For many businesses, they know they should be using social media to market their business. Plenty of companies utilize social media, but maybe not to the extent that they would like to. One of the things that can hold people back from harnessing the power of social media is they don’t know the cost of social media marketing.
What sort of things do you need to consider paying for when it comes to your social media marketing?
You’ve likely heard the saying, “time is money.” With social media marketing, that’s the case. While much of what you can do on social media is free to do as a business, it still takes time to implement. If you own the business and are doing your social media marketing, it’s your time. If you hire someone to do the job for you, it’s their time. Either way, time is a serious factor to consider into your overall cost of social media marketing.
As the previous point stated, the time it takes people to implement your social media marketing costs money. An actual cost can be correlated to those people working, though. Let’s say you typically make $25/hour in your business on billable work. If you’re working on the social media for your business (which you will not make direct money doing), then that eats into your overall costs. If you’re paying an employee to work on your social media marketing, you have to pay them their hourly or salary wage. With social media marketing, it’s imperative that you create realistic goals. These will lead to tracking ROI metrics. Both paired together, will tell you if the time you spend on social media marketing is worth the physical cost of it.
As social media marketing evolves, staying creative with how you push content out is crucial. Whether you create branded graphics, custom videos, GIFs or even infographics, making your social media content match your brand identity costs money. Again, you’re back to it taking you or someone else’s time. Or you’re paying another company or freelancer money to assist you in your overall creative strategy.
Sites like LinkedIn charge a premium fee to get the most out of the service. As an individual, it can be worth the extra cost if you are actively utilizing the software. Additionally, you may decide to add-in applications to your Facebook feed from third-party developers. These can also charge a monthly or yearly fee. While often, boosting your social media strategy with additional software or capabilities can work in your favor, it’s still a cost to consider.
It’s well-known that social media marketing has become more of a “pay-to-play” scenario. To really get the most out of your social media marketing, allocating some of your advertising budgets to this form of media is often a smart idea. With advertising options on virtually every social media platform, it’s important you pick the ones that will work the best for your business and your bottom line.
With all of this to consider, what’s the cost of NOT using social media marketing to market your business?
Well, it can be a lot. You could be missing out on a fantastic opportunity to create a voice and better brand recognition for your business. You could lower your organic search engine results because you won’t show up in the searches as high. You’ll miss out on a customer service portal for your business. Your clients and customers won’t know what’s going on in your business and you may not be at the top of their mind as much. Leads for your business may have a harder time getting in touch with you. You’ll have a tougher time promoting your blog. Realistically, you’ll be missing out on the most popular form of marketing that exists today.
So while there is a cost of social media marketing, the bigger cost could lie in not participating in it.
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P.S. There’s no cost for that!