On paper, running a social media marketing campaign can be very inexpensive. Hence, the rationale for handling an array of such campaigns in-house might initially seem sound, for your company. However, ads can throw something of a surprisingly expensive spanner into the works.
None of this is to say that social media marketing would not strictly prove financially worthwhile for your company. It is true that the metrics for success with this type of marketing are not necessarily always obvious – but a distinct difference can remain between the apparent social media marketing cost and the value, as reflected in the return on investment (ROI).
Should you take the DIY approach?
On the face of it (or should that be “on the Facebook of it”?), this would be the most cost-effective approach for people relatively inexperienced with social media. From our experience, we have found that not every client interested in social knows how to effectively use the free tools at their disposal.
For example, they might not always know how to use such hashtags as #Movember and #interiordesign to participate in specific, perhaps even topical, conversations. They also might not know how to reach out to “influencers” for partnership opportunities.
By now, you have probably heard the term “Influencer” before, which is itself a scarily technical-looking word but simply refers to a public figure who has built up a body of loyal followers with whom they regularly engage. In following an influencer and liking, commenting on and sharing their posts, you could develop a relationship with them that lets them see how they could benefit from highlighting your offerings to their own base of followers.
Spending on social lets you take a few shortcuts
Well, okay, so it could prove many more than just a few. While social media marketing is theoretically inexpensive, there is so much to learn about it that it can remain very time-consuming. Time is money, as the old adage in business goes. How, then, could you save time?
Though it would require spending some money, there is much to be said for offloading many of your social media marketing responsibilities to a digital marketing agency. As social media marketers are already accustomed to running various clients’ accounts over a range of social channels, they will already know which strategies could work especially well for your specific business.
Working with a social marketing agency, can not only save you time that you can then invest on other crucial activities to grow your business, but it can also get you greater results due to the specialist knowledge component. Furthermore, if we are talking about a multi-service agency, your social prowess can also be bolster with other, complementary services. For example, if your website lacks compelling content worth sharing on social, our SEO services could help you to plug that gap.
What’s the difference between social media marketing cost and value?
Even going down the paid route with social media marketing does not have to heavily deplete your budget, with a social media marketing package potentially costing as little as £100 per month. However, you should always ask the agency for a breakdown of exactly what you will be getting for the relatively restrained expenditure.
You could find that a “bare bones” approach hardly suffices for growing your prominence on social media, especially if you have already attracted a large number of followers. The cost of a paid social media marketing campaign run by an agency will come down to a management fee charged by the specialists, plus the amount paid to Facebook to run your ads. The later will depend on the amount necessary to get your desired results.
What ROI can you expect from paid, organic or dual campaigns?
For many companies tentatively dipping their toes into the social media marketing waters, this can feel like a million-pound question – and, no, that’s not necessarily how much money you would need to spend on your campaigns. Still, the more you spend, the more value you can unlock.
Early in your social media marketing journey, you might be happy to simply post organic content, such as new blog posts or videos, which is free of charge. However, with paid ads, you can tailor attention specifically to the types of viewers, like those in a specific location or age bracket, most likely to respond in the right way. As a result, your ROI could soar.
What exactly would be “the right way”? It would depend on what goals you are pursuing with your social media marketing. If you primarily want increased sales, for example, you would want the viewer to buy from your firm, allowing you to measure the revenue gains.
If you just want to spread awareness of your brand, the objective should be to spur more likes or visits to your site. Meanwhile, increased engagement would be reflected by an increased number of likes or comments. Whatever your objectives, however, using both paid and organic techniques can help you to leverage benefits of both and so improve your ROI yet further.
Whether you are new to social media marketing or have already run multiple campaigns that haven’t been as cost effective as intended, you can get in touch with our team at Success Local. Call us on 01788 288 800, and we will consult with you to see how you could build on your success. Don’t forget to follow our upcoming Marketing Mondays series for more hints and tips on social media marketing.