Allocating digital marketing budget is a nightmare for CMOs of small and midsized businesses. Resources allocation with limited budget is a tough job. While a fourth of the budget is exhausted on paid digital advertising in most companies, social marketing also requires a budget to be successful. Many companies assume it’s FREE but unfortunately it’s one of the outrageous social media marketing myths.
Today we will discuss some of the points you should consider while defining and allocating budget for social media activities:
But before you allocate the budget, it is important to map the objectives and goals for your campaigns. Identify your target audience and accordingly decide on which all social channels you are planning to use.Fan Page Creation And Customization
Creating custom templates for your social profiles such as Twitter, Facebook, LinkedIn header, etc. is the first major budget allocation you should consider while allocating budget for social marketing. The investment will include graphics design, buying royalty-free images, Facebook page design services such as custom welcome page design, form designing, etc. You can allot anywhere from $1000 to $2000 for all these activities initially. Normally it’s a onetime investment. But you can add more to your yearly expenses if you plan to use different cover images or templates every quarter.
Social Media Content Development
Content development and content marketing are the major elements of social media planning. Blogs, videos, whitepapers, photos, articles etc. are the varied types of content you will require for social media marketing. Content development for social media requires diverse skill sets which are unlikely to be all owned in-house. To effectively allocate budget for the year, you need to decide which activities can be done in-house and which could be created by experts or vendors. If you have content writers in-house then you can outsource videography and photography to professionals. In case you don’t have writers in-house then incorporate the budget of $4-$10 per article. You can also buy royalty free images online and edit it in-house. Videography is a costly affair so plan accordingly. You can allot anywhere from $1000 to $5000 monthly for social media content development.
Social Media Management Tools
You may also need social media management tools for content scheduling and delivery, campaign management, analytics, monitoring and reporting. There are many free and paid tools which can help you in monitoring and managing your multiple social profiles. Tools like HootSuite and SocialOomph are some of the recommended social media management tools. Monthly budget of $50 for such tools would be appropriate for SMBs.
Social Media Campaigning
If your content is compelling, all you need is 2-3 full time resources to promote your social media marketing content. This way different social campaign can be done in-house and you can save a lot of marketing dollars. But in case you are interested in display advertising on social networks including paid promotion or running contests, then you need to set aside some extra dollars. We believe that $1000 should be sufficient for social media campaigning. Some of the recommended social media campaigns for small and midsized businesses are contests on Facebook and Twitter, Advertisements on Linkedin and Facebook, etc;. You need to also consider budget for landing page designing while planning the campaigns. You will have to try and test many things before launching these campaigns. You will have to quickly shuffle and re-allocate budget for the campaigns and channels which are getting more engagements and conversion. Refresh the content and campaigns often to keep your social community engaged.
So, how are you allotting budget for your internet marketing and social marketing campaigns. We look forward to your suggestions and comments.