TO BE Budget Conscious
How do you determine a marketing budget? What is worth spending your money on? What can you expect to see in return for your investment?
To be transparent - we ask for about 20% of a client's marketing budget for social channels. This number is average and can typically provide you fulfillment, direction, and a small ad spend. TBD also includes tools and training, making us extremely affordable in the space. What should you be getting in exchange?
When you consider the list of expenses there is a lot you may overlook.
BUT you don’t need the shiniest and most expensive option every time.
You need scheduling tools.
BUT a good agency will provide this to you.
You need reporting tools to measure the efficacy of what you’re putting out there.
BUT there are many options and you should be sure you understand what data you follow and interpret.
You are paying for more than that tweet (hopefully).
BUT not everyone can execute tactics, strategies and best practices.
You need an advertising budget.
BUT the lowest CPC is typically a junk like. Prove value in every penny you spend.
Your creative must exude quality.
BUT all design work should be on brand. An expert can meld your personality to your goals.
Additional points to consider:
Prices are rising, most social teams will agree that you can’t get what you used to for free. That doesn’t mean it’s not worth it - your conversion cost is still fantastically affordable compared to traditional marketing.
Have a slush fund - run a campaign, giveaway something unrelated to a fan, team up and support a favorite charity. Ask for creative pitches and ideas, try something new.
Beyond 1 to 1 sales and new customer aquisition, keep in mind the spend always works toward brand recognition, customer engagement, and customer retention.
Spending on digital marketing is expected to increase 12.2% over the next year, with some of the largest growth being seen in social, mobile and data analytics. (link: http://adage.com/article/cmo-strategy/cmos-increase-spending-social-mobile-analytics/300088/)
If you aren’t prepared to begin now, it’ll cost you more later. If you start small, wins can GROW your budget. Pivots and agility are crucial. Find someone that will work with your budget and continually suggest improvements and adjustments to forge ahead.