Image by Unsplash
There isn’t a standard set pricing for social media marketing. Instead, the cost of social media marketing depends on several factors, including the:
• Experience of the marketer or agency
• Size of the business
• Complexity of the marketing strategy
• Amount of effort going into a marketing campaign
• Goals of the business
Every business needs to have a marketing budget to help them determine their Return On Investment (ROI); with the help of the following guideline, businesses can determine important factors to evaluate the cost breakdown of social media marketing.
Social media management
Social media management costs depend on the number of social media platforms you want to use and the number of marketing campaigns involved. The average cost per month can range between $4000 and $7000 per month but can also vary outside of these amounts. There are digital marketing agencies that offer social media management for cheaper, but it’s advisable to hire a social media agency instead.
Social media is vast, with numerous platforms, specific content requirements, marketing tactics, and ever-changing functions, algorithms, and features. Therefore, it is easy to say that specialized social media agencies offer greater value than digital marketing agencies.
Social media content marketing
A lot goes into creating content that offers value to readers and convinces them to convert. Social media content marketing involves writing social media posts and creating video content. Content can be charged per word or per post.
Custom social media posts may range between $1000 and $3000 per month. A 2000-word content post may cost between $500 and $2000, depending on factors like the writer’s expertise, Search Engine Optimization (SEO), and how many social media platforms it is being repurposed on.
The overall costs can also be hugely determined by how often you post, paid ads, and social media monitoring and reporting.
Software and tools
There is free software in the market, but it is limited in terms of the features you can use. To fully leverage the power of social media marketing, invest in software that offers a wide range of tools. The average price may range between $15 and $600 per month, depending on the plan you choose.
The cost of paid ads varies depending on the channel. For example, for Facebook and Instagram, the minimum average ad budget for impressions is $1 per day, while views, likes, and clicks cost a minimum of $5 per day, and app installations cost $40 per day.
The average cost per click for social media ads includes $0.97 for Facebook, $5.26 for LinkedIn, $3.21 for YouTube, $3.56 for Instagram, $0.38 for Twitter, and $1.50 for Pinterest.
The average cost-per-thousand impressions on Facebook costs $7.19, Instagram goes for $7.91, YouTube charges $9.68, LinkedIn costs $6.59, Twitter goes for $6.46, and Pinterest charges between $2 and $5.
Before you engage any social media marketing agencies, create a budget to assist you in hiring the services you can afford and also be able to calculate your ROI. Let Social Vantage know if you need help determining which social media marketing services will help you most.
The costs outlined above are estimates and are subject to change.