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.

 

 

76% shoppers look for product information on the Internet

A new study shows that how an Indian shopper is changing with increased choices, higher disposable incomes and increased choices.

This new shopper is a kind of person who is

  • Happy to share personal information with retailers for benefits.
  • A person who is actively looking for information related to products and services.

And all this has become possible because of the development in Mobile devices and Internet connection, with the building competition e-tailers are trying to deliver a more sophisticated experience, enabling new ways for leading retailers to reach their audience.

Providing this flexible and seamless shopping experience has become possible due to Omni- Channel retailing i.e. Integrating and aligning channels – stores, e-stores, mobile apps and social media.

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Of the total responses collected, 96 percent of shoppers look out for product information before actual purchase and 76 percent of them look out for this information over the Internet.

Also, it has been seen that young shoppers use the Internet for product research and older shoppers visit the malls and high street shopping destinations to look for product information.

According to the Omni Channel Shoppers Study, young shoppers are willing to give personal info in return for rewards and incentives, while older shoppers look forward to invites to exclusive events and previews.

Noticing the players in this market these days, their focus is on expanding the channels either by opening a retail store, tying up with Kirana stores or by starting new online channels.

For example:

  • Flipkart has launched 20 stores in 10 cities to let its customers collect the items they ordered online at their convenience, mimicking similar moves from Amazon.com Inc in the US.
  • FashionAndYou has opened three distribution hubs in Surat, Mumbai and Bengaluru to accelerate deliveries.
  • Also Landmark, Reliance Retail and Tata Group’s Infiniti Retail and the Aditya Birla Group are all aggressively starting new online channels, and integrating their physical stores to take advantage of changing customer behaviour.