How Much Will Social Media Marketing Cost in 2020?

Many consider the world of social media to be the last frontier when it comes to marketing. While some people are social media junkies, there is a big difference between photographing your lunch for Instagram and effective social media marketing.

The Importance of Social Media

social media marketing

Leveraging the power of social media to increase your web presence, cement your brand identity, and further your business is a dynamic and complex process. Social media marketing is a key part of any business’s marketing strategy.

However, knowing just how much to spend can be difficult. If you aren’t the most social media savvy, it can be hard to know what exactly you need. How do you know what steps you need to take to conquer the Twittersphere? If you have questions about social media marketing, keep reading for some answers!

SEE ALSO: Productivity Hack: Where To Focus Your Time On Social Media

The Ins And Outs Of Social Media Pricing

Social media’s popularity is here to stay, and knowing how to leverage it can do wonders for your business. You can use social media to connect with current customers. You can also make future customers aware of your business and brand.

Depending on how you use social media, it can help inspire customers to connect with your brand. It can also make them aware of your products and services.

Many people, who are not so familiar with the ins and outs of these digital platforms, want a one size fits all answer when it comes to the costs of social media marketing. However, the true cost depends on a number of factors. These factors include:

  • The experience of the agency you choose
  • The number of social media networks you want to utilize
  • Which social media platforms you choose
  • How you want these platforms to be used

A Custom Social Media Strategy

If you feel a little lost, experts can help you choose which social networks to use, based on what will benefit your business most.

The top social networks include:

  • Facebook
  • Twitter
  • Pinterest
  • Linkedin
  • Instagram

All cater to different needs and have different types of audiences and uses. A solid social media strategy will vary depending on the sites involved. It will involve consistent social posting and possibly paid ads. These can take the form of strategic blog posts, status updates, tweets, polls, images, videos, and contests.

What Does A Social Marketing Plan Really Pay For?

With over 3 billion active social media users around the world, it is not a market that any digital brand can afford to overlook.

social media marketing

Anyone can sign up for Facebook, Twitter, and other social media sites for free. Many of these platforms even offer the option of opening free business accounts.

While it is easy and free to open a business account on these platforms, that is only the start of all the work. Social media monitoring and management are time-consuming jobs. They also require a special set of skills and digital know-how.

SEE ALSO: How Consumers Want Brands to Act on Social Media

Why the DIY Approach is Not for Everyone

Without any kind of strategy, blind attempts at social media marketing can actually be quite expensive. Pouring money into ineffective social media ads without any real strategy can be very costly.

social media marketing

Spending money on ads that the right people do not see for months and months can be a drain on your resources if it provides little or no return. It may also be difficult to find someone on your staff already who has the right skills to manage multiple social media accounts and social ad campaigns day in and day out.

SEE ALSO: How to Create a Social Content Strategy for Your Brand

Facebook Marketing Is Key

Facebook is undoubtedly the most popular social media platform on the planet. With over 1 billion daily active users and many people using it multiple times a day, it is an almost unavoidable social channel.

This means that if you market your business on Facebook, the chances of reaching at least a portion of your target audience are high.

While it costs nothing to set up a business account on Facebook, simply making a page and asking those already in your social circle to like it occasionally is not enough. This is not the kind of effective marketing that achieves results, even if you have thousands of Facebook friends.

Many businesses opt to utilize Facebook Ads to achieve their social media goals. These goals include:

  • Page likes
  • Website clicks
  • Website conversions
  • App installs
  • Sales

SEE ALSO: Website or Social Media Page – Which is More Cost Effective for Your Brand?

Know Your Audience

However, depending on the services or products your business offers, you might find that your target audience tends to congregate more on some social media platforms than others. It is important to pay special attention to the sites where your audience thrives.

If your community on Instagram is very active and responsive, celebrate that. Be sure to factor it into your marketing strategy. However, be sure to have an active presence across more than one social media platform.

Which platforms you choose to engage with, how heavily you use each, and what kind of content or ad strategies you use to promote your business on each is all part of a comprehensive social media marketing strategy.

What Should You Spend On Social Media Marketing?

The total cost of social media marketing efforts for your business depends on a number of factors. The specifics of your strategy will decide the cost.

These include factors such as how many posts you want a day across how many platforms. What type of content and ads you choose to create and leverage will also play a part.

It also depends on whether you choose to assign these duties to an in-house employee or outsource them to a company which specializes in social media marketing.

How Much Do Others Spend?

On average, companies who outsource their social media marketing spend roughly $200-$350 a day. Per month, that’s $4000-$7000. The yearly cost of this is between $48,000-$84,000.

Social media marketing has become a very integral part of companies’ overall marketing strategy. In fact, in 2016 alone, companies spent an average of nearly 12% of their total marketing budgets specifically on social media marketing.

Spend Smart

Ultimately, the most important thing is not to spend as much or as little as possible on social media marketing. It is to spend smart. Also, keep in mind that social media marketing can generate large returns. However, this is only when it is done in the right way with a focused strategy.

A dedicated and savvy expert team can help you create the right strategy for the right budget. They can help you get the growth and results you want for your business.

Do you think social media marketing costs will ever decrease? If so, how? Comment below…

Written by
Juntae DeLane

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