Social Media marketing budget started to appear in every marketing budget in the last 5 to 6 years. The latest surveys show social media marketing budget to be about 10% of total marketing budget. This number increases every year.
If You Say it is $0, Think About it Again!
Many companies say their social media marketing budget is $0. Sometimes, it feels like your budget and spending is quite low when your marketing team is taking on the effort and managing social media marketing. This may seem like it is not costing you money, but you will be spending marketing hours on this.
Another question to ask yourself is – Is your current traditional marketing team skilled and efficient in performing social media marketing activities.
Experiment to Determine Your Optimal Social Media Marketing Budget
It requires initial planning and revisitation of your plan once a quarter to determine:
- which social network is working for your business in terms of reaching your audience?
- which type of advertising or organic sharing works for your audience?
Once you find these answers in the initial months, you can continue with that strategy for a few quarters.