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How Much Does Social Media Marketing Cost?
Today, every business wants to grow and set up its own brand. Social media marketing is one of the easiest ways to grow a business. The cost of social media marketing ranges differently. Read on to know more!
Social media is one of the biggest reasons behind the huge popularity and boom of digital marketing. Digital today means social media because when it comes to the digital audience, it means social media users. And there are billions of active social media users, and this number is increasing every day. Now everyone wants to grab this audience for their growth, and to make use of social media for business growth and popularity; you need social media marketing. But how much does social media marketing cost? There is no doubt that social media marketing is highly effective; sometimes, its cost can trouble business owners.
In this blog, we will discuss everything about social media marketing, including its cost and how you should check whether you are benefiting from social media marketing. So, let us get started.
What is Social Media Marketing?
As the name implies, social media marketing means marketing through social media. It is a huge process, and a lot of things come under social media marketing. It also comprises several objectives, which means it can be used to fulfill all your marketing needs. Some of the objectives of social media marketing include a brand promotion, increase in sales, brand awareness, etc. Social media marketing allows brands and businesses to reach a market of billions, and the best thing is at the same cost, they can reach an audience of several regions of the globe. Also, you can engage with your customers 24/7, and due to the availability of a young audience on social media, your brand grows exponentially.
Factors that Affect Social Media Marketing Cost
Size of Your Business
The size of your business can directly impact your social media marketing budget. The reason behind this is very simple. The size of the business directly relates to the objectives. For example, a small business aims to generate more and more quality leads to increase its customer base and, ultimately, sales. On the other hand, a well-established business focuses more on brand promotion and awareness at a huge level. And as mentioned earlier, social media marketing has different modules or objectives, and the cost differs a lot here.
Type of Social Media Marketing
As mentioned earlier, social media marketing is a huge process, and thus there are different types of social media marketing. Now the cost of social media marketing depends heavily on your marketing type. Some popular types of social media marketing are video marketing, influencer marketing, content marketing, paid media marketing, etc. Now, these different types of marketing require different budgets, and the objective behind them is also different sometimes. Some are highly costly, while some are cheap.
Platform
Social media is all about social media platforms, so marketing also depends on social media platforms. Different platforms have different algorithms and pricing, so social media marketing cost directly depends on your chosen platform. Some of the popular social media platforms are Facebook, Instagram, Twitter, TikTok, and Snapchat. However, not every time you have to pay money for marketing, but when you go for paid marketing, you have to pay, paid marketing is highly effective, and most importantly, it gives instant results.
Hiring
Social media marketing is a comprehensive process and, most importantly, an ongoing process. Also, not everyone can do social media marketing. You have to hire someone to get better results. Now you can hire an individual, a team, or a complete agency. So your costs also depend upon your hiring. If you hire an entire social media marketing agency, you have to pay huge costs, but of course, you will get desired results. Outsourcing or freelance hiring is also a relatively cheaper method, but you must involve a little bit.
How Much Does Social Media Marketing Cost?
After knowing the factors affecting social media marketing budget, you can understand that marketing costs are not fixed. But to clear your doubt regarding how much social media marketing costs, we are giving some rough estimates. For a small and new business, social media marketing can cost between $100-$500 per month, while a medium enterprise can spend between $700-$1500 per month. Now there are no limits for a well-established business, but its social media marketing costs can go up to $3000 per month and even more than that.
What is ROI?
When social media marketing can be so costly, measuring whether you are spending right or not is necessary. Simply put, whether you are getting results or returns on your spending. And here comes ROI, which means Return On Investment. It is a metric to check the returns you are getting on your spending money. It can be checked in different ways based on your set objective, but ultimately ROI is the amount of profit you generate after spending a specific amount. Suppose you are spending money to increase sales; in this case, ROI will be the profit you get after the sales. It is a comparison metric where the total amount spent is compared with the total profit generated. In some cases, revenue is compared instead of profit.
Wrapping up
Social media marketing is undoubtedly the fastest way to grow your business and increase your brand's popularity. The best thing is you can do social media marketing at no cost, but you must spend money to get instant and better results. Interestingly, there is no limit to your social media marketing budget; the more you spend, the more ROI you will get.
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