As a small business that has understood the importance of social media management for small businesses in promoting brand authority and equity, one of the hurdles that you will have to carefully jump over is that of coming up with a social media budget. As it is, small businesses do not have as much money to pump into marketing compared to hey big businesses. This is why you need to be careful so that the budget you come up with gives you optimal returns on your social media engagement.
Below are some of the components that you need to incorporate in your social media budgeting process to ensure your objectives are met at the minimal resource outlay possible.
Plan and Set Up
This is the beginning of every social media budget. Coming up with, social media strategy as well as setting up, takes a bit of time and resources. The good thing with the planning stage of your budget is that it lessens the likelihood of wasting resources in future by re-strategizing and backtracking.
At this stage, you should decide on the social channels to focus on, posting frequency, how much paid and organic marketing you’ll use, as well as where you will direct your social media traffic. If you need help doing this, you can use a digital marketing consultant, consultant, a fulltime employee, or a freelance strategist. The Software and Tools
Businesses looking to serve better, sell more, and market further, find social media attractive because it is free. The only time social media becomes costly is when you waste time and resources using inappropriate software and tools, consider investing in software that has a social media management platform, a project management system, analytics, marketing automation, content hosting for your landing pages, website, and blog, as well as creative software. If you don’t have room for this in your budget, consider hiring a social advertising agency to do the marketing for you.
The Management Team
Your social media budget needs to include the people or team that will be managing your channels, and size of the team will depend on the tasks and scale of the projects ahead.
This team will oversee content creation, community management, campaigns and promotions, strategy and analytics, as well as the engagement that comes with social media management. Your budget should also factor in the training cost for your team. Most digital agencies have social media marketing packages you can choose from if you want affordable professional management.
Social media without appropriate content is ineffective. You can either do the writing yourself or hire freelance copywriters. However, creating content yourself requires time and resource investment, so having an in-house or outsourced team is an excellent idea.
Determine how often you will post on the social media platforms you have chosen, and the what outsourcing the content will cost, and be sure your budget clearly reflects this.
If you want to go the paid advertising way, which is recommended, your budgeting should include display and retargeting, lead generation, paid social, and search. When your finances are channeled in the right ways, you will quickly see an increase in ROI and business growth!