Cost of Social media marketing

Cost of marketing

Do you know 48% of an average marketing budget is used for advertising? To be more specific, only 22% for traditional marketing; 12% for search ads, 13% for display ads, 10% for programmatic, 15% for website and e-commerce, 14% for social and 14% for brand publishing. With these charts, we can say that online services are going to take over the traditional methods.

2020 marked a new chapter for the online world because of the transformation in online business. People are spending more time on virtual services than they have ever done before. Because of the social distancing situation, home office, online studying and other online activities have brought the technology world closer to our day-to-day lives.
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Cost of online marketing

Social media marketing is used widely not only because it’s the fastest and easiest channel to connect with customers but also because it’s measurable. Social media is just only one facet of online marketing besides SEO, PPC (pay-per-click advertisement), web design, content marketing, social media and email marketing. All of these facets are equally important. However, we will focus on social media marketing only.

Cost of social media

Estimated cost:

Social media marketing: €850 to €1600 per month
Social media advertisement: €400 to €800 with €200 (at least) ad per month

This cost will contain social media account management, post schedules, content strategy and brand designing. Social media is a new door for business marketing. Having a good strategy for social media, engaging directly along with improving organic SEO are the best way to boost your success. It is important to clear these points: your active audience, your targeted group audience, your social media marketing goals, which platforms and kind of posts you expect.

Top 5 social media channels include: Facebook, Instagram, Twitter, LinkedIn and Pinterest. In this article, we will go into detail these channels to understand how they work and how much they cost:

Facebook

With 2.4 billion active users, Facebook stands the highest rank among social media platforms. It means, the interaction on Facebook would have the biggest impact.

One of the most common marketing tactics is using Facebook ads. With Facebook ads, you can track your marketing goals with Page likes, Clicks to website, Website conversions, App installs. Also, Facebook is an effective channel for business because it allows you to choose between 2 options for your marketing techniques: CPM model and CPC model. The cost for CPM (cost-per-thousand-views) is approx. €10.20 and the cost for CPC (cost per click) is approx. € 1.70

To attract more audiences for an ad campaign, a lot of businesses buy “likes” on Facebook. On average, a like on Facebook cost approx. € 0.51. Also, to boost post, you can pay approx. € 5.78 for a CPM.

Twitter

Twitter is getting more and more common for business purposes because of its freedom environment. To make your tweets more ‘visible’, there are some options Twitter offers to help you reach more customers including: promoted tweet, promoted account and promoted trend.

Promoted tweet bases mainly on clicks, replies, retweets and favorite functions. These will be calculated with approx. €1.22 per tweet.

Promoted accounts allow you to boost your followers and raise brand awareness. Every new follower will cost around approx. €2 to €4.

Promote trends is a bigger plan for your marketing strategy. Twitter lists “Trending Topics” to alert users of the most popular hashtags and topics. And promoted trends appear at the top of the list, usually labeled as “promoted.” This will cost around approx.€200000 per day and with specific keywords, your promoted trend will appear on top of the list.

LinkedIn

LinkedIn is more focused on professional career oriented groups. You can create up to 15 different LinkedIn ads, each including a 25-character headline and 75-character description. LinkedIn advertising also allows you to target your ads based on a user’s company size, industry, name, job title, category, and seniority.

Like Facebook, LinkedIn also offers CPC and CPM.

With the CPC model, you pay every time someone clicks your ad with the minimum is €2. However, LinkedIn recommends that you bid at least approx. €5 – €9 .

For CPM model, same minimum with CPC for around €2, LinkedIn suggests you invest at least approx.
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€2.50 – €4.50.

Instagram

Instagram is getting more and more common in the last few years because of the fast increasing active users and opening accounts everyday. Instagram nowadays has allowed you to switch easily between personal account and business account.
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Brands usually pay to get their sponsored ad on Instagram feed. On average, you can expect to pay €6 for every thousand views of your Instagram photo ad. You can also create video ads on Instagram, and you will pay around €2.7 for every thousand video views, with some businesses reporting paying approx. €0.02 per view.

Pinterest

Pinterest is very effective for visual collection and its ‘link-direct-website’ functions on every pin. Pinterest uses CPC pricing, so you’ll only pay when someone clicks the pin and visits your website. First, you’ll set a maximum CPC offer, the highest amount you’re willing to pay for a click to your website. The amount you are charged will never exceed your max bid, and you may pay less than your bid. For example, Social Media Examiner found that a client bid approx. €1 and was only charged approx. €0.13 per click.

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