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Setting the Right Budget for Social Media

Written by Layomi Olaleye

April 23, 2020

Setting the right budget for social media is like picking the best 11 and setting the right formation to win an important match; or for non-football enthusiasts, it’s like being able to choose the all-time cast for a favorite movie… you can’t afford to mess up… you just have to get it right.

Every business, either large or small, needs a budget as it’ll help keep track of costs and intended goals. What’s even more important is creating one for social media platforms to aid brand awareness. The main purpose of keeping track of your costs is being able to determine your ROI (Return on investment). Investing so much money on social media deserves as much money in return (in terms of profit); this is why it’s essential to create the right social media budget.

A right social media budget usually entails three phases.

The planning, actually drafting of the budget, and the aftermath of the implementation.

PLANNING PHASE

This usually entails examining your organizational goals and what you intend to achieve after a fiscal year. You need to ask yourself questions like ‘Do I need more brand awareness or exposure?, Do I intend to focus on a Media channel or all?, How much do I intend to set aside for social media advertising? etc. Only when you get answers to your goal-oriented questions can you decide what type of social media advertising you want and the route to get it.

DRAFTING PHASE

To be able to draft and set the right budget for social media, you need to consider the following essentials necessary for social media advertising:

  • Choice of hiring a Social Media manager: hiring a social media manager is one of the essential needs in a social media budget. The person(s) would keep track of the ever-changing pulse of the social industry necessary for business growth. This allows business owners to focus on the business. If you need to hire a social media manager for your business, send us a message here.
  • Choice of hiring a content creator: a content creator is in charge of creating content consistently to maintain visibility on social media platforms. Your allocated funds could, however, vary depending on the amount of content you need. Also, media platforms you require as a business owner.
  • Post-production: in creating a social media budget, you should also allocate funds to editing pictures, designing graphics, etc. to give your business pages a standard quality.
  • Paid ads: in order to reach a wider audience on social media platforms – Facebook, Instagram, etc. it’s important to make provisions for paid ads in your budget. The cost may differ, however, depending on the channel or platforms you intend to focus on.
  • Paid partnership / social media influencers: social media influencers increase brand awareness on different platforms and serve as good publicity for your business. If you decide to follow the route of social influencers’ adverts, you’d need to add the cost to your budget.

THE AFTERMATH 

After drafting and implementing a social media budget, you need to continuously analyze it. The only way to know if your budget is working for you and your business is if you keep analyzing and re-evaluating. You can reevaluate your budget by tracking the performance of your advertising strategies, the cost, and the profit you’ve gained (ROI) and then make adjustments where necessary.

Setting the right social media budget and spending well is important as it’ll give you expertise and more time for your business and also increase brand awareness. What’s more important, however, is spending money in such a way that will ensure you make more money. Plan a social media budget… Plan to spend wisely!

Read on how to use advocacy marketing to increase your business profits here.

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