How Much is Enough? Setting Your Social Media Budget.

How Much is Enough? Setting Your Social Media Budget.

by Meghan Mercer, August 3, 2016

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So you want to know how much to spend on Facebook ads? As much as any agency would love to give you an exact number, they can not determine your media spend until they know more about your market’s psychographics and demographics and assess your current social program. Instead of asking what your social media spend should be, you might ask the following questions.

  1. What are my specific goals to engage the communities in my social program?

By determining specific goals you will give your agency a numeric value so that they can quantify how much it will cost to help you reach those goals. Specific goals include:

  • Increase the number of new fans
  • Increase the number of new email subscribers
  • Increase the number of traffic referrals
  • Increase the number of product sales
  1. How active are my current social profiles?

Social profiles include a variety of networks such as Facebook, Twitter, Instagram, and Snapchat. Costs are not only affected by your industry, but also by whether you have an established  presence on your social profiles. For instance, if you have a large number of fans that are typically engaged, you will increase your probability of getting closer to your goals. This, in turn will provide the opportunity for a lower price bracket for social actions.

  1. What is your timeframe for implementation?

Facebook Ads require countless testing–in other words–successful Facebook ads take time. Please be patient! Typically, an ideal testing time could span 6 months to a year.  This testing period allows your agency to see what works in your niche.

So, if you know your market, these new tools will help you reach them before you ask how much it will cost to run a social campaign. Make sure you can answer the questions listed above. Find out how to use social marketing to grow your company today!