When starting off, some business owners who are into social media (who isn’t nowadays?!?) ask themselves how much money they should allocate to their social media campaigns. And, even if they set their budget, they’re not sure how and where to spend this money. In the end, your goal here is to reach your marketing goals and being money wise. And I’m not talking here about increasing your sales only, because your marketing objectives could be anything else (if you want to increase your brand awareness or you are helping a non-governmental organization (NGO).
If you’re on the same boat, you need to know that you’re asking the wrong questions.
Instead of asking how much you should shell out, you should learn how to make the most of the social media budget you’ve already set and not spend your money on ineffective practices.
Ask yourself the following questions:
Once you answer these questions, you’ve basically built the foundation of your social media strategy. Based on it, you will formulate your value proposition, establish your tone and voice, create loyalty programs, and adapt your marketing efforts.
Choose the Social Networks that Make Sense for your Brand
The world of social media marketing revolves around the famous “less is more” approach. Here, spreading your eggs across several baskets doesn’t pay off. Instead, you need to choose those channels that make sense for your niche and target audience.
That’s where you should start — by defining your target audience. This is the core of effective social media spending.
After that, you should know what content to post across different social networks. The beauty of social networks lies in the fact that they let you experiment with different types of content and present your story, facts, and stats however you want it to. Written content like articles, case studies, or white papers bring a lot of value to your brand, but they’re far from being the only powerful type of content? What about super-engaging videos, podcasts, or infographics?
Try to remember that the focus is not on getting the sale, but on building trust and your brand reputation with people, so that they buy today, come back tomorrow and tell others about your brand. This is the foundation behind a strong content strategy, especially on social media.
And don’t forget about this: you can sell a product using social media, but relationships come first.
Get the most of your content by repurposing on social media
Let’s say you’re making and publishing unique videos on YouTube once a week. Facebook, Twitter, and Instagram require a more aggressive approach and you share your content there 3 times a day. This is a lot of original content you would need to create on a weekly basis. And, no matter if you’re outsourcing your content creation or having an in-house content team, the costs are constantly adding up. This is where content repurposing shines. All you need to do is create a few high-quality and extensive pieces of content, be it written or visual content, and then break them down into multiple works you would share online. You just need to know how to edit and tailor your content to each of your social media channels. This is also a great opportunity to give your popular content a second life.
Experiment with your strategies and test them regularly
In the world of social media marketing, there is no space left for making assumptions. Otherwise, you may end up wasting your social media budget without even realizing that you are. Therefore you need to experiment with your social media strategies and assess them regularly. I strongly believe that running campaigns and testing everything is the best way to ascertain whether or not you should stick to a channel.
If it’s Twitter headlines, test different options. Experiment with the number of hashtags you use on your Twitter and Instagram posts. Change your approach to Facebook and Instagram live. Observe your target audience’s interactions with each of these marketing techniques and stick to those options that work for you.
The value proposition of your brand on your social media marketing efforts
A value proposition is simply a promise of value. It is the value you promise to deliver to your customers post-purchase. It’s ultimately what makes your product attractive to customers. For example, when you advertise on Facebook, Twitter, Instagram or LinkedIn, a value proposition is what motivates the user to click on your ad. When doing ads, starting with a low daily fee so it doesn’t affect your social media budget.
Value proposition and brand are very connected. Use the power of social media to send a message to your target audience about your brand and what you have to offer. If you are offering something for free, spread the word on social media! Then you can retarget your leads with one of your products or services. This should be included in your social media marketing efforts.
Keep measuring your performance
To get the most of your social media budget, you need to constantly analyze what you’re doing. Only this way will you know whether you’re allocating enough resources to social media and, most importantly, whether you’re spending your budget effectively. Like we’ve already mentioned, playing a guessing game in the world of digital marketing, especially social media, doesn’t cut it.
Let me know what strategies do you use to maximize your social media budget?