How to Spend Your Social Media Marketing Budget to Generate Results
Social media marketing is a new thing for many marketers to take into consideration when planning the marketing budget.
Knowing how to spend the marketing budget can be quite difficult if you are new to it. Also, on social media, there are many ways to spend it so deciding which of the many ways to use can be difficult.
In this article, I’ll be breaking down the most popular places where marketers are spending their budgets on social media.
The use of influencer marketing has grown rapidly in popularity over the last couple of years.
As you can understand from the name, influencer marketing is a form of marketing that is all about finding leaders and high-authority individuals within a particular niche. The goal with influencer marketing is to make a very targeted marketing campaign in order to reach out to a larger audience with the help of influencers. This is also the reason to why influencer marketing has become so popular.
So, shortly summarized, influencer marketing is all about partnering up with high-authority profiles with a big influence and audience within their niche.
Influencer marketing offers a very targeted form of marketing because it is the brands who choose which influencers they work with based on their preferences.
Many brands do however struggle with finding suitable influencers on social media and many don’t know how to filter influencers out there.
With the help of VeloceNetwork, you can filter through thousands of influencers based on your preferred criteria to get the most targeted audience and highest ROI.
Price for influencer marketing
Because the variety of influencers differs so much, it is hard to say an exact number about the price of influencers but I’ll try to explain it a little bit better.
The price of the influencer is almost always based on follower amount/engagement. If an influencer has 1M followers, they are very likely to charge a lot. “Depending on the circumstances, Captiv8, a company that connects brands to influencers, says someone with three million to seven million followers can charge, on average, $187,500 for a post on YouTube, $75,000 for a post on Instagram or Snapchat and $30,000 for a post on Twitter. For influencers with 50,000 to 500,000 followers, the average is $2,500 for YouTube, $1,000 for Instagram or Snapchat and $400 for Twitter.”
If you have that kind of marketing budget, then sure, it can be extremely effective.
If you have a smaller marketing budget, then influencers with around 10-500K followers on a platform such as Instagram can be a great start.
While smaller influencers sometimes can satisfy with only receiving a product from you for an endorsement on their page, you can expect the larger ones to charge a few hundred dollars for a social media endorsement of your brand/products.
2. Facebook ads
There are many reasons that Facebook ads should be part of your social media marketing budget. If you aren’t already advertising on Facebook, you’re missing out!
Top reasons Facebook ads should be part of your social media marketing:
1. People Spend an incredible amount of time on Facebook
When marketing your business on social media, you have to target your audience where they spend their time. Facebook ads are a great way to do just that.
2. Over 1 billion potential reach
There’s no denying Facebook has a huge amount of potential reach and that’s exactly what you want when marketing you brand.
3. Facebook hardly have any organic reach left
Because of Facebook algorithm’s that decide what you see i your feed, around 0.5 percent of your fans, on average, will actually see your updates.
It has been a highly debated subject because business owners from all around the world used to have a great reach through Facebook but the only way to gain any real exposure these days is by using Facebook ads.
The good thing is that even if you have a small marketing budget, you can still get a pretty good range while doing super targeted marketing. Meaning that you’ll get pretty good value for your money.
4. Offers targeted ads
When doing your Facebook ads, you can decide who you are going to target. You can target your audience based on age, gender, interests, location and much more. All of this to give you a marketing campaign that generates the best results possible.
5. Offers statistics
Statistics are a great resource for you. Facebook offers an insight feature where you can see how your ads have performed in more details so you can lean more about what works well and what doesn’t.
3. Instagram ads
Instagram ads is pretty new and it has a similar marketing structure as Facebook since Instagram is owned by Facebook.
With Instagram ads, you can find people who are already interested in what your business entails and give them the ability to even purchase right from Instagram.
Researches also shows that users are two and a half times more likely to click on ads than on other social media platforms. Pretty impressive!
4. Snapchat ads
Snapchat has an insane engagement rate that almost no one can compete with. The average open rate of email newsletters is 25%. Taco Bell says 80% of their over 200,000 Snapchat friends open their snaps. If that doesn’t tell you to start advertising on Snapchat, I don’t know what will.
There are many great social media platforms that you can spend your marketing budget on that all generates a pretty good ROI.
Let us know which one is your favorite!