Investing in social media can cost as much as you’re willing to pay. You have to figure out how much you’re wanting to spend overall; working backwards from there. Allocate an advertising budget and work it around the goals you’ve set for 2019. A goal-orientated budget gives a clearer picture and overall direction to advertising strategy. The New Year’s fast approaching. Therefore, we recommend segmenting the budget into three categories to see how much it’ll cost to reach your goals. Let’s discuss them! For further discussion on these points, contact Momentum Social.
Community growth
Building a community is key across social media. For instance, Facebook and Twitter have campaign structures designed to improve like/follower count. If this is inline with your goals, determine your cost per follower by dividing amount spent by amount gained. Then, you can get an idea of the future expenses. Do this by taking your anticipated budget and divide that by your cost per follower figure to get projected followers gained.
Advertising engagement
More engagement means more awareness for your brand. However, the content people see depends on the platform’s algorithm. Control who sees your content. Spend some of your budget targeting an audience. Audit previous campaigns and take a look at the figures. This will determine your cost per engagement. You can then figure out how much you need overall for your future campaign. Do this by taking your average cost per engagement and multiply by target engagements. The result will be your ideal budget.
Website traffic
Social media is a cost-effective way to drive traffic to your website. Click campaigns are easy to implement. Simple click CTA’s guide people to your website link. Again, audit previous data and take a look at your average cost per click. Then multiply it by desired target visits. The result will be the ideal budget to reach your goal. Moreover, conversion rates are helpful when aiming for bottom-line impact. So take a look at the website conversation rates in your analytics if you need to account for them.
There are a few sums to do. However, following this guide will help you create an ideal advertising strategy. Segment your budget, aligned with community growth, ad engagement and website traffic. Segmenting the budget, inline with 2019’s goals will help paint a clearer picture, giving better direction to your overall strategy.
