Social media is everywhere – regardless if you are using it for yourself or for your company. On average, 50% of the businesses that have steered towards social media advertising have managed to improve their sales and develop a fan base that is actually loyal to your brand.
However, while social media marketing might not be as expensive as your traditional marketing (banners, newspaper ads, flyers, and so on), you will still have to set aside a certain budget. And to ensure that the budget is not blasted on meaningless strategies, you need to learn how to properly manage it.
Infographic created by Beantown Media Ventures, a content creation company
Decide how much you want to spend on social media marketing
You may want to drop everything into your social medial advertising – but that is not actually a smart idea. Generally speaking, most organizations will spend around 5% to 15% of their annual income on their marketing strategies – and at least half of it was expected to go on social media.
Ideally, you might want to find a balance between traditional and digital advertising. It may be tempting to do everything online – but there are still people in your audience who do not spend every waking moment on the internet.
Define who your target audience is
Many companies trying to build their brand will make the mistake of trying to appeal to every person. However, you might want to remember that not everyone can be a potential customer. And by trying to attract everyone to your business, you will be sending budget money down the drain – since there is a 95% chance that your post will be ignored.
With that in mind, you might want to define who exactly your target audience is. Once that has been taken out of the way, it will be all the easier for you to manage your social media budget. Apps such as Upleap might actually help you in that aspect.
Choose the right tools for your marketing
We live in a time where social media platforms are slowly but surely gaining power wherever you go. We have Twitter, we have YouTube, we have Facebook, and the best tools for Instagram are actually becoming more convenient.
However, while it may be tempting to conduct your social media campaign on every platform possible, you should remember that ads – and pretty much everything else – can cost you. For this reason, you might want to focus on one to three platforms that your audience is likely to be on.
Facebook and YouTube are most popular with people of all ages – particularly with those aged 18-24. They are also popular with groups aged 65 – so if your product is aimed at them, you might want to invest in that platform instead.
When it comes to budget, it is alright to be choosy. This “choosiness” will, after all, allow you to save money on your social media budget – money that you can use on more effective strategy. Remember that you are not trying to please everyone; you are trying to please those that actually matter.