What are the Costs of Social Media Management in 2022 ?

In today’s world, it doesn’t matter whether you own a local shop or run a multinational company; having a social media strategy is as essential as any other business strategy. Social media bridges your company and every person who can be a consumer. It encompasses a holistic view of your business identity, story, and vision.

Social Media serves as the fastest and most economical way of connecting to a target market. It helps you reach out to people and build connections with people. As the saying goes, you can never go wrong by investing in communities and the human connection. Superficially it  might appear to be just mere pictures, videos, and quotes, but it is the most accessible road to prompt reactions and engage your audience.

Social media provides immense business potential because consumers habitually log on to it daily and are exposed to companies. With millions of hours spent on social media, the users and engagement on significant platforms keep increasing.

But for a company, social media by itself won’t lead to business growth and over-the-top conversion rates. It can be challenging to keep up with evolving social media trends or build consistency in delivering engaging content. That’s where social media management comes in.

Social Media Management
Global mobile app usage from the 1st quarter of 2018 to the 1st quarter of 2021, by area.

Social media management provides immense potential for businesses because consumers habitually log on to it daily and are exposed to companies. With millions of hours being spent on social media, the users and engagement on major platforms just keep increasing. But for a company, social media by itself won’t lead to business growth and over-the-top conversion rates. It can be difficult to keep up with evolving social media trends or build consistency in delivering engaging content. That’s where social media management comes in.

What do Social Media Managers do?

The perceived simplicity of independent social media management prevents many business leaders from getting real results from their social media presence. On the other hand, a social media manager is a person who understands the core values that make a post engaging and interactive, ultimately leading to conversions and helping in optimizing content for these SEO companies.

Social Media Managers are the people telling the story of a brand. They specialize in targeting audiences, implementing advertising campaigns, creating content, and responding to the engagement. They track and monitor the responses on social media platforms to understand best what the target audience is interested in.

Some of the crucial roles of the social media manager consist of:

  • Create a great visual and textual representation of the brand on social media platforms.
  • Increase in audience by creating SEO optimized content with a high retention rate.
  • Generating leads and traffic to websites to drive up conversion rates.
  • Keeping track of industry, competitors, agencies and sharing case studies of the latest trends in online marketing.
  • Brand rejuvenation for brands that are changing their core messaging. Such a project should convey an entirely new brand image to the target audience that can enforce high-quality engagement.

    The perceived simplicity of independent social media management prevents many business leaders from getting accurate results from their social media presence. On the other hand, a social media manager is a person who understands the core values that make a post engaging and interactive, ultimately leading to conversions and helping in optimizing content for these SEO companies.

    Social Media Managers are the people telling the story of a brand. They specialize in targeting audiences, implementing advertising campaigns, creating content, and responding to the engagement. They track and monitor the responses on social media platforms to understand best what the target audience is interested in.

    Some of the crucial roles of the social media manager consist of:

    • Create a great visual and textual representation of the brand on social media platforms.
    • Increase in audience by creating SEO optimized content with a high retention rate.
    • Generating leads and traffic to websites to drive up conversion rates.
    • Keeping track of industry, competitors, and agencies and sharing case studies of the latest trends in online marketing.
    • Brand rejuvenation for brands that are changing their core messaging. Such a project should convey an entirely new brand image to the target audience that can enforce high-quality engagement.
Benefits of using social media for marketing.

How much does Social Media Marketing Cost?

The most straightforward answer to this question is that it largely depends on your chosen platforms. Signing up for an account on any social media platform is free of cost. However, monitoring social media is time-consuming and ensures updated trends and industry knowledge.

Let’s take a look at how much marketing and advertising in various channels of social media cost!

Twitter

Twitter is a microblogging and social networking service on which users post and interact with messages known as “tweets .”Tweets can include photos, videos, links, and hashtags. Registered users can post, like, and retweet tweets, but unregistered users can only read publicly available ones.

Source: Statista

As of the second quarter of 2021, Twitter had 206 million monetizable daily active users worldwide. Also, there are over 500 million unregistered monthly visitors. With these many users on the platforms, it is an excellent choice for advertising.

Again, the cost of setting up a Twitter account is free, but if you want to reach out to more people, you have other options like promoted ads, promoted accounts, or promoted trends.

Twitter Ads

Twitter Ads is an excellent option if you’re using different types of tweets to achieve one goal for your business. It’s ideal if you’re looking to significantly grow your base of followers and brand awareness through the platform.

How much you pay in your campaigns is up to you. By setting up your budget during the campaign setup, you can control the amount you’ll spend. The price of each billable action in your campaign is not a fixed rate, as the campaign’s prices prediction happens in an auction model. The targeting, creatives, and bid you select in your campaign setup will help determine how much each billable action costs.

Your business can decide between different objectives when it comes to your Twitter ads, including app installs, video views, and website conversions, as well as audience targeting for your campaigns. This decision will impact the price you’ll need to pay to run your ad.

The variable that will most impact your cost is your Quality Score. The better quality ads you serve, the lower your ad cost.

Promoted Tweets

Promoted tweets make your tweets appear in the Twitter streams or Twitter search results of specific users. This is an excellent option for anyone looking to get more people on a particular webpage. All Twitter users can interact and engage with Twitter Ads the same way with your organic content.

This works on an auction system where you place bids. Your business is charged based on engagements. These engagements include clicks, replies, retweets, and favorites. If any of these billable actions are undertaken, you must pay the cost accordingly.

Promoted accounts

Promoted accounts are those ads on Twitter that promote the whole of your account. It is a great way to get more followers for your account and boost brand awareness. These types of ads will appear in the who to follow section.

Similar to promoted tweets, promoted accounts work on the same system. Depending on how much you want to pay for each new follower or any other billable action, you can determine the bid amount.

Promoted trends

The “Trends for you” section on Twitter filters out current trending hashtags for you based on your interests and demographics. Promoted Trends appear at the top of the trends list. They’re tagged with the word “promoted” to indicate paid content.

Like the other ad formats, you must place a bid to get featured on the promoted trends list. The cost is the most significant difference between promoted trends and the different ad formats.

How much do Twitter ads cost?

Twitter ads cost depend on the ad type, which includes:

Twitter ads cost depend on the ad type, which includes:

Promoted Tweets – This Twitter ad costs $0.50 to $2.00 for each action.

Promoted Accounts: You need to spend $2 to $4 for each follow for this type of Twitter ad.

Promoted Trends: This type of Twitter ad costs $200,000 per day.

Source: Rialtomarketing

 

Facebook

Facebook is a social networking website where users can post comments, share photographs, and post links to news or other interesting content on the web, chat live, and watch short-form videos.

This graph represents the global daily Facebook users in the 1st quarter of 2021.

Facebook’s daily active users (DAUs) currently stand at 1.908 billion people, making it one of the most popular social media platforms. Using Facebook for your business is essential because it provides you a chance to reach at least a portion of your target audience. Facebook paid advertising also gives you an option to effectively reach out to more people. The Facebook advertising platform offers you robust analytics which will help you determine every next step to optimize your ad campaign.

Facebook Ads

Facebook allows you to produce various ads like image ads, video ads, carousel ads, collection ads, poll ads, slideshow ads, instant experience ads, etc.

Facebook offers a few marketing objectives based on what you want your ad to accomplish. These goals can be – brand awareness, page likes, traffic to a specific webpage, app installs, video views, lead generation, catalog sales, and many more.

Facebook Ads Pricing

Facebook offers options for managing your ad costs. You control your overall amount spent through your budget. You own your cost per result through your bid strategy. For example, you can ask Facebook to give you the best conversions at the best prices, or you can set a budget for your campaigns. In addition, you can choose between CPM and CPC models.

Source: AdEspresso

In-depth research by AdEspresso shows the main factors that affect Facebook ads cost are:

  • Timing: The month, day, and even hour can affect ad cost.
  • Bidding strategy: Whether you choose the lowest price or a specific bid cap.
  • Ad placement: Higher-competition spots cost more.
  • Ad relevance: Low scores for your ad’s engagement ranking, quality ranking, or conversion ranking can raise costs.
  • Target audience: Higher competition audiences cost more.

From the data from AdEspresso’s study, a summary of Facebook ad cost is determined:

Average Cost Per Click by Month 2021

  • January 2021 – $0.30
  • February 2021 – $0.33
  • March 2021 – $0.42
  • April 2021 – $0.46
  • May 2021 – $0.44
  • June 2021 – $0.47
  • July 2021 – $0.46
  • August 2021 – $0.47
  • September 2021 – $0.5

Average Cost Per Like by Month 2021

  • January 2021 – $0.20
  • February 2021 – $0.23
  • March 2021 – $0.32
  • April 2021 – $0.29
  • May 2021 – $0.52
  • June 2021 – $0.49
  • July 2021 – $0.45
  • August 2021 – $0.48
  • September 2021 – $0.39
The avergae Cost-Per-Click(CPC) by month for 2021 is shown in this graph.
The Cost-Per-Click(CPC) by campaign objective for 2021.

Instagram

Instagram is a photo and video-sharing social networking service. Instagram is a highly visual platform that focuses almost entirely on images. This visual twist is why Instagram is the cultural powerhouse today – “Instagramming” is officially a verb now. 

Age distribution of Instagram users globally as of October 2021.

Instagram belongs to the most popular social network worldwide with roughly one billion monthly active users. The social photo-sharing app is top-rated in India and the United States, which have 201 million and 157 million Instagram users each. With such a large audience of users who are willing to engage with a brand, content gives you all the more reason to advertise on Instagram.  

Paid advertising is a powerful marketing tool on Instagram. Instagram Ads is fully integrated with Facebook Ads, so you get the benefits of Facebook’s superior campaign customization options, diverse formatting, and assorted targeting capabilities combined with Instagram’s high engagement. Furthermore, the Instagram analytics tool can help you optimize your ad campaigns.

In-depth research by AdEspresso shows average cost per click, cost per engagement, and cost per thousand impressions on Instagram.

Instagram cost per click (CPC)

For all metrics, Instagram cost per click in 2021 ranges from $0.40-$0.70. This considers all clicks that happen on an ad, which includes link clicks and likes/reactions, comments, and shares.

For ads with a destination URL, Instagram’s cost per click in 2021 ranges from $0.50 to $0.95.

 

Instagram cost per engagement (CPE)

Instagram cost per engagement in 2021 ranges from $0.01-0.05.

Instagram cost per thousand impressions (CPM)

Instagram cost per one thousand impressions in 2021 ranges between $2.50-$3.50 for better-performing campaigns and their respective ad sets.

 

LinkedIn

LinkedIn is a social media platform used by professionals looking to grow their professional network. LinkedIn user statistics show that the platform currently counts over 722 million members and 310 million monthly active users. 40% of LinkedIn MAUs are using the platform daily.

Source: Statista

For B2B companies, LinkedIn is a great choice for providing content and ensuring target audience engagement. It can help you engage with a community of professionals, including influencers, decision-makers, and executives, driving actions that are relevant to your business. LinkedIn allows you to target an audience based on location, company, industry, age, gender, education, job experience, job title, and more. This platform offers you several paid options to boost your connections and increase your brand awareness.

LinkedIn ads

LinkedIn offers several ad placement options.

  • Sponsored Content ads are promoted LinkedIn posts and can be single images, videos, or carousel formats. These ads appear in the news feed and are a great way of increasing engagement. They are tagged with a label “sponsored” under your business name. Leveraging these ads can essentially ensure your content consumption by most of your ideal customers.
  • Message Ads, also called LinkedIn InMail, are targeted messages delivered directly to LinkedIn-member inboxes. These ads offer an open rate of over 50%, and LinkedIn reports they are more successful at driving conversions than emails.
  • Text ads are available as a pay-per-click (PPC) advertising option. These ads appear on the right rail and top banner on the desktop and include a short headline, blurb, and a small square image.

Some of the main objectives of campaigns can be – website visits, engagement, video views, lead generation, and many more.

LinkedIn pricing

LinkedIn uses objective-based pricing. What you will be charged for depends on the campaign objective you choose. For example, when you select the Website Visit Objective, you will only be charged when someone clicks the link to your website.

Like Facebook, LinkedIn offers cost per click (CPC) and cost per 1000 impressions (CPM). With the CPC model, you pay every time someone clicks your ad. While the minimum bid is $2, LinkedIn recommends that you bid at least $5.55 – $9.33. You can also set a daily budget of at least $10 and set your ad to run indefinitely or until a specific date.

If you decide to use the CPM model, you must submit a minimum bid of $2, but LinkedIn suggests you bid at least $2.85 – $4.62.

For sponsored posts, the pricing model is similar to pricing for regular ads, but the suggested bids are slightly different.

Source: WeBFX

Pinterest

Pinterest is an image-based social media network where users and businesses can promote and explore their interests by pinning images and videos on virtual bulletin boards. As of the third quarter of 2021, Pinterest had 444 million monthly active users worldwide. During that period, the visual bookmarking platform had 89 million MAU in the United States, compared to 356 million international monthly active users.

Source: Statista

Pinterest provides brands and businesses with a way of promoting their offerings on the platform through ads. Pinterest Ads are also called Promoted Pins. Pinterest shows Promoted Pins based on their users’ interests, past activity, and website actions as part of retargeting ads.

Promoted pins run on a cost-per-click (CPC) basis. A campaign has a specified daily budget and duration. You pay when someone clicks through the pin to your website. You can monitor and adjust your campaign as it runs. First, you’ll set a maximum CPC bid, the highest amount you’re willing to pay for a click to your website. The amount you are charged will never exceed your max bid, and you may pay less than your bid. For example, Social Media Examiner found that a client bid $1 and was only charged $0.13 per click.

Source: Web FX

Conclusion

From the above reading, we hope you have understood the basics of the management cost of various social media platforms. Many businesses choose to advertise on more than one platform to reach a large proportion of their target audience. Therefore on average, companies eventually spend about $4000 to $7000 per month on social media management services.

But it is essential to understand that social media management is not as easy a marketing tactic as it is perceived to be. The expertise and time required to run social campaigns involve more than most companies can handle in-house. That’s why it’s always best to have a partner who can make your life easier.

While you can completely immerse yourself in providing the best product or service to your customers, a team of dedicated social media managers can work day and night to make your social media presence remarkable and ultimately bring in more conversions. Outsourcing social media management will help you save business time and money and provide your business with instant expertise and crucial insights. Depending on the partner you choose, social media management can range from $45 per hour to $250 per hour.

If you are looking for a social media management agency that is always on the toes to adapt to trends and strategise an effective plan; let’s talk! We have grown numerous businesses online and would love to do so for you!

Mokshit Naidu

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