Do you already have a firm marketing budget in place? If so how much of that should you be putting towards social media marketing? We explore the budgets that small to medium businesses should be investing and what response you are likely to get from it.
According to Duke University’s Fuqua School of Business, marketers are allocating close to 10% of their budgets to social media marketing. This means if you have a budget of £10,000 per year for all your marketing then at least £1000 of that should go to social media, but this is not a lot when you split it up over monthly amounts. To get someone to work on your social media profiles you will probably have to look at putting at least £150- £200 a month towards it to be able to get some results. Too little budget will simply be lost and may give you very little rewards. If you are going to be doing the social media marketing yourself then you may be able to allocate this budget to just use on paid for social media ads rather than accounting for your time. Some experts suggest that it should be more like 25% of your total budget is invested in social media marketing especially in business to consumer industries.
Social media networks have evolved, from being platforms where you meet new friends – to a business hub – a way to promote brand awareness, share blog posts, encourage user content, and increase income.