If you have a business, you need to be on social media - it really is that simple. A business without a social media presence is like a driver cruising down the street at night with no headlights. It’s dangerous, and it significantly lowers the probability you’ll end up where you want to be (and even if you do, it’s going to take you a lot longer to get there).
There’s no question that social media is a key factor to success in business these days. But how do you pay for it? How do you find the time to manage your accounts?
First, let’s get one thing straight. There’s a lot you can do on social media for free. You can set up a Facebook account and start posting, just like you can set up a Twitter feed and start tweeting. The problem, of course, is your reach. Because so much information is being shared on these social platforms, the networks themselves have no choice but to filter out some updates to be seen by their intended recipients and to let others go unseen.
Facebook, for instance, states that, “Of the 1,500+ stories a person might see whenever they log onto Facebook, News Feed displays approximately 300. To choose which stories to show, News Feed ranks each possible story (from more to less important) by looking at thousands of factors relative to each person.”
Brand messages are more likely to fall into the “less important” camp than personal updates, which has led to increasing interest in paid social advertising. Basically, it’s an “if you can’t beat them, join them,” mentality. If you can’t capture organic reach and engagement on your own, you may want to give paid advertising on social networks a try.
That said, unless you’re blessed with an unlimited budget, you’ve got to be sure you’re getting the most out of the money you allocate to this cause, both in terms of the campaigns you run and the tools you use to manage them. If you aren’t sure how to get started - and you want to maximize your ROI for these campaigns - check out the tips below:
Start for Free
Money is finite, so take advantage of free trials. Use free accounts to learn how the ropes and experiment with different apps and software. Track your projected return on investment before you begin to budget your money as a business expense. You can only spend each dollar once, so make sure to spend it wisely.
A few recommended tools to try for free:
- Narrow - For building your Twitter following
- Content Marketer - For promotion and outreach (full disclosure: I own this tool)
- Buffer - For scheduling social media updates
- Canva - For creating social media and blog images
- Buzzsumo - For content curation and ideation
- Google Analytics - For tracking and measurement
Experiment to Learn More
Once you figure out how you want to approach social advertising (for example, whether you’ll launch a campaign on Facebook, Twitter or some other network), begin to spend small amounts and experiment with different avenues you can take to slowly, but steadily, build your social media presence. Use A/B testing to validate the approaches you’re using on your website and social profiles. As you test, you’ll learn what methods give you the best return on both your time and money.
Grow a Little at a Time
It’s easy to get excited once you learn the basics and find yourself spending money and time in a head-over-heels fashion (just like how you get approved for a department store credit card and wind up going crazy with your purchase). If you max out your card on the first day, you’ll be paying for it long after your presently-new clothes have been donated to a consignment shop. It’s okay to ramp it up, but go slowly, and make sure your returns are growing as you increase your expenses.
Do Not Overspend
A budget is set to keep you from overspending, but we all know it doesn’t work out that way without discipline. Once you’ve set a budget - both with your social media marketing time and money - stick to it. Sometimes, this means not getting as much posted as you wanted to, but once the budget has been used up, it’s time to call it a day.
Use Your Tools Consistently
Don’t be caught underutilizing what you’ve spent your ad budget on. If you’ve bought it, use it. Social media requires a lot of consistency, so don’t skimp once you get started. The same rule applies to your time as well. If you’ve put it on the calendar, be intentional and really use that time to develop your social media presence.
Stretch that Dollar
As in anything, you want to get the best deal for your time and money when choosing social media tools. Every scenario is different. Check out the different options on the market and determine which social media platform gives you the most bang for your buck. Death to the Stock Photo, for instance, is relatively cheap compared to the other online picture databases. For $10.00 per month, you’re given access to a multitude of images you can use in your online content. With any tool purchase, take time to research all your different options before actually making a buying decision.
It Takes Money to Make Money
While you don’t want to spend prematurely, you don’t want to miss out on opportunities because of your scrooge-like tendencies. Yes, there are plenty of free social media options and social media management apps out there, but you get what you pay for; almost to an extreme. Once you’re certain you can get a good return on your investment, don’t be afraid to take the plunge and buy.
Start Now
Remember, it will take some time to get your feet wet and learn the social media game, especially the business end of it. As with your personal finances, you don’t want to wait until you’re well behind the curve in terms of technology or budgeting. Begin today to build a solid strategy that’ll help you properly budget both your time and money as you leverage all social media has to offer. There’s no better time than the present to find the best way to use social media advertising to drive your business forward.
How did you develop your social media budget? Share any tips or tricks you have by leaving a comment below:
