Let's face it, social media is a major part of today's world and it is here to stay. It serves as entertainment, a way to stay connected, and an effective tool to promote businesses. Promoting your business through social media is far less expensive than traditional forms of advertising such as radio, TV and direct mail. These new channels allow all sizes of businesses to get in the game.
You might be asking yourself these questions?
Should I spend anything on social media marketing?
How much should I spend on social media marketing?
Most social networks are free to join. This leaves many thinking that social media marketing does not require a budget; this is not the case. To really do social media marketing well you need to dedicate proper resources to the campaigns.
You may choose to go it alone, or decide to hire an agency to manage all of your marketing efforts. In any case, to optimize your business' presence across all social platforms you need to ensure that you have someone in place with time and energy to dedicate to managing your online profiles.
Some companies have entire teams dedicated to their social media marketing.
If you want to run ads across the various social platforms you will need to set aside a percentage of your marketing dollars to do so. You could create a social media ad campaign to increase the number of people engaging with your brand or to promote a special offer or service. The cost of ads vary by social network, frequency and total reach. When determining the amount to spend you really need to take a look at your desired outcome.
Many companies allocate a percentage of their marketing budget to include contests, freebies, and coupons. Hosting a contest or giving away something free is a great way to increase social media engagement. Offering coupons to your customers over social networks is another great way to increase engagement.
The amount of money that should be spent on social media marketing fluctuates from company to company. Some companies only choose to dedicate 1% of their marketing budget to social media while others choose to dedicate over 15%. Again, you want to consider what your desired outcome is.
Social media is a key part of the inbound marketing mix and positioned correctly it can increase sales and leads for your company. Not only does it allow you to interact with your prospects and customers but it helps them through the sales process. Social media is a powerful tool that can change the way you do business.