How Much Does Social Media Cost?

In Blog by Marcus WillisLeave a Comment

We get asked this all the time. Like most answers from my Mum when I was growing up… the answer is: “It depends”, in my case, usually followed by “If you’re good.”

Social Media costings can be broken down into three main parts:

1. Strategy

This element is your set-up and you can sometimes do this yourself or it may already be done by your branding department or marketing team. In this stage, we are going to figure out two things, who we’re talking to and what we’re going to say. This will inform everything, what features of what platforms to use, your content pillars, your PFT, your DCL, your paid offerings, everything.

Some brands will have an immediate sense of this and will even have documentation to support it so that can greatly reduce your cost immediately. However, social media data can usually provide additional insights into this strategy and give us a powerful platform to grow from.

Price: $0-$22,000

2. Content

Once we know what we’re going to do, we have to create content for your campaign. This can be from utilising a free photo library online to get royalty free images or hiring an award-winning videographer to capture some stunning unique content for your brand. I like to start somewhere in the beginning in order to test our strategy before greatly investing too much. Social media content can be in the form of a podcast, animation, chatbot, image, photograph, video or 360-degree immersive experience. The data and strategy should inform all of these content pieces. Even if you’re sourcing imagery yourself, it takes a strong sense of your brand to curate a consistent feed.

A photography session with a good studio photographer can start from $3,000 a day and easily go over $10,000 when talent, props, preproduction and advanced postproduction is involved. The best way to get new content is to have a solid understanding of your brand and audience in order to create stunning social media content.

A great on location photographer can create a lot in two hours, I’m constantly surprised by how much content we can gather in two hours when we have a solid shot list and lots of preparation.

Price: $300-$10,000

3. Mark Zuckerberg

It’s a fact of life for us social media marketers to give money to good old Zucks. If you’re planning to use Facebook and/or Instagram (and you probably should be) then we’re also going to need a paid budget. This can start from $10 a day to help grow your reach or impressions. (PS – reach is the number of people who see it and impressions is how many times it’s seen).

We also have clients who are spending over $500,000 on these platforms. No amount is good unless you can measure it and prove an ROI. This goes for all of these three elements, if you can prove it, you can do it. If I can create an ad that generates $100 of revenue for spending $10 then my budget is going to get pretty big pretty quickly.

Same goes for content, if you have a fanbase of 10,000 people, then don’t spend $30,000 on content, it’s not worth it, yet. There’s nothing more depressing than seeing a great piece of content will 100 views. Don’t over-capitalise on any of these aspects.

So, finally, I know I’ve answered nothing here, apologies but we really need to consider each business. We run some successful social media campaigns for as little as $1,800 per month and we also run much much larger campaigns for huge corporations. Before we spend any money on any of these elements, we need to learn, test, measure and then carefully implement each section to ensure it’s all running smoothly.

“Mum, can I go to Ben’s house?” “Well, it depends darling, if you’re good.”

 

 

 

 

 

 

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