As a small-business owner, you know marketing is critical to your business’s success. And if…
A recent survey from BIA/Kelsey, a market research firm and consulting agency, finds that nearly 80% of small businesses employ social media marketing, up from 73% in 2015. BIA/Kelsey analysts report the percentage continues to inch ever upward—2016 marks the third consecutive year in which small- and medium-sized-business owners ranked social media as their favored marketing tactic. For these owners, social media offers a way to reach audiences with targeted messaging and advertising.
But success with social media isn’t a given. Small-business owners must regularly evaluate their social media budgets to remain competitive in the marketplace. Find out below how you can determine the right social media budget for your business and see your enterprise grow.
Look at the Numbers
The 2017 CMO Survey from Duke University and Deloitte offers a good starting point for figuring out your social media budget. The analysts note marketing budgets will increase by 11%, on average, of the total budget available, with social media comprising part of that percentage. The report delivers few details about specific social media marketing costs, which are covered in the next section.
To accurately build your social media marketing budget, examine general budgeting trends and benchmarks for similar companies, and decide if you can follow suit. These figures provide a sense of where small businesses as a whole exist today and where they could be headed tomorrow—and where your enterprise stands in relation to everything else.
Remember, exercise caution when comparing quantitative data; if your small business is in startup mode, study other startups rather than decades-successful companies to decide how much money to budget and how to use the funds effectively.
Consider Budget Essentials
Every business differs in terms of its social media marketing needs, but you can count on a few foundational elements to remain the same. You don’t have to use all seven items listed below, but you should consider them when accounting for costs and tracking your return on investment (ROI):
Once you look at the results, fine-tune your social media budget and tactics and start over from step one. Social media marketing isn’t a one-and-done business—it demands ongoing testing, analysis, and refinement if you hope to stay competitive in your line of business.
Start Your Social Media Budget with a Template
You could build your social media advertising budget from scratch, but you don’t have to. Several credible sites, such as those listed below, offer templates that can save you time and money:
Social media marketing often seems nebulous, so make it concrete with a measurable budget and helpful tools. Giving it a solid form will allow you to connect with more customers and deliver a solid ROI month after month and year after year.