Social media marketing costs depend on several factors across platforms and industries.
According to the Search Engine Journal, 84% of the US population use at least one social media channel. The active number of users worldwide stands at 57.6%, which means at least half of the population uses one social media channel a month.
Brands are monetizing social media more than ever, making it an essential part of their content marketing strategy. As a result, companies are spending more on social media ads, with a projected ad spending of US $0.23 M in 2022.
This leads to the question: How much should you expect to spend on social media marketing?
This guide will help you uncover the typical social media marketing costs, the amount organizations spend on it, and the factors that can affect the spending.
What are the Average Social Media Marketing Costs?
Social media marketing costs vary based on what services you need and how frequently you need them. Here’s what you can expect to pay local US professionals:
- Average cost (per month): $400 – $650
- Minimum cost (per month): $295
- Maximum cost (per month): $1000+
- How Much Do Organizations Spend On Social Media Marketing?
The marketing spend is influenced by several factors such as the company size, the industry, the services offered, and the total revenue.
On average, businesses invest $4000 to $7000 per month on social media marketing, which includes advertising on one or more channels. If outsourcing, the social media cost ranges from $900 to $20,000 per month and $75 to $500 per hour for a consultant or freelancer’s services.
What Changes The Cost Of Social Media Marketing?
The amount you’ll pay for social media marketing depends on the following factors:
1: Taking It In-House
Average cost: $30 – $100 per month
If you’re planning to create and manage everything yourself, set aside a minimum amount to get started. You can use this to build knowledge or purchase tools to help you get started.
As a one-person team, you must create content, keep up with posting on social media, respond to mentions and comments, and track the critical KPIs.
There are affordable subscription-based services that can help to automate social media marketing. Tools such as Buffer have a scheduler to create and schedule posts in advance. Hootsuite tracks all the social feeds together, so you don’t have to open activities in different tabs.
If you’re looking to take your social media in-house, consider investing in free or paid tools to help you ideate, plan, and manage content marketing, so you have time to look into other business areas.
2: Outsourcing on a Smaller Budget
Average cost: $500 – $1000 per month
Small businesses have tight budgets, but it’s possible to outsource social media marketing to an agency on a limited budget.
Agencies have different packages and pricing models that you can choose from depending on your budget. In addition, each agency charges differently depending on expertise since there is no standard industry pricing for social media marketing.
Seven Oaks Consulting offers outsourced social media post creation and adding posts to scheduling tools at prices within this monthly range.
3: Outsourcing on a Larger Budget
Average cost: $1500 to $5000 per month
If you have a larger budget, the world is your oyster. You can opt for a superior, more expensive agency with a faster turnaround and more resources dedicated to your account.
But hiring an expensive agency might not always translate into results. You want to hire an agency that is credible and has significant achievements to show. A good marketing agency will ask you about your niche, industry, current marketing strategy, and previous marketing failures. Make sure the agency you choose can deliver consistent results while staying true to the brand vision.
Hiring a Social Media Expert — Is It Worth The Investment?
If you lack the resources and expertise to manage social media channels, getting an expert on board is worth the investment. They can plan the content for social media channels, schedule them, and monitor the performance.
Maintaining an edge via social media can be tricky, but experts can help to streamline content based on the target audience to get the most from your buck. A dedicated social media expert can help you determine what works for your brand on different platforms and how you can maximize the revenue with current strategies.
If you need help with social media marketing, Seven Oaks Consulting can help. We are a full-service marketing agency specializing in social media marketing and content creation. Contact Jeanne at (434) 574-6253 or email firstname.lastname@example.org for more information on our social media post creation and scheduling services.