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How to Fix a Social Media Marketing Budget
Posted on October 24th 2013
Over the past five years, social media has become an effective tool for businesses to market their products, services, and even their brand. Social media platforms such as Twitter, Facebook, and Google+ are being constantly used by big multinational companies to promote their business to many of their customers across the globe. Social media is a great way to target new customers as there are more than a billion users across 10 social media platforms on the Internet as of now. It is an easy way of communicating with people and it is quick and neat as well. However, there are problems that are faced by social media marketers on a daily basis. One of the biggest problems that is faced is allocating resources to a social media budget. Here are some ways in which social media marketers can fix the social media marketing budget and also get great SEO at the same time.
Separate expenses into fixed and variable
When it comes to making a budget, it is important to segregate the expenses into different categories so as to ease to flow of work. With regard to the social media marketing budget, you must differentiate your expenses into fixed and variable. Fixed expenses should include all payments that must be made during a fixed period irrespective of whether or not the social media marketing is effective or not. These expenses are generally the cost to manage the social media marketing such as salaries to the social media marketers, hardware and social media renting costs. Variable expenses are those, which you will have to make during the period in case something new develops such as opening a new page and running costs.
Create quarterly budgets
Another way you can make your social media budget more effective is to create a budget for each quarter of the fiscal year. You should also create a master budget that takes into account the year's incomes and expenses as a basis for your quarterly budgets. This way, you can track the progress of your social media marketing budget more easily and it will give you a better picture of the performance of the social media marketing department.
Factor in original content
One of the most important functions of social media marketing is the creation of original content. Original content has a greater chance of spreading more awareness to customers in your online database. The tricky part about creating such content is that it requires a lot time, planning and equipment. When planning the creation of content, make sure that you list all the requirements that is needed to carry out its success. In doing so, you will have to monitor the labor costs that will go into, the purchase of equipment such as video cameras and lighting and the cost of maintaining all of it. When you are looking to hire a person to carry this out, make sure you have an idea of the price that you are willing to pay. If the potential candidate is above your budget, look closely into his/her credentials to see if it is worth paying extra, if not, go to another person.
Featured image courtesy of Flickr: marketspan