What is the cost of social media marketing? A popular question that has lingered in the minds of people since the invention of social media marketing. You’re probably asking yourself this very question too, and this is what we will try and break down for you in the article.
The cost of social media marketing has consistently gone up, because of its high effectiveness in creating awareness and generating leads for businesses. In 2015 for instance, statistics made available by DigitasLBi Connected Commission showed that Facebook alone had a direct influence on more than 50% of purchase decisions made by both online and offline consumers.
That’s such a massive amount for Facebook alone. Compared with all other platforms, you know for sure that social media is not just a joke when it comes to marketing. If you are yet to jump on the trend, you certainly don’t know what you’re missing.
Understandably, the cost is playing a big role when it comes to the full exploration of social marketing by marketers and business owners. Everybody wants their campaign to yield maximum returns, but only a few are willing to throw in too many bucks.
In reality, the cost of social media marketing ranges depending on a lot of popular factors, although at an average, a business should spend an average of £500 and £1500 monthly, to get proper marketing on social media, but smaller businesses can market on social media for as low as £5 per day and still get massive results.
If you’re still asking this question in this decade, then you don’t know what you’re missing. Here, we’ll briefly lay down why it is important.
In simple words, social media marketing involves an organized effort to present engaging, useful, and sharable contents through the use of various social media platforms, hence converting audience to potential customers and tactically driving them back to your website and of course, increasing your brand visibility in the process.
With billions of the world’s population active on social media, you sure know that opportunities abound in the mainstream media for brand promotion, lead generation, increased conversion, and getting your message right to the people you want it to get to.
A lot of marketers are used to Facebook and prefer it, and you must know that it is just a small part of the whole social media marketing industry. Other platforms like Twitter, Instagram, Pinterest and LinkedIn are just as much beneficial, sometimes, maybe more. Irrespective of what platform you are comfortable with, as long as you are consistent with your marketing push, you’ll achieve:
The ability for new and existing customers to discover your useful and engaging contents
-A better ranking on search engines, through the maintenance of active engagement
-Increase in your odds of getting more traffic redirected to your website.
-When Can I Begin To See Results From Social Media Marketing Campaign?
Results differ, depending on what effort you put in, and what you expect from the very beginning of your campaign. Yes, your convictions will undoubtedly determine what strategies you’ll put in place to get your marketing going.
Whatever approach you are using will however not give you immediate results like paid ad would have done. The process is simple, steady but highly beneficial in the long run.
Part of the things social media marketing does is to give a business the chance to connect to their potential customers on a personal basis, post relevant opinions and contents as we engage the potential customers in their posts and comments.
Social media marketing is a huge investment that can surprise you at any time with the amount of yield it’ll bring in. Apart from all these, social media marketing is also an immediate mode of interaction that will achieve the following for you:
-Increased awareness for your business
-Build customer loyalty
-Provision of instant feedback, so that you can know your performance and know how to improve.
Breakdown Of The Costs Of Social Media Marketing
The Cost of social media marketing differ and is entirely on how well it can fit into your marketing plan.
While some small-scale entrepreneur may choose to go completely online for their businesses, others rely on a combination of online orders and physical location.
The average fee for social media marketing can range between £500-£15,000 per month, depending on the platforms you are targeting and the type of campaigns you are running. Here is a breakdown by platforms to help point you correctly.
Marketing On Facebook
As a community that connects families, friends and customers, Facebook continues to grow in following, feature and worth. With instant access to about 2 billion users worldwide, marketers and business owners are almost left with no option than to maximise the use of the platform.
No wonder most already established businesses still prefer Facebook as their number one run to app to reach millions of potential customers across the globe.
With the addition of features like instant articles, businesses now find it very easy to channel their content to a particular target audience, hence increasing the potentials of higher returns on investment.
There’s a lot that Facebook features can also help business owners achieve; the reply feature, for instance, can help businesses to dictate the tone of conversations and convert it to a way that it’ll favour them and build brand loyalty for them.
The truth remains that Facebook marketing does not have one standard cost fits all. In fact, the cost of marketing on Facebook depends entirely on some other factors.
On average, however, Social media marketing on Facebook can cost between £250 to £900 per month. These fees will typically go for expenses related to account opening and maintenance, content distribution, ongoing training, as well as payment to freelancers that you may choose to bring on the team.
While price can run a little bit higher sometimes, this is the average price you should be expecting as you jump into Facebook Marketing.
For cost efficiency, we’ve seen some businesses try to bundle Facebook Marketing with marketing on other platforms to help you increase your audience and your convert in the long run.
In the end, however, it depends on your budget, your product or service, and the amount of targets you’ll be willing for your Facebook ad to reach.
Marketing On Twitter
With over 300 million active followers on Twitter, you know that the platform should not be taken as a joke by any serious marketer or business executive.
The only thing that seems like a limitation on Twitter is the character limitation, but even that can be turned around for the achievement of an excellent conversion rate.
Twitter limits posts to 280 characters, yeah, but if you understand all that you should about Twitter and you’re creative, you can use the 280 character space to convert an incredible audience and target market to useful leads.
So what’s the cost? A newly launched completely set up Twitter account with outsourced content creation ( all engaging and 280 characters every time) would cost you between the range of £200 – £400 averagely on a monthly basis.
Well, that’s for a new account designed specially to boost your business conversion rate – but what if you have an existing account that you want to revamp and take to the next level? Well, even that is possible, but you will surely need some help.
Revamping an existing Twitter account to feature up to date tools and information that will push a business forward will most often than none, force you to look for a coach and this costs money too.
Usually, complete marketing move on an existing twitter account should cost an operating business within the range of £150 – £250 monthly, although it may sometimes climb up to £400 per month.
Despite the cost, Twitter is hot and blazing. It is one of the trends right now, and savvy marketers are already cashing in from using it as a marketing tool.
You don’t have to waste any further time; you want to do what other investors are already reaping big from? Then open a Twitter business account and watch it grow without too much stress. You don’t have to be scared about contents because the cost of outsourcing is also covered in the above price.
Marketing With Other Social Media Platforms
When it comes to social media marketing, no other platform trumps Facebook and Twitter. Although there are a few other big earners when it comes to social media marketing, Facebook and Twitter are still by far, bigger and better.
If you’re introducing your business into the world of social media marketing, or you’re not yet clear about a lot of things in it, then these two are the ways to go.
Businesses differ in a lot of ways, and indeed, each business have their followers and where they can be met, but Facebook and Twitter have proven to provide the highest conversion rate and by extension returns on Investment.
Generally, it is expected for any serious business to own accounts on both platforms.
However, for diversification and to reach more people than you would have ordinarily reached, you can inculcate other platforms for social media marketing.
Platforms like Instagram, LinkedIn, Pinterest, and Snapchat are already blazing hot, and with a perfect understanding of how to combine each or all of them with Facebook and Twitter, you’ll be on your way to making the highest returns from social media marketing.
This is not just a pushover decision, hence the need to make the right decision in picking the right social media platform to run your marketing on. This includes knowing beforehand what your return on Investment will amount to and adopting which is most likely to give you better.
You must realize that different types of businesses adopt different platforms. It is hurtful for any business to think that every platform will favour it. There’s, therefore, the need for you to gather information independently, before making your final choice of social media platform, independent of what anybody says or does.
Here are some of the popular social media platforms and what it costs to market on each of them.
Marketing On Instagram
Instagram is the next popular social media for marketing after Facebook and Twitter. It has a steadily growing following and high potentials to take your business to your target market.
The platform allows you to further personalise your brand by uploading pictures and video statuses and providing added insight into your products or services. If you have an extensive amount of products or services to sample, this is the right place to do it.
Marketing On Pinterest
Although relatively unpopular, Pinterest has stayed long in the social media world and cannot be swept under the carpet when talking about platforms that support social media marketing.
When considering to use smaller platforms this, the general belief is that you will reach only very few audiences, but that’s not true. It depends on the demographics you are dealing with.
Women in the higher class mostly use Pinterest, hence, you know to use this platform for your social media marketing if your products or services are meant for this class of people, after all, it is a visual platform, and most people in this category will be drawn to platforms that support many visuals.
If you know how you use this platform well and you know how to combine it with other social media platforms, you could as well be on your way to the huge success your dream of.
If you are not savvy with it, don’t worry, there’s still room to hire a freelancer to help you handle the job and drive your audience into making important purchases. If you are adopting the platform, you’ll have to pay between £150 and £250 per month. The cost covers setting up, board management, content flow, and maintenance.
Marketing On Snapchat
Although relatively new to the industry, Snapchat is today making a lot of giant strides in terms of the following. Maybe for its marketing aggressiveness or its fascinating features, we’ve noticed a steady growth in the following over the past few months.
Not surprisingly, most of the people that are jumping on the platform are younger. While there are already up to 100 million daily users of the platform, you still have the challenge to pitch your idea and invoke the right emotion from your target audience all within a 15 seconds video or images that will only last for a full day.
It is sometimes challenging to build a following with this level of uniqueness, but once you know your way around, you can go very far with it, especially if your products or services are targeted towards a younger demographics.
Marketing On Linkedin
Most other platforms we’ve talked about above can be best used to target individuals, but LinkedIn is one platform that is used primarily to target marketing campaigns at other businesses.
Although it also involves individual to individual connection, LinkedIn is mostly a professional connection platform. The cost of social media marketing for LinkedIn is lesser if you only need the basics.
The platform currently has over 450 million users spread across the world, so you know what you’ll be missing if you don’t find a way to put your business out there in the face of these people.
Determining Main Components Of Social Media Marketing
Social media marketing does not only stop at fancy contents, photo updates and comment replies. No, certainly not. In fact, targeted advertising is one major part of it.
If you want to tap into an instant audience of millions of users on the platform you’ve chosen, or you want to generate more leads, then you certainly need to include a killer ad channel into your SMM plan.
When it comes to the cost for social media advertising, we can tell you that cost varies, depending on a lot of factors.
Each of the above platforms we’ve listed above has its own form of paid advertising available. There are professionals, whose job is to manage ads on social media. You can go on to pay up to about 10 to 20 per cent of your total ad buy to have them professionally managed.
You can go on to pay up to about 10 to 20 per cent of your total ad buy to have them professionally managed.
Overall, we expect the popularity of social media to soar in the coming years and with the rush comes increased efforts by marketers to put their products on social media. This trend should naturally pull cost upwards, but we know for sure that the returns on Investment will also skyrocket. Planning to start your own social media marketing? This post should help guide you to the cost to expect so that you’re not caught unawares.
Other Related Questions
How much do freelancers charge for social media?
The cost for social media consultation and management differs, depending on the freelancer and what your agreement will cover. Usually, you’ll be charged an average of between £15 and €250 per hour. Things like the work experience of the freelancer and his star rating will play a long way to determine how he charges.
Do You Have to Pay For Social Media?
Of course, you need to pay, to be able to enjoy the maximum benefits of Facebook Marketing. Social media is fast growing, and with the potentiality for it to grow, even more, we expect to see price rise too.