Social media marketing is becoming an increasingly important part of businesses today.
Why? The reason is simple: social media platforms are a great way to connect with customers and build relationships. In this day and age, only a few people wouldn’t own a Facebook or Instagram account. We bet that even one of your grandpa or grandmas have it.
However, as a business, you won’t have enough time or knowledge to manage social media ads. And even though social media marketing is a thing– you can’t utilise it because you’re just to busy.
That’s why you’re looking for a social media agency who you can hire. But how much do you pay for it?
Let’s find out.
Social Media Marketing & Management For Businesses
You manage your online presence on social media platforms by using social media management. In addition to creating and publishing content, social media managers will interact with users and analyze performance using their experience and tools.
As for social media marketing, it involves promoting a product or service using social media platforms and websites. Social media marketing is becoming more popular for practitioners and researchers alike, despite the dominance of e-marketing and digital marketing in academia.
The most common social media strategy that businesses utilise is what we call paid ads.
It is clear that social media ads are becoming an integral part of marketing strategies across a wide range of businesses, as the amount of money spent on paid social media ads has continued to climb since 2019. Businesses are expected to spend nearly a fifth of their ad budgets on this pay-to-play promotion.
Like organic social media, paid social media can drive sales and target audiences. Why should you pay for this type of value? It’s because you’ll gain a quick time to mark
The Cost of Hiring A Social Media Agency
Several factors influence social media costs, including the platform and industry
Realistically speaking, business owners spend an average of $1000 – $7000 per month on social media management. A social media consultant can charge $75-$500 per hour, while $1,000-$20,000 per month may be a monthly cost for marketing and advertising.
But lets break down the cost for some platforms shall we?
All four social networks have different costs per click, but Twitter has the lowest at $0.38, followed closely by Facebook at $0.97.
On Instagram, each click costs nearly twice as much as on Facebook and triple as much as on Twitter at $3.56. This is likely due to the intense competition for clicks on Instagram.
Compared to the other three networks, LinkedIn has a much higher CPC of $5.26. In spite of this, LinkedIn’s ads are not overpriced. On a platform like this, which is B2B-friendly but also has a professional user base with high education levels, clicks are valued highly.
From this, you can derive closely how much you could be spending when you decide to hire a social media agency.
The 5 Most Common Social Media Marketing Cost Factors
But before you hire any social media agency for your SMM needs, you must first understand how they will rank up the price.
There are several factors as to why prices may differ depending on your goals and needs. Here are some of those factors that affect the cost of social media management.
1. Number of Networks
The number of networks you use on social media can be a big cost factor in managing your social media account. There are many benefits to using multiple networks, but there are also some advantages and uses for just one network. Here are some reasons why using multiple networks is a good idea:
- Multiple networks can help you build a diverse audience. If you have a strong presence on Twitter, but not as much on Facebook, using both platforms will give you a better general audience.
- Multiple networks can give you more exposure to your content. If all of your posts go to one network, people might not see them as often. But if you post to both platforms, people will see it more often and may even share it with their friends.
2. Number of Promoted Posts
The number of posts a social media manager promotes is one of the common social media management cost factors. Advantages of promoting posts include that they create awareness for your brand, attract new followers and can help generate leads or sales. Here are six reasons why you should promote your posts:
- Increased Engagement: Promoting posts that are interesting, relevant and engaging will generate more clicks and likes than uninteresting or low-quality content. This will encourage followers to continue following your page and make them more likely to share your content with their networks.
- Greater Reach: Promoting posts targeted towards a specific audience will increase the number of people who see them.
3. Competitor Analysis
Competitor analysis is one of the Common Social Media Management Cost Factors. For businesses, understanding what their competitors are doing and how they are doing it can be the key to success. It allows businesses to benchmark themselves and make better decisions about how to improve their own social media presence.
Knowing what your competition is doing allows you to stay ahead of the curve. You can see what works for them and adapt your strategy accordingly. Competitor analysis helps you identify areas where you can improve your business practices, making you more competitive overall.
By understanding how other businesses operate, you can develop new marketing strategies that can successfully reach a wider audience.
4. Social Media Optimisation
Social media optimisation is one of the Common Social Media Management Cost Factors. It can improve the visibility and reach of a company’s social media channels. There are many reasons to optimise a social media account. Here are some benefits:
- Improved brand awareness: When a company maintains an active and engaging social media presence, it’s likely to receive more positive attention from potential and current customers. This can result in increased sales, web traffic, and conversions.
- Generates leads and converts them into customers: According to a study by the Chitika Insights division of ComScore, 93% of consumers will visit a brand’s website if they know about its social media presence.
5. Number of Contests
Several contests are among the Common Social Media Management Cost Factors. Often, there are many benefits to running contests on social media. They can be a fun way to interact with your followers and engage them with your brand.
Additionally, contests can be an effective way to drive traffic and awareness to your website or blog. However, running a contest can be expensive. Here are some reasons why contests are an important part of social media management:
- They Can Be Fun: Running a contest gives followers a chance to win something valuable. This can be a great way to engage followers and make them feel special.
- They Can Drive Traffic and Awareness: Contests can help drive traffic to your website or blog and increase brand awareness. This leads to more customers who want to learn more about what you have to offer.
Conclusion
In conclusion, the hiring of a social media agency can vary but it is a cost-effective way to reach and engage customers. With the right tools, this strategy will help you manage your social media accounts effectively and keep your brand in mind.
So if you want to work with a social media agency that can give you value and produce results non-stop, Rozee Digital is the one for you! With our top-notch social media marketing strategies, you’re sure to reach thousands of people online.
FAQs
When it comes to social media agencies, what should you expect to pay?
It is expected that you will pay 10-15% of your total monthly ad budget for the services of an agency that operates on a percentage pricing model.
Social media campaigns cost how much?
Monthly ad spends for social media advertising campaigns range from $200 to $50,000 or more, with an average cost of $450 to $6000 per month. Several factors contribute to the cost of social media advertising, such as your business size, strategy, and budget.
But with Rozee Digital, we just work with retainers ranging from $400 – $20,000.
What is the cost of working with an influencer agency?
An influencer marketing agency’s monthly fee ranges from $1000 to $18,000. Creating a strategy for influencer marketing is usually included in this fee, although each agency differs.