Gone are the days when companies jumped on social media to reach humongous number of audience with their creative campaigns for free. Today, if you are not investing in social media you are likely to be crushed by competition, because unfortunately organic reach for business pages has declined immensely in the last two years. Organic reach of Facebook business pages was just 2% in 2014 and expected to hit zero according to Social@Ogilvy. Similarly, organic reach doesn’t seem so good on other channels either. According to Forrester user interactions on social media of some of the most prestigious brands worldwide averages to 2.26% followers on Instagram, 0.027% on Twitter and 0.055% on LinkedIn.
A study by The Content Factory identified that the industry average of all social media marketing cost lies somewhere from $4000 to $7000 per month. So if you are spending good $200 to $350 a day you are meeting the industry average that keeps you up on some of the most popular social media platforms, provided you properly budget your campaigns and play smart. Check out this video by Building Social Proof on Facebook daily budget vs lifetime budget.
Last year, social media spending was just 9% of the total marketing budget that has jumped to 13% this year and is expected to boost over 21% in the next year. Local and multinational brands are investing more aggressively on social media, nowadays, because they see a viable return that most other marketing channels fail to deliver. There cannot be one strictly defined guideline of how to spend on social media, because every business has its own unique industry niche, audience and profiles. Though, in this article I am going to share a social media budget that fit majority of business profiles.
Spend 40% of your Budget on Visuals
Graphic designs and photos, the very first thing a user notices on your profile and occupies the largest area of user interaction. According to a survey by Adobe images, is the number 1 factor in social media content that triggers engagement, builds a brand persona and delivers the right message. Spending on visuals and graphics for social media may include designing unique and catchy cover photos for all channels, a profile picture which may a logo if you are a company or a self-portrait if you are an individual and finally, stock photos and icons you use on your social media posts. However, there are numerous great free tools available that you can use to turn graphics and photos into ideally shareable social media images, but if you want to do something out of the ordinary, here is what you can do.
- Hire a full-time professional designer for the job, which will of course drain your budget incredibly but reap you fruits in the long run.
- Shutterstock monthly subscription, the professional package plan will cost you $249 a month for 750 stock images. Through, there are other cheaper alternatives like Creative Market, IconFinderor The Noun Project but Shutterstock offers the biggest collection of stock photos, videos and vectors.
- Outsource video endorsements, graphics, voiceovers, reviews, scripts, jingles and what not on Fiverr. It’s cheap, impressive and will augment you brand persona.
30% on Reach
If you are new and working on building a digital presence, advertising can help you build an audience. Even established brands invest heavily on social media advertisements, aware of the potential of these platforms and returns in the form of leads or prospects. Much has been said on social media advertising and it is important to equip yourself with a guide if you are a rookie. Start off with two most substantial channels Facebook and Twitter to advertise your brand or business. To check what works for your business invest the same amount of money on both channels for a little advance exposure. Say you invest $1 a day on Facebook and Twitter for 2 weeks. Wordstream compared ads on spending of $1 per day on both channels and conclude that Twitter gets you higher click-through rate as compared to Facebook which gets more views.
10% on Management & Scheduling
There is a list of social media management and scheduling tools that will make your life easier. You can save a lot of time my scheduling your posts in advance using tools like Hootsuite, Buffer & Tweepi. I’ve discussed these and many other social media tools in detail to help you through the hassle. Most of these tools are free to use but with a little subscription fee you can actually do a lot. Read my article Handpicked Social Media Tools for Better User Engagement.
10% on Analytics and Reporting
Whichever social media dashboard you are using it is likely to have built-in analytics and reporting section that you can pretty much rely on. However, if you are willing to go an extra mile in gathering user insights tools like Chartbeat, Quintly, Dasheroo, Viralheat and SumAll are some really good options. You may refer to my article above to get a grip on each of these.
10% on Sharing
For your website or blog, you can boost your social media marketing by encouraging others to share your content. Make it easier for people to share by placing a CTA at the end of each post. Hubspot found that personalized and targeted CTAs outperformed generic CTAs by 42%. Saying “Share these Useful Tips” rather than “Share this Post” on your post share button genuinely helps. Invest a little on social sharing tools like Flare and SumoMe. If you are looking for something more customizable and premium this can seriously improve your web traffic. Also, link influential people in your post and tell them about it. If influencers share your post there is no stopping for it to go viral.