Setting Your Social Media Budget

January 10, 2011 at 2:07 am | Posted in Social Media | Leave a comment
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There is a common belief among marketers that if you are setting your marketing budget based on what you can afford, you have probably set it too low. Remember the saying ‘you have to spend money to make money’? I think the person that said that must have been talking about marketing.

Your marketing budget should be based on your goals not on your revenue. Set some realistic goals based the research you have done into your consumer market, your competition, the economy, your product, and even your location. Once you know what you want to achieve, you can work from there to set your budget. Setting your Social Media budget is the same.

When you are trying to set your Social Media budget, there are several questions you need to ask yourself, such as:

  • What are your goals for using Social Media?  Brand awareness? Generate sales or leads?  This greatly determines the tools necessary to achieve those goals
  • What are your resources?  Can you handle everything in-house, or will you need to outsource some of the work?  All of the work?
  • What is the length of the project?  Obviously, a 6-month project will cost more than a 3-month project.

Here are some of the prices I have found in my research. But if anyone gives you a price without asking you any questions about what you hope to achieve – don’t let them do the work, they are fools.

Blog:

  • Launch a blog from the ground-up, outsource all content creation (including customer interaction, handling responses to comments, etc) – $1,000-$12,000 a month
  • Launch a blog from the ground-up, outsource some content creation – $1,000-$8,000 a month
  • Ghostwriting blog posts – $100-$500 per blog

Twitter:

  • Launch a new presence on Twitter and outsource all content creation and customer interaction – $1,000-$7,500 a month
  • Launch a new presence on Twitter and then provide ongoing training for company – $1,000-$6,000 a month
  • Restructure an existing Twitter presence to improve your efforts – $1,000-$4,000 a month for 3-6 months

Facebook:

  • Launch a Facebook Page from the ground-up, outsourcing all content creation and customer interactions – $2,000-$9,000 a month

Social Media Strategy:

  • Comprehensive Social Media Strategy Creation, assuming outsourcing of all content creation through all channels (minimum 2) – $3,000-$20,000
  • Comprehensive Social Media Strategy Creation, assuming limited outsourcing of content creation and/or ongoing training –$3,000-$15,000

Social Media Consulting:

Hourly rates – $50-$500/Hr

I know what you are thinking: ‘Wooow’. Me too. The fact is that no two companies are alike and no consultant should  have a flat rate for each job. If they are not taking the time to find out who you are and what your goals are then how can they know how much time they will need to spend on your strategy? Spend some time talking to a consultant and discussing your goals and then talk price.

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