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How Much Does Social Media Marketing Cost in 2020?

Let’s face it, social media for business is no longer an optional task, it’s required to create loyal brand followers and legitimacy for your company. It’s an essential way to reach your customers, gain valuable insights, and grow your brand.

Social Media is often the first point of contact for users to learn about a new business. Creating brand awareness, establishing the voice and tone of your company, and humanizing your niche are all established through your social media channels.In fact, the impact of social media on the growth of businesses is so strong that it has been adopted as one of the foremost sources of communication with buyers.

In DIGITAL 2019: GLOBAL DIGITAL OVERVIEW’s reports, YouTube and Facebook were listed as the 2nd and 3rd most visited websites in the world, respectively.

Social media marketing involves more than just posting content. Posts need to be engaging and remain within your companies values. To be effective, there needs to be diversity, consistency, and creativity.

While it’s possible to take the DIY approach, managing multiple social media channels becomes a job in it’s own. Do you have the time to post fresh content daily? Are you able to respond to client requests in a timely consistent manner? Are you able to monitor analytics and respond to market shifts or a drop in user engagement? Are you able to convert followers to consumers?


Source: Thumbtack for Pros

Many business owners find themselves overwhelmed and decide to either hire staff ( who may not have the required skills, experience or resources ) or seek a professional social media manager. This leads to the question:

HOW MUCH SHOULD I EXPECT TO PAY FOR SOCIAL MEDIA MARKETING?

SAMPLE SOCIAL MEDIA EXPERT JOBS (Estimated monthly billing rates charged by intermediate-level, U.S. based specialists)
Small Business Rates Average Project Price (Per Month of Campaign)
Account Mgmt.(2 Channels/All Services) $400-$2,000
Account Mgmt. (Each Extra Channel) $200-1,500
Blogging w/ Social Shares $400-$1,200
Influencer Targeting $200-$1,000
Images/Graphic Design/ Video $200-$950
Campaign Creation $300-1,000
Customer Interactions / Outreach $200-1,000
Large Business/Enterprise Rates Average Project Price (Per Month of Campaign)
Account Mgmt. (2 Channels/All Services) $2,500-$10,000
Account Mgmt. (Each Extra Channel) $1,500-$5,000
Blogging w/ Social Shares $2,500-$7,500
Influencer Targeting $1,500-$6,000
Images/Graphic Design $1,000-$4,500
Campaign Creation $2,000-$5,000
Customer Outreach $800-4,000
Misc. Rates Average Project Price (Hourly)
Social Media Training $25-150
Campaign Advisor $55-200
Source: Upwork Online Talent Solution

It’s important to note that many larger social presences are managed by a small team of professionals who can help balance coverage (even across different time zones) and responsibilities, as well as contribute expertise such as graphic design or video production. Having a skilled social media manager at the helm will help ensure strategies stay on track, that the messaging and tone is consistent, and that no rogue decisions happen.

Factors that may impact social media coverage cost

Level of Experience?

While a great social media campaign may require a good-sized budget, poor quality social media marketing can cost even more—including damage to your brand’s reputation.

Quantity of Social Channels?

Typically, social media professional and agencies provide distribution to 2 social channels with their monthly services. A variety of social channels often require different marketing strategies, for example, sharing the same content that’s great for Facebook may provide very little ROI on Twitter. The more social channels involved in your strategy will typically add time to each daily post if targeting more platforms.

Original Content Provided?

Do you provide a steady flow of content for your marketing professionals to source from or do they provide high quality, licensed graphics, video or other forms of media? While many businesses “snatch and grab” unlicensed content from the web or recycle memes, professionals often create custom graphics, memes, and video from paid sources. High quality creative needs graphic design and copy-writing, or a social media expert who can create multimedia content themselves.

Customer Support Provided?

Do you have on-site customer support staff, or does your social media management team include support as part of their services? If your followers are asking questions, posting reviews, or looking for assistance – who responds to them? Having an experienced professional that understands how to control situations as they arise is a valued responsibility and additional time should be factored in.

Response Times and Frequency?

In today’s customer experience, users are impatient and want timely, responsive interactions. The time it takes to respond to a clients message may make or break the impression customers have on your business. Are messages responded to in days, hours, minutes, or seconds?

Social media is undoubtedly a major influencing factor in the growth and overall revenue stream of business in today’s culture. For some industries, it’s part of the lifeblood of the business. If you’re not taking advantage of social media in your overall marketing strategy, you’re missing out on a quick, cost-effective, and proven way to reach your existing and potential customers. In this article, we’ve covered the average expected cost, expectations to receive from services, and the importance of maintaining your social channels.

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