Many of you may be wondering exactly what to expect once you’ve decided to advertise on social media.
This being an important decision in both the future of your business, and your life in general it would only be natural to want a bit of information before you get invested.
That’s where I come in, within this short article I will explain to you in detail exactly what you should be prepared for (cost wise) when it comes to marketing on social media.
The Average Price of Marketing.
The truth of the matter is that marketing costs vary- a lot. I know that this isn’t a very satisfactory answer but it’s the quickest and the simplest.
Depending on the amount of experience the social media management company you hire has, as well as things such as the size of your own business, the type of services you require, and many, many other factors.
The amount you could find yourself spending could range anywhere between $1,000-$20,000 a month. (I know this sounds a bit scary, but bare with me.)
This amount of discrepancy in cost can cause quite a bit of problems when it comes to both business owners and marketing managers who wish to outsource social media marketing.
The amount of anxiety that comes with choosing the social media agency you want to hire, the types of services you need, and how much money you should spend is enough to give anyone a migraine.
This could possibly even prevent you from making decisions at all, something that could be fatal for a new brand.
Now let’s take a look at more specific social media channels, and how much they might cost to advertise on.
Social Media Channels, and Their Marketing Costs
Most Famous Channels
Twitter- Easily one of the most recognizable of social media channels, Twitter can cost anywhere from $1,000 to $7,000 per month, that is of course a new account the price including setup and outsourcing content creation/ consumer interaction, though the average is closer to the $2,000-$4,000 per month.
I’m sure you’re thinking, “What if I already have a Twitter account?” Well I have an answer for that as well. Restructuring an existing twitter account with ‘Limited Coaching’ in order to achieve your goals, is still going to cost anywhere from $1,000-$2,500 per month, some can even go as high as $4,000 per month. Of course unless your brand is large enough to sustain it $4,000 per month on one platform is completely unnecessary.
Facebook– Compared to Twitter, Facebook marketing tends to run a bit higher. Setting up a new Facebook account, including limited ongoing training to business partners, PR agencies will charge on average $2,500-$5,000, some even charging as much as $9,000.
Most businesses would want to bundle these channels together, possibly others as well. Many agencies will offer a discount when bundled, which saves you money and of course will allow your customer base to increase that much more.
Smaller, But Still Important Channels
With the big boys out of the way lets turn the focus to some of the smaller platforms.
Each business is different, and as such what platform is best for your business will vary greatly, Twitter and Facebook do tend to provide the best returns on your investment.
So if you’re just starting out, or are on a small budget it’s best to start with them. Most customers will expect you to have an active account on both platforms anyway.
However if you also wish to be active on smaller channels such as Linkedin, Snapchat, Pinterest, and Instagram.
Each of these channels will cost $1,000 or more per addition. This is a big investment, so you’ll want to do your research and figure out which ones will be best for you in the long run. Remember that not every channel will be the right fit for your business.
Instagram– An almost entirely visual platform, Instagram could be useful for business’ that regularly have work to show, if your focus is on clothing design, or home remodeling (or something similarly visually stimulating.) this might be right up you’re alley, but if your running a septic tank truck, you might want to keep those pictures to yourself.
Pinterest– Another visual platform, Pinterest is a channel that allows you to amass and catalog images from all over the web.
While useful for many kinds of clients, this platform is not for everyone. It’s unique demographic caters to upper-income females. So if that’s your target audience then this may be a perfect match for your business.
Snapchat– With over 100 million daily users, Snapchat is being looked at by a lot of major brands right now, however this is by far one of the most difficult and peculiar of the channels you could advertise on.
Snapchat works by allowing users to send out either pictures or 15-second videos to their followers, which will then disappear immediately, or after 24 hours. This means that majority of social media marketing strategies would not be ideal for this particular channel.
This also lacks the more traditional aspects of other social media sites such as tagging, hashtagging, linking content, and responding in mass to trending conversations.
Growing a following on Snapchat can be a rather difficult task. While some have managed to make it work, if you’re just starting out, it may be best to avoid this one for now.
Linkedin-. A site that is geared towards professionals, Linkedin is a great place to build your business portfolio, and network with other professionals. While you may not get much business through Linkedin, it is a good place to hire new talent for your growing brand.
Advertising With Social Media
The big names in social media all have paid advertisement platforms available, if done correctly these social media campaigns can pay off big time for your brand, with the ROI ranging from growing your following to increasing sales, and website traffic in general.
If you want to include paid advertising with your social media marketing account then that will cost extra, as well.
In general you should expect to pay anywhere from 10%-20% of the total contract to have an agency manage your ad campaigns for you.
The more you spend the better deal you’re likely to get, most agencies will also charge a minimum fee, so make sure you’re ready before making a decision.
While it may sound simple in theory, as with anything to do with social media marketing, it can get complicated pretty quickly. Some things to keep in mind.
Do You Know What A Facebook Pixel Is?
Do You Know How To Target Your Ads To People Who Have Accessed Specific Content On Your Site?
Do You Know The Best Image Dimensions For An Ad On Facebook, And The Best Image-To-Text Ratio To Insure Your Ads Are Approved?
If you don’t then not to worry, you’re not alone. You could get a master’s degree in this stuff and still not know everything there is.
That’s why unless you have enough time to invest in getting everything just right, it’s best to bring in a team who can make sure that your getting ROI from you’re ads, one that has the experience and expertise to do the job right.
Now Let’s Talk About Strategy.
Surely everything we listed above includes everything you could possibly need to pay for… unfortunately this is not the case, there is one thing that majority of social media marketing agencies don’t include with there prices, strategy.
Yes you read that right, some agencies will charge a minimum of $4,500 a month, but won’t include any kind of strategy in the bundle.
This can be a bad thing, because without a comprehensive strategy all the work and money you’ve put into social media marketing, and advertising will almost assuredly be a complete waste.
The prices for a strategy can range anywhere between $3,000-$20,000 per month, with the average being around $4,000-$7,000 per month. Keep in mind these are the average prices when bundling at least two channels together.
When deciding how if the agency you’re looking at is being fair with you, you may want to keep in mind that majority of agencies will reuse the same exact strategies for multiple business’.
The reason for this is simple, they’ve found a strategy that works, just remember before you make a decision to spend $20,000 per month, that you’re not getting charged extra for them to create something that they already have on hand.
Even if you just want someone to look over a strategy you already came up with and give you a few pointers, you can still be looking at a hefty bill.
They will charge you anywhere between $2,000-$10,000, now if you take into account the cost of social media training and competitive analysis the lower end of the spectrum can be reasonable.
However unless you represent a large company, with many digital assets, and a consultant is literally flying to your business to give you in-depth, face-to-face training, it may be difficult to justify spending $10,000.
Don’t misunderstand though, if you are asking whether you even need a strategy, the answer is without a doubt yes!