Updated: Mar 25
Hi there, I'm Ben. I'm here to read you this amazing article from CM Marketing.
Today, we're going to talk about how much money people typically spend on social media marketing.
When it comes to marketing budgets, there are businesses that spend millions on ads, and there are those that don't spend anything at all. These social media budgets vary nowadays depending on the size and popularity of one said company. Though it could be argued that the more money spent, the better, this does not always need to be the case. No matter what a company’s marketing budget is, the importance is how effectively you aim to use this budget to your advantage.
According to Alfred Lua, a product marketer at Buffer, the industry AVERAGE settles between $200 to $350 per day.
The Content Factory conducted a study of the cost of outsourcing social media marketing services and came up with the following average; they discovered that the industry average was $4,000-$7,000 per month, which corresponds to the above per-day costs.
According to The CMO Survey, social media spending is now at 11.7 percent of overall marketing budgets in 2016, a three-fold rise since 2009.
So what is the budget being spent on?
The cost of social media marketing varies depending on what you want to concentrate on. You should determine which types of campaigns would work for you with the help of your marketing partner before investing in various marketing methods.
Since graphic design is so important in social media marketing, it's a good idea to pay attention to the visuals. For your different social media material, you'll need cover images for each of your social accounts, a professional logo design, stock photos, videos, and more!
Copywriting and social media maintenance are two other significant expenses. Original content is essential, particularly when it comes to organic posting. As a result, you'll need to be able to employ professional designers and copywriters. You should accept a salary payment structure that is fitting to all parties concerned.
Another cost that is considered is social media ads. It initially aids in the expansion of your audience. Since social media pricing varies so much from platform to platform, you'll need a strong strategy in place before you start planning your budget. A social media marketing firm that is quick to respond, CM Marketing for example, will assist you in developing an effective plan within your budget.
The costs of social media marketing can be very high, particularly for small businesses. However, you should spend money on something you are unable to do well. Social media marketing firms will assist you with the weaker aspects of your business.
You can use some of the best social media tools for all of the elements listed above. A small additional budget may be required for these additional resources, but they will help you save time while boosting the effectiveness of your objective.
Thanks for listening to this article. If you'd like to learn more about the ins and outs of social media, feel free to schedule an appointment with CM Marketing today!