In 2019, it’s necessary for most businesses to have a social media presence. With limited resources, though, it’s hard for companies to know how much time and money to devote to other digital marketing channels such as:
- Email marketing
This article will discuss how to determine the right digital marketing channels to engage and convert your audience, and, specifically, how much of you should devote to social media.
Use the information in this article to learn how your small business can divide its marketing budget, and work with a digital marketing agency to determine the right budget for your business.
Social Media Marketing Can Support All Digital Marketing Objectives
According to The Manifest, improving sales and revenue is the top digital marketing goal among small businesses.
Social media marketing helps you achieve your digital marketing objectives. These include:
- Raising brand awareness
- Improving engagement
- Converting followers to customers
Social media can also acts as a public relations channel for your brand, helping to promote your achievements and new releases while showcasing your company culture and social causes.
How much of your marketing budget, though, should you allocate to dedicated social media marketing?
According to a report by Web Strategies, most companies spend between 5% to 15% of their annual revenue on marketing, and 35% to 45% of that marketing budget should belong to digital marketing.
According to this report, 15% to 25% of the digital marketing budget should get invested in social media marketing.
A separate report by Buffer suggests that the average industry cost of social media marketing is about $200 to $350 per day, or $4,000 to $7,000 per month.
2060 Digital offers a suggested marketing budget based on a $3500 per month:
- Pay-per-click (PPC): $1,400 (40% of total)
- Search engine optimization (SEO): $1,050 (30% of total)
- Social media: $525 (15% of total)
- Email marketing: $350 (10% of total)
- Content marketing: $175 (5% of total)
Take these figures into account when determining how to structure your social media budget.
Use Other Digital Marketing Channels to Support Your Social Media
According to a survey from Clutch, social media is the digital marketing channels businesses use most.
The good news about your social media budget is that it’s not the only resource you’ll have for developing a robust and interactive social media following.
Other forms of marketing also contribute to your social media efforts.
For example, you can format your articles and resources you create for your website as shareable posts. If you add social sharing icons to your website, you can encourage your new site traffic to visit you on social media or share your site content to their social media accounts.
You can also use your email newsletter encourage readers to join you on social media to engage in discussion or share content.
A well-rounded marketing plan incorporates high-quality content marketing across all digital marketing platforms. Your email marketing, blog content, and website format can all contribute to your social media marketing efforts, regardless of your budget.
Include Social Sharing on Web Content to Boost Customer Retention
Building and maintaining a website is the cornerstone of most digital marketing efforts. All of your web content should be designed to help convert visitors to customers.
After you convert, though, you want to create avenues to customer retention – this is where social media can come in.
For example, consider the following as checklist of website content that can serve to facilitate conversion:
- Product and service descriptions and examples
- Customer testimonials
- Contact and customer service information
- Information about your company and its products
- Explanations of the benefits of your product
- Product education
- High-quality blog content
Ultimately, the goal of each one of these is to advance or convince customers to purchase from your company. To take advantage of the value that you provide through your content, include social sharing for all your content to have people share the value they experienced with their following.
Social Media Can Contribute to SEO
Your company’s social media content can actually rank for certain terms, contributing to your company’s overall brand presence and opening opportunities for high-quality traffic.
Make sure your social media strategy aligns with your company’s keywords and topics to rank for your well-performing social media posts.
It usually takes about 5 to 7 months to see the results of your SEO services, and in the meantime, while PPC advertising, while effective, can be costly.
Well-formatted social media, though, can provide opportunities for ranking for target terms in the meantime, which helps boost brand visibility and awareness.
In turn, well-executed SEO and search marketing strategies can drive high-quality and converting traffic to your website, which in turn helps expand your reach and build your audience on social media.
Email marketing helps keep people interested and engaged with your brand and can play a significant role in converting website visitors to paying customers.
Your email marketing can include teasers from your blog articles, information about new releases, and special discounts and promotions.
Email marketing, however, is less frequent than social media – you should use your email newsletter to encourage people to stay engaged with your brand on a consistent basis.
Including social media icons in your email signature and a CTA that encourages readers to view and share to social media.
Balance Your Digital Marketing Efforts
How much your business allocates to different marketing channels will depend on your marketing goals, target audience, and the type and amount of content and resources you already own.
Balance your efforts to include a mix of marketing channels, and keep in mind that you can use all other digital marketing channels to support your social media efforts.
Kristen Herhold is a senior content writer for The Manifest, a B2B news and how-to site that allows readers to learn, consider, and review B2B services. Her research focuses on social advertising agencies and trends.