Social media is now used as one of the most effective platforms for marketing. It can be a good platform for you to gain more customers while increasing your brand’s visibility. Through social media platforms, you can engage more with customers through creative contents. However, it still needs good management and sufficient budget for you to make the strategy more effective. There are several factors that you need to consider when determining social media marketing spend. And here are some tips for you to break it down more precisely:
Your overall budget
You need to know how much money you have available to allocate to this marketing strategy. Also, you need to calculate it with the possible outcomes. When you understand what outcomes you want to achieve, you know what kind of marketing strategy to use. Then, you will make a good estimation about how much you can afford to pay. While calculating your overall budget, you need to decide the timeline of returned capital on this marketing strategy as well.
Make specific and realistic goals
It is important to set goals but make them more realistic so they are more possible to achieve. Also, make sure that your goals are more specific. Don’t just expect your revenue to increase in just one day without knowing how the marketing strategy truly works. For example, what you want to achieve with the resources you have now. Then, find out how you can outline your budget successfully.
Make space for giveaways
Today, giveaways are not something uncommon since many social media users are already familiar with how their following often offer giveaways in certain occasion. Giveaways should be included in your budget estimation. They are powerful tools you can use to attract customers when you can use them correctly. By including them in your budget, you can be more creative with your giveaway ideas, making them more interesting for customers.
Understand the competition
You may have seen how other brands within your niche are already doing great with their social media marketing because they are very well-funded. Hence, you need to know whether or not the result of your social media marketing result worth the money you are going to spend on it. See if you can really compete with them or find more unique marketing channels in social media to use instead.
Use relevant platforms
There are different social media platforms you can use to utilize your marketing strategies. It seems impossible for you to manage all platforms at the same time. Not to mention that it requires more budget if you choose to use all social media platforms available. Instead, you may choose one or two relevant platforms that are relevant to your business.
You may consider your goals and values in using the platform. For example, you may choose LinkedIn since it is more professional and relevant with your business with the goal to inform and educate rather than to merely entertain. Then, it will be easier for you to set appropriate budget.