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Social media is hyped and important for everybody in this world and with the way it’s going we don’t see it falling anytime soon. So, you can understand that social media marketing prices are only going to rise in the coming years. Where you market your product or in which medium you advertise entirely depends on your target segment.

Thus with different platforms and mediums, your advertising prices also vary. If you are a business person you need to be on at least one social platform these days. For that, you can take the help of any social media marketing services as without enough experience in this field aiming right is tough.

Outsource or not

To fix a budget for your social media marketing, you always need to decide first whether you want to outsource. You can either do all the marketing yourself or take help from a service provider. Though doing all on your own will cost you a lot of time which is tough after you handle all your business-related work.

Moreover, social media campaigning needs some knowledge and expertise on where to advertise and how. If you want to go ahead with doing it yourself take the help of some online-based services to avoid wasting too much time. You can also get monthly fee-based or subscription-based services online that will help you strategise your marketing plan.

All about budget and location

No matter how high or low your budget is, you always need to spend it strategically. For your budget, different agencies will offer various services and pricing models, go for one that suits your needs. Though you need to do some research to understand which model will be the best for your business.

But while choosing models and agencies, always use price as your determinant factor. Best SMO Solutions Company will always ask about your targets and your expected results to fix a model for you. But this can only happen if your budget is a bit flexible.

Location is also a huge factor to consider while deciding your advertising budget. Though nowadays all agencies work globally still, look at their locations to have a discreet view of their work.

Main elements of cost

The cost factors of the social media marketing budget mostly depend on the factors you want to focus on. With the help of an agency, you can discuss which type of campaign will work for your business and thus invest in that. Visuals attract people, so you need to focus on the visual designing part of your campaign and make it alluring.

Make sure your social media profile has a cover photo, professional logo, videos and stock photos for different contents. In addition to this, the other 2 elements of cost include social media management and copywriting. Hire skilful copywriters and designers to post original content in organic posting.

Minimum Ad budgets

In social media marketing, you need to consider a minimum daily budget for most of the platforms. This price differs from platform to platform and depends on bid types like clicks, impressions, views or even likes. Some platforms also offer minimum ad budgets.

For example, Facebook offers per day $1 for impressions as their minimum budget, $5 a day for clicks, views/likes. Also, it offers $40 each day for the installation of apps and even if your offers get claimed. For Instagram, it is $1 a day for impressions, and similar prices for clicks, views likes or app installs.

While for Youtube it is $10 per day and LinkedIn charges the same per day and per click costs $2.

Average CPC per ads

You can use many matrices as your bidding options like cost-per-view (CPV) or cost-per-like (CPL). But Cost-per-click (CPC) is one that people use the most and companies also mostly determine their budgets on this. Different media or platforms have different CPCs and you need to invest in one that will work for your business.

Facebook charges $0.97 a click, while Instagram charges $3.56 for each click as their CPC. Youtube demands a bit less, that is $3.21 per click, but more LinkedIn it’s a bit high as $5.26 for each click.

Average CPM in social media

These popular social media also proffer another bidding option called cost-per-thousand impressions (CPM). Go for this if your focus is on ad views and not much interest in ad clicks. The cost of CPM will of course be higher than the CPCs or bids we discussed earlier as this counts 1000 impressions.

Here, Facebook charges an amount of $7.19 for 1000 impressions, and Instagram depends are almost at par with $7.91 CPM. YouTube fares a bit high at $9.68 per 1000 impressions, while LinkedIn goes for $6.59 for CPM.

Organic Posting

Split your social media marketing budget between organic and paid posts. While organic posts will do the groundwork and help to retain and revisit your audience and also spread awareness, paid ones are responsible for immediate actions. Include the cost of producing social media content and strategy management inside your organic post budget.

Copywriting and creative direction- This is a part of your organic posting and you need to employ or rent talented and skilful copywriters and designers. They will help you create and design content that will attract and engage your audience.

Invest in Social Media strategy

This is even more essential than planning your social media budget as without strategy everything will be pointless. Also, if your strategy is not perfect and on point, you will lack any framework for measuring your success. The best way to strategise is to consult an SMO services company as that will save your time as well as give you an effective pathway.

Most agencies serve at a monthly price basis which includes everything from strategy, analytics to management, reporting, etc.