Social media spending in the U.S. alone is expected to increase to $17.34 billion in 2019.
Yes, you read that right.
Marketers have recognized that social media advertising is a tool that they need to use if they’re going to succeed at reach an ever-changing audience moving forward. But how much should you be willing to shell out for someone to create and manage your online presence? The answer depends on several factors.
First, ask yourself- how important is social media, content creation and inbound marketing to my overall marketing strategy? There are very few industries that can afford not to be online. Next, determine how much ROI you need to produce to justify the cost. Once you have determined this, it’s time to settle on an amount you are willing to budget.
OPTION 1: Create the content yourself, or let another employee do it.
Take time out of your busy schedule to create social media content every single day. Since this is a full-time job, you can imagine how effectively you will be able to complete this task since you have another job to do entirely. Or, assign the social media presence to another employee on top of their existing responsibilities. This guarantees that your team member will be constantly stressed, and not perform their duties effectively.
OPTION 2: Hire someone in-house.
Social Media Managers in the United States take home approximately $48,000 annually on average. With some bonuses approaching $8,000 and certain profit sharing proceeds approaching $9,000, overall incomes of Social Media Managers ranges between $27,000 and $73,000, depending on individual performance and satisfaction.
Hiring a full-time social media manager is a major investment, and if you have the budget to do so, having someone in-house is a great asset. This person should be able to dive deeply into your brand and marketing strategy, create social and content campaigns that are creative and produce measurable results, and speak the brand language on all platforms.
If this is simply not an option for your company, you are not alone. The majority of small businesses and non-profits typically assign these tasks to an exisiting team member. This can be effective if done correctly, but often content and social media take a back seat, and it just doesn’t get done. Or worse, it gets done at a very low quality.
OPTION 3: Hire a freelancer or agency.
If you are not in a position to hire an in-house social media manager, or simply unwilling to put that much money down without knowing the short-term ROI, there are plenty of agencies who are more than happy to pick up that slack. (Full disclosure: I run one of them. See what I did there?)
Agency rates can range anywhere from $99/month to over $50,000 per year. This is an option many companies choose, and the risks and benefits vary greatly. Finding an agency that offers the deliverables you are looking for, and who can truly speak your company’s language online can be a tricky endeavor.
Wading through the tangled web of marketing automation, SEO, ad campaigns, social, and software options can make anyone’s head spin. Knowing what you are paying for can be a huge challenge. Many agencies who offer “quality content” at a cheap price typically create unoriginal stock posts that get repeated over and over, with no regard for your actual brand and your goals.
Like anything else, you get what you pay for.
So, what should you pay for social media? As with anything, that answer depends on several factors. But the most important thing to remember is content shouldn’t come too cheap. If it does, it’s probably not going to be worth reading.
At Savvee, we don’t just post content. We get to know your brand and see ourselves as an extension of your team. We are a boutique agency because we care about our clients. We have never tried to be everything to everyone, and we never will. We stay in our lane and do what we do best, so you can count on us. We provide monthly analytics reports with personalized insights from your account manager. We keep our finger on the pulse of what is working for your company, and we ensure that your online presence is up to date, relevant, and on-brand, every time.
For less than half of what it would cost to hire and train a social media employee, let the experts at Savvee to handle it for you. Sleep well at night knowing your company’s online presence is always on.