4 Things to Consider in a Social Media Budget
Like most things, on social media you'll get what you pay for. While setting up a social media profile on Instagram or Facebook is free for businesses, brands get ahead of their competition by putting a little money into their content.
When I started out as a freelancer, I had no idea how to talk to my clients about their social media budgets, but I quickly realized that money is something best taken care of in the beginning. That being said, in my initial consultation with a new client, I ask them first what they expect to get out of their social media strategy. Then, I follow with establishing a monthly budget that is all inclusive (meaning advertising budget + my own management fees).
Here's what to consider when establishing your (or a client's) budget for social media strategy:
1. Management
Management includes sharing content across social platforms, scheduling future posts, responding to messages recieved and engaging with followers who share or comment on content.
Agencies and freelancers differ in how they charge for these services. At Let's Talk, management is done for a daily rate of $25 (which includes content creation).
2. Advertising
Sponsored posts and ad campaigns get your content in front of new eyes, making it essential for brand growth. It'll take a while for your brand to get a hang of what content works best when targeting specific audiences, so start small with your advertising budget. Once you test the waters with you can get an idea for which methods bring in the best results. If you like what you're seeing, up your budget!
3. Content
Deciding early on who will be contributing content will save your social media manager a lot of hassle. If there are experts in your business, or even communication-savy assistants, utilize them! Ultimately, social media boosts brand transparency, so getting a word from people in all aspects of the business will be good.
That being said, if the workload is too much for your employees to take on a weekly blog post commitment, don't fret. There are tons of content outsourcing options for any type. Let's Talk provides copy writing, graphic design, and more for content creation needs.
4. Contests
We have executed social media giveaways for crawfish boils, bookstore giftcards, bikes and more! By making entry rules that include sharing a post to their own feeds, followers will spread the word about your brand. Not only do you get exposure, but you become known as a brand that is fun to connect with. Never underestimate the value of incentives when trying to grow a brand.
Investing a little money in your social media plan each month can go a long way, but ultimately, you have to commit to creating and sharing valuable, engaging content with your followers every week to see results.
Have questions about setting a budget for your social media strategy? Let us know in the comments!
