Many businesses spend huge amounts of money on social media on an annual basis. Of course, the cost of social media campaigns is constantly changing; this also applies to your own social strategies in 2020. So, what will your social media campaign cost you in the year to come? If you are expecting to get decent social media on a few hundred bucks a month, think again. It takes more than just posting pretty pictures and your social media can play a huge role in your brand recognition. Lawyers, for instance, have to be careful when it comes to social media, and so, law firms, would not hire just any social media marketing company. Social media marketing for HVAC companies is very different from marketing a brick and mortar store or e-commerce store, and so every vertical has its own unique way of marketing its services online.
What Is The Average Cost For A Professional Social Media Campaign In 2020?
The average cost of a social media campaign in 2020 can fluctuate heavily, as it can be subject to the company you hire, their experience and even the amount of social media marketing you require, not to mention the channel you need to be seen on. There is no one size fits all. On average, businesses will spend anything between $1000 and $20,000 a month on social media marketing. This depends on the vertical and the frequency as well as the brand and its goals.
One thing to consider is whether you need a particular type of campaign, for instance, we have three main types of campaigns that you should be considering.
- Branding
- Awareness
- Advertising
Branding Campaigns
Think about Nike, Pepsi or those bigger brands that we see in media all the time. You recognize their brand, you emotionally connect with the logo and it is recognizable everywhere you see it, you know who and what they are about. This type of social media marketing campaign is built on the community and getting the community in sync with the brand.
Awareness Campaigns
Awareness campaigns are about bringing attention to a cause, event, product or making consumers aware of solutions they may have to a problem. This is an element of what can be considered "Problem Marketing", which was coined by business Consultant Jock Brocas. It is about bringing awareness to problems and aligning solutions that will help solve those problems.
Social Media Advertising Campaigns
To truly understand the cost of social media campaigns, we need to look a little further into the cost of each social media platform. Not only does this provide you with a better insight into the cost, but it can also help you narrow down the service you actually need, preventing you from overpaying on your social media campaigns.
How Much Will I Pay For A Twitter Campaign In 2020?
Twitter is still extremely popular, but it is not as expensive as the other big social media platforms like Facebook or Google. The average PR agencies charge their clients lies between $2000 and $5000 per month. While this is still a serious investment, businesses can get some serious returns from a Twitter campaign.
How Much Will I Pay For A Facebook Campaign In 2020?
The average for Facebook campaigns lies between $2500 and $5000 per month. Once again, this is a serious investment. However, it is important to realize that some PR agencies can provide you with a more affordable deal if you combine multiple social media platforms. While you would pay more than the average described here, it would cost you considerably less if you were to choose each platform individually.
What About Other Social Media Platforms?
While Facebook and Twitter are still the two biggest social media platforms, there are other smaller social media platforms that might require a campaign; this includes Instagram and Pinterest.
You will be happy to know that the average cost of smaller social media platforms has been determined at $5000. On the flip side, the people you potentially reach with these smaller platforms can be significantly lower, unless your business finds itself in a real niche market. In those instances, smaller platforms such as Pinterest and Instagram could be better.
When Should I Change The Amount Of Money I Spend On Social Media Advertising?
It can be difficult to determine what the right amount is for your social media campaigns. However, there are some general signs that could point to the fact that a change is required. A prime example is if you cannot reach the financial targets you have set for yourself and your business, which could mean you are spending too much on social media advertising. On the other hand, you could be getting lots of leads that all turn into sales, in which case it could be beneficial to turn up your social media exposure.
What If I Have Never Done A Social Media Campaign Before?
If you have a rather new business and are rather nervous about the prospect of social media campaigns, don’t worry, you are not alone. Many businesses fear to make that first step, even though it could be very advantageous for their business. Fortunately, there are easy ways to make the step without getting yourself in financial difficulties.
Before you hire a company to take care of your social media needs, make sure you have a clear monthly budget in mind. You can have a contract in place that is only for one month and cannot exceed a certain budget; this way you only spend what you can miss in advertising costs.
Social Media is A Marathon Not A Sprint
Please note that it is never a smart idea to spend money on advertising in the hope that new customers will make up for that amount. In other words, do not solely rely on social media campaigns to turn a profit. Instead, look at your current budget realistically and only use what you can spare.
Business owners should also be aware that social media marketing campaigns can be delivered in three price formats. Some social media advertisers may charge you by the hour or per month, while others can give you a fixed budget price. The hourly rate or the fixed price budget tends to be the safest option for beginners. However the benefit of having a regular campaign budget on an ongoing basis cand bring about long term successes that will nurture your clients and develop relationships.
Should You Take The Plunge?
If you are thinking of expanding your business and if you have some spare funds for social media advertising, there is no reason why you shouldn’t do it. Evidently, we do recommend caution when it comes down to the cost of your campaign. Make sure you have a budget set beforehand and take a good look at the average cost of a campaign. Also, make sure you choose a business that has proven results, as you don’t want to waste money on a social media campaign that won’t give you a return. If you take these basic rules into consideration, your social media campaign will go swimmingly.