Sixty-nine percent of Americans use some form of social media. By using social media to promote your business, you have the chance to reach almost 225 million Americans every day. If utilized correctly, social media can increase traffic to your website, promote your original content, advertise to a target audience, and measure your marketing strategy success.
Making a social media promotions budget is the same as any other budget- know your net income, set your goals, devise a plan, and collect and analyze data to adjust strategy.
Although social media is free to use, paying to promote content is an affordable way to advertise. In order to make the most of social media advertising and measure your marketing strategy, you should make a budget for all of your social media promotion spending.
Here are three steps to creating a budget for your social media pages.
Know Your Goals and Audience
Before you create an advertising budget, you need to know what you want to achieve through your social media promotions. Decide what goals and audiences you hope to reach through your page. Social media can drive traffic to your website, promote your blog, offer special deals to followers, and more. Knowing what you want to achieve will make your spending more valuable and allow you to realign your budget to better suit your needs.
Next you need to decide who you want to reach through your ads. Creating buyer personas helps you decide who your target is; you can then use the demographics from these personas to figure out which social media platform will bring you closer to your desired audience. Pew Research Center has compiled data regarding demographics and social media platforms, which can help in determining where your target audience is most active.
Once you know what you want to advertise for and who you want to advertise to, you have to figure out what you are going to use as advertisement.
Content Marketing via Social Media
Content marketing is the best way to utilize your social media pages. Create content that is relevant to your brand; you want your content to be a valuable resource to your potential customers, which will increase traffic to your site and better your chances of conversion.
You need to factor content creation into your budget. If you decide to get professional photos taken, or hire a writer for your blog, this will factor into your promotion budget. Your content should reflect the individuality of your business, so by creating original content you are establishing who you are as a brand.
While anyone can take photos with their smartphone, hiring a professional photographer will provide you with high-quality imagery that can be used across your social media pages and website; the same goes for written content. Outsourcing content creation might seem expensive, but in the end you will save time and money by having a professional create high-quality, original content for any campaign.
Hiring a professional doesn’t have to exhaust your budget. Companies like Zerys will connect you with professional writers for a reasonable price, and Professional Photographers of America’s Find-a-Photographer can connect you with a local professional photographer. You can also hire graphic designers, video editors, and anyone else who can create original content that reflects your brand.
One way to make sure you always have new content posted regularly is to hire a social media manager. Having a professional managing your accounts will give you the peace of mind knowing that someone is taking care of all your social media needs, and has the experience to make changes to your marketing strategy to make sure you get the most out of your investment.
Social media allows you to directly connect with your target audience, so investing in your content creation means publishing quality, original content that will continue to grow your sphere of influence.
Costs to Promote
Most social media platforms allow you to pay to promote your posts, meaning your content will be shown to more people who are likely to be interested in your business.
Facebook is one of the most popular platforms to advertise on. If you already have content on your page, look to see what content had the most engagement; using Ads Manager to promote already-popular content, you are increasing your chances of reaching and engaging new visitors.
Wordstream found that the cost per click of a Facebook ad depends on the industry- $0.45 for apparel, $3.77 for finance and insurance, $1.32 for healthcare, $0.63 for travel, etc. Depending on what your company does, you might have to pay more per click, but Facebook advertising can still be profitable. Although fitness companies may have a $1.90 CPC, they also saw an average of conversion rate of 14.29%, ranking higher than any other industry despite having a higher CPC. Apparel had the smallest CPC, but saw an average conversion rate of only 4.11%.
The cost of advertising on Facebook will vary greatly based on the size of your audience, your industry, and the content you release, but these ads have a big impact on consumers. A 2015 study found that when dedicating to well-planned and creative advertising campaigns, the average ROI was 450%, ranging from 300% to 600%.
Instagram, owned by Facebook, offers advertising opportunities to business profiles with a Facebook page. You cannot advertise on Instagram unless you meet both requirements.
Like Facebook, you will run your campaign through Ads Manager, which will help you build your Instagram ad campaign. You can choose from 11 marketing objectives:
- Brand awareness
- App installs
- Video views
- Lead generation
- Catalog sales
- Store visits
Determine your target audience based on multiple demographics- location, age, gender, interests, language, people similar to current customers, etc.
Individual posts can be promoted through the Instagram app, or campaigns can be managed through Ad Manager. Ads can be still images, videos, carousel with multiple photos, or featured before Stories.
On average, Instagram ads cost about $5 CPM, but also on average tend to get 10 times more engagement than Facebook ads, and Instagram is on the rise to become the popular social media advertising platform.
- Awareness: promote tweets to maximize impressions, cost per 1,000 tweet impressions
- Tweet engagement: promote tweet to maximize engagements, cost per engagement
- Video views: maximize video views, cost per view
- Followers: increase followers, cost per follow
- Website clicks and conversions: increase website traffic, cost per click on link/website cards
- App install or re-engagement: increase app downloads, cost per app click or per install
- In-stream video views: ads before relevant publisher content, cost per in-stream view
- Quick promote: non-campaign, pay per tweet promotion
Twitter does not offer fixed rates for their advertising; instead, they use an auction system. Advertisers bid on limited ad space for their desired audience.
Campaign cost is determined by 4 metrics:
- How engaging the ad is
- The size of your target audience
- How many other advertisers are targeting the same audience
- How much you bid
Twitter allows you to pay however much you are willing to spend, but the success of your campaign can vary widely. Depending on your industry, you could be competing against many other advertisers for a limited number of ad opportunities, and advertisers with a much larger budget.
The internet has changed the way consumers engage with brands, and social media is a convenient vehicle to bring you right to your desired audience. A well-planned social media marketing campaign has the potential to reach many new visitors, but budgeting your campaigns will prevent waste and maximize ROI.
Thanks for reading,