Depending upon the services needed, a PR campaign can cost between $2,500 and $250,000,000. The two primary concerns of any company seeking to buy social media marketing services include the amount of the services needed and how much they can afford. A social media marketing expert can help people build an effective campaign if they incorporate the following tips:
Ask Questions Before Getting Started
When you determine what your company needs, you’ll be better equipped to make your budget. Some of the most successful companies ask questions like:
- What is your social media audit?
- What measurement strategies do you need, and what will it cost?
- Will you need an internal expert or an outsourcing agent?
- Where will your office will be located?
- What is your thought strategy?
When you ask these questions, you can determine what you need and make a cost-effective budget that will give your company the functionality it needs without breaking the bank.
Determine Your Budget
While social media is a low cost way to advertise, you should determine your budget and then make your best effort to select a social media strategy that’s best for you. Some of the major expenses in every budget will include a social media strategist, a community manager, a mobile application, micro-site build, a mobile application, and ongoing moderation and measurement using third-party specialists. Each of these expenses should be compiled to make up the entire budget. Here is what you should expect from the budget.
- Social Media Strategist. Every company needs a social media strategist. This position requires 10 hours per week for most small to medium size companies. Social media strategists may get paid $100 per hour, which equates to $1,000 per week. Over the course of a year, this cost may equate to $52,000. The responsibility of social media strategists includes relationship building, taking and assessing risk, making policy, and analyzing data. These are just a few ways that social media strategists can help.
- Community Manager. Community managers are needed for 30 hours per week. They are responsible for ensuring that people on the community interact well with one another to create and foster customer loyalty. These managers typically get paid $60 per hour. At 30 hours a week, a company should reserve $1,800 per week for this expense. The total expense for 52 weeks would be $93,600.
- Micro-Site Build. The micro-site build should cost approximately $15,000. These tools are effective at link building and can help improve search engine ranking position. Every company should include a microsite to improve website traffic. These sites can help to improve rank overnight in some instances.
- Mobile Application. Developing mobile applications can cost between $20,000 and $150,000 depending on the functionality of the application. Since more than 70 percent of social web browsing occurs via mobile phone, this aspect of a Facebook marketing campaign is important. You should know how much these mobile applications can improve your overall bottom-line to improve your process.
- Ongoing Moderation and Measurement. Companies should budget between $30,000 and $80,000 for this expense. The amount will be more depending on the frequency. With this feature, companies can modify their behavior and become more profitable.
Total Expense of Your Facebook Marketing Campaign
The total expense of the Facebook marketing campaign is $390,600. Some companies can build a Facebook marketing campaign for half the amount, but most companies will spend at least $200,000 for an annual social media campaign. This is a bargain compared to traditional print ads that could cost between $50,000 and $100,000.
Develop a Strategy to Grow Your Business
Develop a strategy that will grow your business. Your goal could be to increase your fan base from 50 to 650 in a month. This will ultimately increase sales by more than $10,000. For a small business, this could make a difference. For instance, a company might host a contest with a giveaway that’s enticing to most customers. Cash, trips, houses, cars, or free product will typically entice more visitors.
When the contest is launched, the requirement is that the client must like the Facebook page. With each like, there is a greater chance of a sales conversion. When the number of subscribers increases, a profit is also more likely. Some companies have seen as much as 200 percent growth of subscribers in three weeks. This is substantial and recommended for companies that need growth to increase sales and visibility.
How Much Should an Effective Facebook Marketing Campaign Cost?
If you want to know how much an effective Facebook marketing campaign will cost, the short answer is approximately $200,000. The long answer is that it could cost a lot or less depending on your needs. Of course, you could try to do it all yourself, but you may lose precious time that could be allocated to other aspects of business such as product development and procurement of equipment and supplies.
If you have a large marketing budget, you can get creative and launch all types of Facebook campaigns to help companies become more lucrative. When companies grow and increase their exposure, they’ll develop more loyal customers and decrease the amount of money they have to spend to entice customers that agree with the brand to buy. Most companies agree with this strategy.
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