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How Much Does Social Media Marketing Cost?

When it comes to starting a social media marketing campaign, some business owners begin by asking themselves: “How much will it cost?”

There is no definite answer as to how much you will need to get optimal results, but knowing the cost of running a social media marketing strategy for your business can help you make the most out of your presence on Facebook, LinkedIn, Twitter, and other platforms. 

In this guide, we look into how much is really needed to run a successful social media marketing campaign.

Why invest in social media marketing this year?

Not only do social networking platforms increase brand awareness, but they are also a great source of high-quality leads.
According to an article from the Marketing Insider Group, over 91.9% of marketers use social media as part of their marketing efforts in 2020. This comes as social media consumption is growing.
By 2025, Statista reports that the number of active social media users across the globe will reach 4.41 billion. At this rate, social media marketing will comprise 33% of all digital advertising expenses this year. 

It’s one thing to decide whether to raise your budget allocations for social media campaigns, but you still have to determine a workable number. To accomplish this, you need to know what’s involved in social media marketing.

The factors influencing the cost of social media marketing

When it comes to financing a social media campaign, a widely accepted budget is anywhere between $4,000 and $7,000. The reason for this is the amount of creative and technical work that goes into crafting a campaign. 

Aside from coming up with an effective brand strategy and content calendar, you may also include the cost of running paid ads for each platform and subscribing to essential tools like Hootsuite and Biteable. 

You also need to consider your approach to using social media. Will the campaign be predominantly visual with lots of infographics and videos? Should you focus on getting influencers to represent your brand?

The estimated cost of the campaign will also depend on other factors such as your location,  the size of your business, and the amount of local competition you are facing. All these can help you determine how much you will need to pay for the skills and platforms you need throughout the campaign. 

With this in mind, how much do businesses spend to kickstart and maintain their social media efforts? 

The real cost of social media marketing

Should social media marketing cost you thousands of dollars? This will depend entirely on the factors mentioned above, but if you are going for the bare minimum, your budget breakdown may look something like this:

Facebook Ads: $1.72 per click, according to Wordstream

Hootsuite for Teams: $129.00 per month

Social Media Management: $15 to $50 per hour for a specialist with up to three years of experience

It’s still difficult to determine a good budget for running a social media marketing campaign. That’s why most businesses would rather get an agency to do the job. This allows them to take out the guesswork in developing a social media strategy that delivers the best returns. 

If you need help with building your social media presence, click here