can prevent your business from having an “at bat” with these prospective customers.
All in all, when wondering how much does social media marketing cost, you need to carefully consider the opportunities that your business will lose by not having a presence on social media. You’ll quickly realize that the cost of not being on social media will be much higher for your business than paying for social media marketing.
Please contact us at LYFE Marketing to get a more accurate picture of how much does social media marketing cost for your business.