Budgeting for Social Media Marketing
10th August 2015
What do I need to think about when budgeting for social media?
Social media may not instantly seem like a service that you will need to budget for, however there is more to it than you might first think. Social media represents a medium where you can communicate to millions and millions of people, and if it is done correctly then it can be very effective at driving brand engagement and visibility.
When you are thinking about your social media budget then the first things you need to account for are the tools you use to assist you in managing your social networks. These are a must-have, and many tools operate on a pay per month basis. If you don’t use any tools to make your social management easier then you are missing out, using tools to assist you in managing social media streams are a must and managing all of the networks you use manually can take a lot of time up.
Also, you have to bear in mind that good content does not write itself, and content creation is incredibly time intensive. A good content creation strategy will account for all bases, and you should be posting unique content daily onto a multitude of different platforms. You can allocate your content creation to an agency, or to your own staff. Overall you can do whatever with content creation, but just ensure that it is unique, interesting and relevant.
The final area that should be considered in the social marketing budget is social advertisements. You should be looking to promote your social media platforms, and you can do this with sponsored pins, promoted posts, sponsored tweets and more. These posts have a much wider reach than normal posts, and they appear on the feeds of those who don’t like you or follow you. This is useful because it makes your brand much more visible than it would be if you were posting normal posts. These posts may not always get huge amounts of engagement, but it is about the impressions that they make. A user will see a sponsored post and where it may not interest them, they have still been exposed to your brand.
How do I evaluate the performance of my social marketing?
Evaluating the performance of your social campaign can be a little tricky, especially if you are investing a lot into it. Saying this, your investment into social marketing absolutely must be economically viable for the results you are obtaining, and social marketing does not differ from any other type of marketing in this regard. If you are putting a lot of money into your social campaign and getting little results then you need to either be cutting that slightly or even better trying a new approach.
Social marketing is not the same as other types of marketing, as when you are evaluating the overall value of your campaign you should remember that the benefits are far from traffic to your site and sales. Social networking brings to the table the ability to build relationships with your customers and allows a medium for raising brand awareness and brand visibility. Consumers love to engage with a brand that appears human, and you should ideally be interacting with your consumers in comments and messages as much as possible.
You may not see as many instant, obvious benefits from social marketing, and sometimes it is hard to get started on a campaign if you have no audience. Be assured that if you crack at it, and keep improving your strategy and creating unique valuable content then your following will grow. Social marketing is one of the most valuable marketing mediums, and in the future, it is only set to get bigger and bigger. You should also be tracking your traffic from referrals with an analytics tool like Google analytics to see how many of your social following are actually converting into traffic, and of those which of them are converting into something valuable.