How to Calculate the Cost of Social Media Marketing

Woman on computer, social media, smm, social media marketing

Woman on computer, social media, smm, social media marketing

When it comes to a social media budget, there’s no one-size-fits-all answer. These expert tips will help you decide how much to spend for your business.

In a recent Manta poll, 45% of small business owners said they invest marketing dollars in social media marketing. But how much do you need to spend in order to succeed?

That’s a common question, but the answer isn’t one size fits all. These expert tips will help you set your business’ social media budget.

  • “Social media marketing can be free or cost millions of dollars,” said Eve Mayer, CEO and owner of Social Media Delivered. “The cost of social media marketing varies widely depending on needs, budget, objective and business goals.” It’s not likely that a small business would have to spend a lot, she added, but you should closely monitor your limited budget to make sure you’re getting the most bang for a few bucks. “Set your business goals and budget before starting to do social media marketing, and review costs often.”
  • Social media marketing has two potential costs: hard costs (dollars spent) and soft costs (time spent by staff),” said Spencer X. Smith, the co-founder of AmpliPhi. You can spend as little as $5 a day promoting posts, but don’t forget all the time you spend interacting with followers and responding to customer comments—those hours can add up. “When calculating costs, it’s important to first determine who will be responsible for publishing content, and who will be responsible for handling the ongoing communication with your audience.”
  • “Do not spend a lot until you know what’s working. Start small, make some tweaks, and go from there,” suggested media relations consultant Christina Nicholson. If a promoted post performs well, invest more money in it. If another post doesn’t do well, try promoting something else. “Even the best in the business switch things up and use trial and error to find the best results, whether with an ad or the audience being ”

To learn more, read the complete Manta guide, “Social Media Marketing: Everything You Need to Know to Win More Customers.”

Article by:
Brooke Preston, Manta Contributor – February 28, 2017
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