How to Determine the Cost of Social Media Marketing
Importance of Social Media Marketing
Creating a great social media marketing strategy and campaign is essential for every business today. According to an ODM Group study, researchers found that about 74% of consumers rely on social networks to influence their purchasing decisions. This astounding fact highlights the importance of an effective social media strategy. Without social media advertising, your company may be missing out on a huge number of potential leads.
Not only is staying active on social media with ads and marketing important, but the effectiveness of your ads is critical. Your social media marketing strategies are only as effective as the engagement you’re receiving from your viewers.
The Costs of Social Media Marketing
Are you targeting the correct audience? Is your content engaging and worthwhile? There are many aspects to consider when creating a social media marketing plan. From DIY social media marketing to outsourcing, there are various ways to go about getting started on your social media marketing.
However, there is no one size fits all approach or one straight answer to tell you how much it will cost. The price you’ll pay will depend on the size of the project and what you’re looking for in a marketing plan.
Below are 3 ways to help you determine the cost of social media marketing and choose a method that works best for you.
1. Do it Yourself Social Media Marketing
For beginners, social media marketing may become overwhelming. With so many different platforms and strategies, there is a lot to learn in the realm of marketing on social platforms. However, lots of information can be learned with time and dedication. You’ll need to make sure you can set aside time each week to focus your efforts solely on social media marketing.
Many affordable subscription-based services exist to help you automate your social media marketing and help save you time. These platforms allow you to log into your social media pages and control them all from one website, rather than having to manage each individually. This can help you get started launching your social media marketing from scratch.
However, like all things, DIY social media marketing comes with both advantages and disadvantages. If you’re not seeing the results you desire, it may be time to consider hiring a professional by outsourcing your social media marketing to a specialized agency.
2. Smaller Budget Projects
Many companies and businesses are working off limited social media marketing budgets. As such, it’s natural to want your money to go as far as it when selecting an outsourcing agency. If your business can afford a small budget monthly to outsource a social media marketing campaign, many attractive benefits can result in increased revenue and leads.
First, you’ll want to select a reputable agency, with packages or pricing that fit your desired goal. This may require shopping around and doing lots of research to ensure you find an agency that best suits your budget needs and goals. When outsourcing on a smaller budget, remember you can still work on some social media marketing in-house to supplement their efforts.
3. Larger Budget Projects
If your marketing budget is larger or you work for a larger company or organization, this category will likely apply to you. With a larger budget comes more options and flexibility in creating your social media marketing plan. Outsourcing with a specific marketing agency is a great way to help you make your social media marketing most effective and receive the desired results you’re looking for.
In general, larger budget projects will cost more monthly, with changes based on various factors. When spending this kind of money on a marketing project, you must do your research, choosing a reputable and trusted marketing agency. Things to look for when selecting a great marketing agency include:
- Have they asked for info about your company’s beginnings or history?
- Have they asked what social media marketing methods you’ve already tried?
- Did they ask about your specific industry or niche?
- Did they ask about your past marketing failures?
If you’re going to hire a marketing agency for larger budget projects, paying close attention to these details will help you choose a reputable agency. In turn, you’ll benefit from all-around better results with your social media marketing campaign.
So, what is the cost of social media marketing?
Depending on which of these three approaches you take, your price for social media marketing will vary. Of course, other factors that contribute to the pricing include the number of social media networks and the number of posts and custom images you desire. In addition, specific plans and strategies will have other features that will impact your total costs for social media marketing.
While many companies struggle to find dollars for social media marketing, your return on investment is high. Using specific tracking metrics, you can track data that can help you analyze the effectiveness of your social media campaigns. This can help you adapt and change them as needed, to make them even more effective. At Cobblestone Marketing, we offer help to businesses seeking analysis of their social media marketing campaign trends and help guide you to improve your efforts. Let our experienced professionals help today!
Need An Experienced Marketing Agency?
Cobblestone Marketing is amongst the best in digital marketing strategies, specializing in everything surrounding social media marketing. Using our three R approach, which entails conducting research. retaining customers, and getting referrals, we work alongside businesses of any size or type to help level up their social media marketing efforts.
We stay up to date on all of the latest social media trends, techniques, and strategies to help businesses receive the best possible results from their social media marketing efforts. Contact us today to learn more about how we can create a unique social media strategy to help you achieve your goals. Whether you’re on a tight or flexible budget, we offer flexible pricing plans to meet your business’s unique budget needs.