Social media continues to remain relevant today. Even back then during the ‘90s, when the Internet was still making its mark, people used social media sites such as forums and online dating communities to connect with others.
With the help of popular networking sites such as Facebook, LinkedIn, and MySpace during the mid-2000s, marketers shifted their focus towards social media. At this moment, social media marketing began to grow as a legitimate means for connecting with businesses and consumers.
Nowadays, social media marketing is one of the most effective ways to increase brand awareness, gain profit, and attract prospects. But while it remains so, some businesses, specifically startups and small business owners, are hesitant to invest in social media marketing campaigns. After all, you’ll need to spend your money wisely to make sure your social media campaign is producing efficient results.
So how much does it cost to invest in a social media marketing campaign? The better question is: how much money will you gain in return? Let’s find out today!
The Cost Of Social Media Marketing
The truth is that the cost of marketing on social media will depend on how much you can spend. Not to mention, you need to consider your number of campaigns. Then there’s the fact you might need to hire a social media marketing agency to help you out.
In any case, social media marketing is excellent for your business. As long as you know what to do with your budget and resources, using social media as your marketing platform will help you reach the right audience.
With that in mind, let’s see how it costs to set up a campaign on social media based on each networking platform, starting with Facebook.
Facebook is one of the best social media marketing platforms. With Facebook, you have access to a wide array of marketing tools. You can define your target market, optimise your content, and analyse your performance. Facebook is the perfect tool for boosting your search engine optimisation (SEO) rankings! But how much does it cost to set up a campaign on Facebook?
The average cost per click (CPC) is $1.10, while the cost per mille (CPM) is $7.34. Overall, the cost of running a campaign on Facebook can range from $500 to $2000 per month. However, you should consider the proximity of your target audience and your budget as well. Doing so will help you estimate the average cost of setting up your Facebook marketing campaign.
While Facebook is a brilliant all-around marketing platform, Instagram is arguably better when it comes to posting graphics and videos. Not to mention, many social media influencers prefer to use Instagram as their marketing medium. As such, you could partner with an influencer to endorse your business.
Instagram’s CPC is around $1.41, with a CPM of $6.70. Marketing on Instagram can cost you $500 to $5000 per month.
When it comes to customer engagement, Instagram is a perfect choice. If you already have a large customer base on Instagram, then delivering your ads will be easy. However, if you’re planning to reach your target audience on Instagram, you should consider spending a little more money on advertising.
For connecting with professionals and businesses, no other networking site does it like LinkedIn. Many brands are using LinkedIn to market their products and services, but how much does it cost?
Compared to the first two networking sites, LinkedIn is a bit more expensive. The average CPC is set at $2, with a CPC of $7.29 to $8.39. On the bright side, the average cost of LinkedIn marketing per month is between $200 to $2000 per month.
Consider using LinkedIn as your go-to social media platform if you wish to engage with entrepreneurs and enterprises. Most CEOs from various companies even use LinkedIn as their personal profiles, meaning you have better chances of connecting with them here compared to other networking sites.
How To Make Use Of Your Budget?
Whether you’re on a tight budget or not, making good use of your money is what matters the most. You need to utilise your budget to its fullest extent by considering factors that will affect your campaign, including:
- Social media platform
- Target audience
- Marketing team
Make the most out of your campaign by adjusting your ads based on your target audience. For instance, you shouldn’t try to reach every possible prospect in your specified location. Instead, try to target consumers with traits and interests related to your products and services. That way, your ads will reach the right audience.
Enter the world of digital marketing. Contact our SEO company in Singapore if you wish to know more about digital marketing!