Several studies show that Brands are increasingly allocating more financial resources towards Social Media ad spends. Globally, people spend more time in front of the small screens as against time spent in front of the idiot box. Online and Mobile advertisements are getting most of the companies’ marketing budgets. In 2016, an estimated 90% Indian companies spent more than 15% of their budgets on social media marketing.
But should all brands follow the suit? How much should you spend on Online Marketing?
Marketing Budgets are to be treated just like any other investments wherein Return on Investment (ROI) should be taken into consideration before determining any budget. Once the overall Marketing budget is determined, a company can then ascertain allocations to online and offline channels and later to each channel media such as TV, daily classifieds, Google adverts etc.
To maximize the value derived from each penny spent, Brands also need to ascertain how they want to use the digital marketing channel whether if it’s for Branding or direct response. We have listed down a few factors that can help in determining social media marketing budgets for your Brand.
- The age of the brand (A Startup would entail higher spending)
- Target Audience base (Urban, Semi-Urban, Rural etc.)
- Nature of Business (B2B product/service, B2C product/service)
- Social Media Marketing Strategy. (Read our Blog on developing a social media calendar.)
Post the planning phase, Brands can then need to deliberate the execution part, as this is where all the money would go. You can either outsource it to an agency or hire resources internally. While having an in-house team would have the advantages of brand expertise, rapid response, etc. they are often not economically viable for every business. Hence a majority of companies prefer outsourcing their work to an agency. As enlisting an agency, is like hiring a team of ten people for the price of one. Most agencies – like ChimpzLab– are made up of executives, strategists, copywriters, designers & illustrators, bloggers, social enthusiasts, web developers; all of whom bring their own expertise to the table.
In the next phase – delivery – with an assumption that either the in-house team is setup or an agency is hired. Some of the tasks involved in this phase are:
- Developing content,
- Designing graphics and or illustrations,
- Writing blogs (at least one weekly),
- Scheduling posts,
- Gaining relevant followers, etc.
- Review and analytics
Each of the tasks can be optimized to suit a marketing budget as There’s no one-size-fits-all approach when it comes to creating a budget for social media marketing. ChimpzLab can be your one stop solution for all your digital Presence needs or we can also work with your in-house Marketing Head to offer cost-effective customised services.