What is social media marketing?
Social media marketing is the promotion of a business using social media, the main aim being to promote engagement from a specific target audience in order to build awareness and encourage explicit business-related conversions and goals.
In this post, we’ll be exploring the cost of social media marketing, and the factors that can influence these prices, so that you know what to expect when starting with this service.
What does social media marketing include?
Social media marketing is a term used to describe a number of different duties and responsibilities performed across social platforms such as Facebook, Instagram, Twitter, LinkedIn and TikTok. These tasks can include some of the following.
Social media advertising
Social media advertising is a form of paid advertising, similar to PPC, but on social media platforms. Thanks to sophisticated targeting abilities, this allows businesses to reach audiences beyond their existing follower base. Here, a company will create ads that are specifically targeted to a chosen audience type with a view of driving specific goals. These goals could include contacts (emails, phone calls etc), sales, specific interactions (page likes, engagements etc) or website traffic.
Social media management
Social media management involves creating, scheduling, monitoring and publishing social media content on accounts on behalf of a business. This can also involve both reputation and community management. These terms cover the tasks of tracking any mentions and social media reviews and formulating responses, as well as building relationships with followers and encouraging engagements through these channels.
Social media marketing agency pricing
Social media marketing agency pricing can vary depending on a number of different factors including; the number of channels required, the expertise, experience and location of the chosen company and the pricing model they use. All of these factors, plus more can affect the cost of social media marketing.
Factors that affect the cost of social media marketing
Number of channels
Each social media channel requires a different strategy and different types of content in order to be successful. Therefore, due to the extra time and resources required, the more channels that are managed, the higher cost is expected to be.
The complexity of the project
If a certain project is more complex, then often it’ll require a little more time and resources and therefore cost more. An example of this would be if custom graphics, imagery or videos are required.
Expertise and Experience
Like with most industries, digital marketing is no exception, you often pay more for a company or individual with more knowledge and experience as they’re usually expected to do a superior job. For example, hiring a skilled social media agency with years of experience will be far more expensive than hiring an entry-level freelancer.
Geographical Location
Where the business, or individual that is doing the social media marketing is located will often affect the cost. For example, an agency based in London is far more likely to charge higher rates compared to an agency based in the North of the UK.
Pricing Models
Different agencies and individuals often use different pricing models and strategies for their services. For example, hourly rates, monthly retainers, project-based pricing etc. Each pricing model has advantages and disadvantages, but they will all affect the price you pay. In our digital marketing agency pricing blog post, you can read more about these pricing models.
Level of service
The level of social media marketing service(s) you require will have a great impact on the overall cost. For example, if you only require posting, then this will be much cheaper than if you require a total service including content creation, community management and reputation management. The more services you require often means more time is needed to be spent.
Why should you consider a social media marketing agency?
Most companies often wonder whether to outsource their digital marketing or to keep it in-house. Digital marketing agencies are experts in their field, with years of experience, and hiring a digital marketing agency is often a good way to go if you need extra help.
Conclusion
In conclusion, social media marketing costs can fluctuate depending on several factors covered in this post. By understanding these factors, businesses can make informed decisions about how to handle this channel and manage their budgets more effectively.
If you’re looking for help with your social media marketing, get in touch with the team today. We’re a digital marketing agency with years of experience managing social media for a wide range of clients.