When it comes to setting a social media budget, it’s a different process for every brand. Some brands do well on platforms like Facebook and Twitter, whereas others find their audiences on networks like Pinterest, Snapchat, and Instagram. I’ve put together some helpful tips on how you can create a social media budget that works for your brand and makes the most of your social media spend.
Pick Your Platforms Wisely
Remember, your brand doesn’t need to be on every social network, only the networks that will provide ROI. Figure out where your audience might be with a little common sense and trial and error. Visual brands (food, clothing, textiles, furniture, photography, film, art, interior design, etc.) do best on visual platforms like Pinterest, Snapchat, and Instagram, which can highlight the visual aspect of the brand.
B2B brands should look at platforms like LinkedIn and Twitter, and companies that offer services rather than products would likely do better on more text-friendly platforms like Facebook and Twitter. Feel free to experiment with multiple networks and see what works best for you and where your ad dollars are best spent.
Determine Your Goals
Think about why your brand is on social media and what you’re trying to accomplish. Why social media as opposed to other forms of advertising, like TV, radio, or outdoor? Many brands choose social media marketing because they want to humanize their brand and make a more direct connection with customers than is possible in traditional marketing. They might also want to reach younger generations who have historically been averse to traditional marketing methods. Determine what your brand is looking for so that later you know if your campaigns are performing and progressing towards your goals.
Be Patient and Budget for the Long Run
Once you’ve determined the endgame, it’s important to come up with logical baby steps on how to get there. For instance, it’s not reasonable to expect a million followers in your first month on social media. Set reachable goals for each month, quarter, and year. Allocate the appropriate time to build a true social media presence. So you want to make sure you’ve budgeted enough so that you can sustain an ongoing program. You don’t want to blow your yearly budget in the first few months and then be unable to grow later. Start small as you’re experimenting with various platforms, and you can always increase spending as time goes on.
Invest in Creative, Shareable Content
Social media users are constantly bombarded by images trying to capture their attention. It’s important that your content stands out or it’s going to get lost in the fray. It’s a good idea for your brand to partner with a social media agency that can invest the significant time and effort needed to create original content that can grow your brand.
Be Open to Change
It’s important to leave some room in your social media budget to experiment with different tactics. Perhaps you’ve been creating original content and boosting posts for a while, but then you decide you want to switch gears and hold a social media contest. There needs to be room in the budget to invest in different methods to grow your audience and flexibility in your social media strategy to try something new. Also, as social media becomes the first choice for advertising the cost will rise, so you need to account for inflation as well.