The question of how much money one should spend on social media comes up a lot. Is there a specific formula on how much to spend that guarantees success? Unfortunately, there is not a one-size-fits-all solution. Here are three tips to keep in mind when you’re addressing this question for your business.
- The cost of social media marketing varies: Keep in mind your business goals, your budget, needs, and objective. If you’re a small business (or on a limited budget), it’s unlikely you’ll need to spend a lot of money on social media. It’s important for you to set your business goals and budget before you decide on how much you’re spending on social media. Then, make sure you monitor the outcomes of your social media marketing so you know how and where to adjust your spending.
- Social media has two costs: There are hard costs with social media that are the actual dollars you’re spending. In addition to the hard costs, there are soft costs. The soft costs are all the hours you and/or your staff spend in maintaining the social media marketing campaign. Make sure you’ve identified who is responsible for creating the initial content and who is responsible for the ongoing maintenance of your social media.
- Start small and then grow: Social media marketing really is a game of trial and error. As mentioned before, it is critical to continually monitor this marketing. If you notice a promoted post or ad has gained a lot of attention and resulted in positive outcomes, then you might want to invest more in that platform or that type of post. If a different post didn’t do as well as you hoped, you can change it and know you didn’t spend a lot of money hoping it would have succeeded.
Allow yourself to have fun as you monitor and change things up with social media. Monitoring your social media, keeping current, and staying relevant will boost your positive outcomes.
PS. If you're ready to gain some clarity and a written step-by-step plan to reaching the next level in your business and income, we're here to help. Grab a slot on our calendar and we will explain exactly how partnering with Fyrefly Media to write up a Strategic Business Blueprint for your unique business can quickly bring focus, increase your revenue and get you where you're going faster than ever before. Chatting with us free of charge, "sales-sleaze" free and comes with a complimentary comprehensive report of your current online business footprint. (This is the same quarterly report we draw up for our clients and usually charge $250 for).