social media for small businesses

The Why and How of Social Media Marketing Budgets for Small Businesses


Social media marketing, SMM, is quickly becoming the best way to reach your audience with both advertisements and organic interactions. Most platforms even offer a way for customers to shop your store from your profile, giving convenient access to your products and services for engaged customers. Companies of all sizes are increasing their social media presence as well as their marketing budget for these platforms and your small business should take advantage of this trend as well.

Why Should Your Company Have a Social Media Marketing Budget

Your company can gain many benefits from not only being on social media, but from having a portion of your marketing budget dedicated to these platforms. Because many of the customer interactions on social media are organic in nature, even a small budget can go a long way. You can find companies offering Social Media Marketing for small business software and management to help you make the best of any budget.

Brand Awareness

Social media is one of the best platforms for brand awareness because any interactions you have with customers are shared with their followers by the algorithms controlling their feeds. You can boost this awareness by encouraging your audience to share content through contests where individuals need to tag friends or share posts to enter. You can also incorporate off-line interactions through asking customers to post pictures of themselves with your products, leave reviews on your platform profiles and much more.

Audience Research

Because your audience is on social media, you can use marketing analytical tools to research what is trending among your current and potential customers. You can also post surveys on your page to determine what customers are looking for now and what things they would like to see your company offer.

Staying Competitive

Your competition is on social media and probably has a budget for advertisement, social media management and the tools needed for data analysis, so you need to have one as well to stay competitive. You can also use these platforms to get an idea of your market share and what innovative ideas the competition is using to get ahead.

How You Should Spend Your Budget

Having a budget for your SMM is only as effective as how you spend it. Looking for the most cost-effective marketing strategies for each platform and your targeted audience may take some trial-and-error, but the more you refine your data analysis, the easier it will be to make your budget work for you.

Content Creation

Just like in Search Engine Optimization, the relevance and type of content you put on social media will have a big impact on your customer engagement and your conversion rates. While you can spend time creating your own content, it is also important to include a budget for high quality photos, videos and advertisements for these platforms. You can work with SMM firms to generate daily posts or have a dedicated social media team member to generate content fitting with your brand identity and marketing strategy. Remember that your cover photo and profile pictures are content that your audience will interact with more frequently, so spending the funds on quality pictures can help your online presence look more professional.

Advertisements

While organic engagement from posts is one of the best ways to stretch your marketing budget, having some paid promotions on social media platforms is a good way to increase your audience and get sales conversions. Some platforms will let you pay to boost posts in addition to pay-per-click ad options so the algorithms can work in your favor more often. When you are just starting out on social media, running an advertisement on each platform for a month can show you whether that is a good outlet for your company or if your audience is elsewhere, it can also help build an initial audience for your profiles and give you valuable audience research.

Analytics

Data analytics is how you get reports on how your advertisement campaigns are performing, how your audience is reacting to your content and how you can improve your Social Media Marketing strategy. You can find analytical tools through the social platforms or through third parties to help you gather and interpret this information into concise reports and actionable insights. While some of these apps are free, you can usually get more insightful tools by paying for a Social Media Management app which offers analytical tools.

Social Media Management

Hiring someone to manage your social media and your SMM campaigns can be one of the best investments you make with your budget. Not only can you benefit from the experience and expertise these firms offer, you can also free up yourself and your staff to focus on core competencies instead of spending all day in the office monitoring your company social feeds. Even apps designed to manage your social media can help make your SMM campaigns a success with the ability to time uploads and monitor post engagement on multiple platforms from one portal.

Influencer Collaborations and Promotions

Paying influencers to collaborate with your brand or promote products can help you reach a wider audience and increase your follower counts. Many influencers will do unboxing videos advertising your products if you reach out to ask, and some will be willing to collaborate with you for the cost of the items you send or in exchange for promoting their page in return. It is important to look for influencers with overlapping audiences for the best effect and to include time for planning and creating the collaboration in your budget.

Social media platforms are becoming the best place for marketing campaigns, no matter the size of your business. These platforms can increase your audience reach through both organic interactions and paid promotions with the right content, analytics and management. You can start your SMM campaign for free, but having a budget to spend on paid ads, influencer promotions and management tools can increase your online presence and sales conversions. Starting small and working up with your campaign can show you the most effective ways to spend your budget as well as which platforms reach your target audience best.