How To Budget For Your Social Media Marketing

November 28, 2018 By

In the business world, there are wide ranges of social media budgets from big companies to smaller companies. You could be looking to spend millions or zero on social media marketing – it doesn’t matter. The most important part of any budget is that you stretch your dollar for all it is worth. 

If you aren’t sure where your money will benefit you most, we can help! Here are our suggestions with two examples of the most effective starting budget breakdowns.

BUDGET A – General

Our first budget is general and can be applied all around to the social media you have.

Visual Elements: 40%

On social media, there is such an emphasis on visual elements like graphics, photos, and videos. You can apply part of your budget to:

    • Creating quality images for cover photos
    • Taking professional headshots
    • Funding stock images
    • Creating videos to promote your product or service

Advertising: 40%

If you are a fairly new business when it comes to social media, it is a great idea to invest in advertisements for Facebook, Instagram, Twitter. If you want to learn the specifics of which social media can benefit you most, check out our article on How To Advertise On Different Social Media Platforms.

Management: 10%

Along with setting up advertisements, you will have to maintain the social media accounts themselves by posting and interacting with potential consumers. If you would like to know a little more about how often you should post, check out our article on How Frequently You Should Post On Different Social Media Platforms.

Analytics: 10%

Of course, like every marketing plan, you should test and modify to reach the most optimal results. The best way to monitor your social media success is through analytics. A lot of social media have these tools built in but you can also search for paid analytics programs.

Feedback: free

You should be constantly interacting with your audience to see where you can improve with your product or service. Even asking them how familiar they are with your business and how they heard of you can be immensely helpful.

Calls to Action: free

Any sharing buttons, links, or interactive aspects of your social media posts are perfectly effective free ways to direct consumers right to your site!

BUDGET B – Advertising

Our second budget example is more tailored to advertising and the specific places you should be advertising.

Facebook: 40%

Facebook ads are one of the best ways to reach an audience and get lots of clicks! It is so easy to make an ad more personal for the consumers in the format of the Facebook post. What is great about this platform is its flexibility; you can put together many different types of campaigns through Facebook depending on your focus. Whether it be outreach, interaction, gathering followers, or finding leads, Facebook is the place for you!

Twitter: 40%

Twitter is similar to Facebook in terms of flexibility. You can use Twitter ads to direct traffic to your site, gather followers, increase engagement, promote parts of your business people are less aware of. What separates Twitter from Facebook is the post length. Where Facebook rewards detail, Twitter rewards brevity. You may find you like one social media over another.

LinkedIn: 20%

With more of a business focus, LinkedIn allows you to connect with other professionals. You are encouraged to speak of your business goals, struggles, and solutions. On LinkedIn, users are there to help your business. There, you can sponsor content, create ads, send mail to an audience, and more.

BUDGET C – Your Budget!

These model budgets we have provided are just starting points. Every business is different and we can promise you won’t stick to these percentages exactly. We encourage you to test within your budget and to never stop experimenting!