Points to remember while deciding budget for Social Media Marketing

Working in a digital media agency and while pitching to the clients for social media marketing, the first and foremost question that most Indian brands put is ‘How much does social media marketing cost?’

With businesses preparing their marketing budgets for the New Year, these points will definitely help you in allocating the funds towards social media marketing in 2016.

Remember the world has become heavily dependent upon social media, it has become the modern day word-of-mouth and your business can afford to cut down on it.

The pricing for social media marketing has no ends. It can be as low as 10,000 to as high as crores. It solely depends upon the following things that you need to remember while allocating your budgets.

  1. Your overall marketing budget.

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Today, more consumers are choosing to follow and engage with their favorite brand on social media, thus making it an important source from where brands can deepen the relationship with their fans and build loyalty with their customers. People want to know about products, ask for service request or even buy directly from these mediums. Therefore opening an opportunity for a business to convert the audience into users.

When creating a marketing budget, remember to include knowing where your traffic is coming from, the medium, the demographics of your targeted audience, the pattern in which they interact with your business, the type of content they like and share from your brand and how frequently they want to be marketed to.

This will help you in determining the amount of budget you should allocate towards social media marketing of your business.

  1. Is it possible to reduce other marketing expenses?

Analyze which is performing better, social media marketing or traditional forms of advertising. If you find that traditional mediums are not giving results you were expecting, then shift your funds towards enhancing your social media marketing strategy.

  1. Scope of social media advertising in your budget.

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In order to get exposure, most the social media platforms have made it necessary for businesses to now pay for advertising.

Therefore, when asking an agency, how much does social media marketing cost, be sure to speak with them about the media spends or a package that includes paid social media advertising as well.

Partnering with the right social media advertising agency can give you good results in affordable budgets.

Remember that even your competition is using the same medium to reach your audience, be prompt and active in engaging your audience with your content.

  1. The cost you’ll incur by not being on social media.

These days your audience expects to find your business on social media and also at all those places where they research about you.

By not being present on these platforms, you are losing a huge opportunity to connect with your customers and build brand loyals.

So, if you are not active on these platforms you are losing credibility. You are missing on becoming a part of your customer’s life.

By keeping your fans engaged on these platforms create the recall that most brands invests huge budgets for.

Social media marketing is a long term relationship building process and not a tactic to sell your product/services. Selling comes on later stage, but before that you need to build trust among your consumers.

Thus, while thinking about the budgets you need to put on social media marketing, do think about the opportunities and the cost that you’ll incur if not present on these platforms.

Remember, each stage of social media advertising cost different from others. Think about the objective and the goals you want to achieve at each stage of social media advertising and invest accordingly.

The objective could be to increase likes/followers at the initial stage and engagement at the latter.

You can get 50 k likes in 1 day or 1 month, it solely depends upon the money invested and the targeting done.

Therefore, while putting a budget in place, make a plan of what your objective is and what you want to achieve from social media marketing.

 

 

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