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How Much Should You Invest in Social Media Marketing?
Some companies are spending millions while others are paying out under $100 for social media marketing. It is estimated that the average businesses spend about 13% of their marketing resources on social media. This number is anticipated to rise to 21% over the following 5 years. What's more, a lot of companies are swiftly enhancing their budgets for social marketing nowadays to make the most of their business.
No matter how much you are ready to spend for marketing purposes, you should always strive to spend it well. Here are some facts you might be interested in when investing running a business online.
Determining Your Marketing Budget
Before spending any dollar for a marketing campaign, you should determine your budget for social media. Your marketing budget primarily depends on the size and type of your business, what kind of outgoings you have, and how long you're running.
In general, businesses that make a profit of $25 million yearly, spend about 10% of that income for marketing purposes. A more specific research revealed the following percents for B2B and B2C businesses:
10.1% for B2B service businesses
10.6% for B2B product businesses
10.9% for B2C service businesses
16.3% for B2C product businesses
Hiring a Partner for Social Media Marketing
You can always consider hiring someone to tackle your social media marketing if you shy away from conducting an online marketing campaign. There are a few options to choose from, including corporate marketing agencies, small marketing companies, in-house full time employees, interns, and freelancers. Keep in mind that each of them has its own advantages and disadvantages, as well as a different average cost.
For example, most social media interns have little or no business knowledge except posting tweets and updating posts on Facebook. But they do it for free or charge ridiculously low fees for their services.
Freelancers who specialize in social media marketing work for pretty low costs and offer flexible cooperation. Social media freelancers with more than 3 years of experiences charge $30/hr on average. However, there's no loyalty since most of them are likely to cancel your job if they find a higher bidder. You rely on only one person, which could be a problem if he or she is extremely busy or sick. Then, your job will be on hold. Another big issue about freelancers is genuineness of their skills and experience. Why spend money on an inexperienced freelancer when you can work with an intern without charge?
Full time in-house marketing managers charge an average of $3,700 a month. They are usually more committed to working and more experienced than freelancers. On the downside, you will have to put a lot of effort to establish a steady work process and pay employment benefits and taxes like health insurance.
The monthly expense for hiring a small marketing company could be anywhere from 500 to $1500. This is pretty affordable for the majority of businesses. Yet, most small marketing companies require a 6- or 12-month contract and you won't have 100% oversight of the marketing process.
At last, you can partner with a corporate marketing agency. It will cost you from $10,000-$15,000 per month. In turn, you'll get a full-service marketing and your business is going to thrive. Note that you will be required to sign 1- or 2-year contract.
Well, the choice is yours. If you want to run a pricey social media campaign but you're on a tight budget, click here for online cash loans. Remember that every marketing dollar is worth investing if you spend it wisely.
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