Social Media Marketing
If you are like most people, the first thing you do in the morning is check your phone. It initially may be a check on emails, text messages, or weather reports, however, at some point in the morning slump, most will scroll through their various the social media accounts.
Browsing various social media platforms such as Facebook, Twitter, SnapChat,LinkedIn, Instagram and Pinterest, to name a few, takes loads of time, and engulfs many emotions. Many businesses understand this, and don’t want to miss out on social media marketing and advertising opportunities.
However, where does the advertising and marketing truly begin? The answer: budgets. Like everything in business, budget constraints will have the largest affect on how much social media marketing a company will produce.
A recent study preformed by Duke University Fuqua School of Business shows that these social media marketing budgets are on the rise. Every business has a different budget based on the revenue that they gain over the year, as well as the size and needs of the company.
The study says that on average a company would spend about 10 percent of its marketing budget on social media advertising and marketing. With the growing platform of social media outlets, these numbers are expected to rise 128% within the next five years, meaning that by 2021 a company will spend around 21% of its marketing budget on social media advertising.
Advertising on social media is an investment that a company makes, therefore they need to choose the correct social media platform and channel that will help their business strive in the best possible manner.
For enterprise-level businesses, the average monthly cost for social media advertising or marketing can span from as high as $4,000 to $7,000, making the daily cost around $200-$350. On Twitter, a company’s monthly price can easily began around $4000, however the costs do not stop there.
A business’ social media, just like personal social media, is always in the need to be revamped or reorganized from time to time. When a company needs to revamp its Twitter account, costs can add up quickly.
A social media platform such as Facebook can have a monthly costs up to $5,000, depending on how many people you want to reach with your ads. Any other social media channels that are used within a company can be an extra $1,000 added to a company’s social media marketing budget. These social media channels include Instagram, Pinterest, LinkedIn and SnapChat.
When a company begins to think about advertising on social media they need think about what audience they want to attract. For example, a fashion and or car company will most likely have a better opportunity to get the message to its audience using the social media channels such as Instagram or Pinterest. Based on demographics from the companies themselves, Instagram will appeal men and women, while Pinterest will appeal to mostly women. SnapChat is a great social media outlet to reach younger generations while Facebook is a prefect social media outlet to reach older generations.