Enjoy our guest blog by Brian Flax:
Do You Have a Social Media Marketing Budget? Why Not?
Having a social media marketing budget set aside can help you attract new customers and advertise to a wider audience. Social media also enables you to market your expertise to potential hiring managers. The budget you’ll need depends on the type of tools you use. Search engine marketing and pay-per-click campaigns can be expensive if the keywords are competitive enough, while Facebook advertising allows you to target your marketing efforts toward a specific demographic while eating through your marketing budget just as quickly. Every business needs a marketing plan that clearly states your marketing and sales goals; however, the amount you spend and how you choose to spend it is up to you. (For more information on how to set up a budget, visit How to Create a Budget if You’ve Never Had One Before )
When coming up with a budget, it’s a good idea to overestimate the expenses and underestimate sales.
Identify Your Target Audience
When deciding to set aside money for a social media marketing campaign, the most important step before you start is to identify your target audience. If you find that your typical customers don’t spend any time online, or don’t utilize social media, then setting aside money toward a social media marketing budget probably isn’t a smart idea. Instead, find out where your target consumer spends their time and advertise using the correct tools. You may be better off spending your marketing budget on video, print, and radio advertising or other traditional methods if that’s where your audience spends their time. Research and find out where your target customer spends the most time online and focus your marketing efforts. There’s no point spending money on a social media marketing campaign utilizing the wrong sites and tools.
Don’t Break the Bank
If you’re just getting started, it’s a good idea to over-estimate your marketing budget and underestimate your sales. It’ll be a nice surprise if you end up spending less and earning more. Even so, you don’t need to break the bank and spend your entire marketing budget on social media. There are low-cost solutions that can help spread the word and attract potential sales:
- Blog using a free platform like WordPress
- Connect and engage with fans on your Facebook page and Twitter profile
- Create a video trailer for your book and post it for free on YouTube
- Write guest posts for sites where your target audience spends time
- Be active in community forums and on industry websites
Focus your social media marketing efforts where your target audience spends their time online.
Social media marketing is a great way to attract new customers and increase your sales, but the expenses can add up quickly. Remember to research and use low-cost marketing tools to help offset the cost of your social media marketing budget. If you don’t have a marketing strategy or budget in mind, now is the time to start planning.
Brian Flax is a freelance writer based out of the Washington, D.C., area. He is experienced in a variety of topics including technology, Internet applications, and invoicing software.
