How do you report your social media budget to your team?

1 Define your goals and KPIs

Before you start reporting your budget, you need to have a clear idea of what you want to achieve with your social media campaigns and how you will measure your success. Your goals should be SMART: specific, measurable, attainable, relevant, and time-bound. Your key performance indicators (KPIs) should be aligned with your goals and reflect the most important metrics for your strategy. For example, if your goal is to increase brand awareness, you might use KPIs such as reach, impressions, engagement, and followers. If your goal is to drive sales, you might use KPIs such as conversions, revenue, and return on ad spend (ROAS).

2 Track your spending and results

Once you have your goals and KPIs, you need to track your spending and results on a regular basis. You can use tools such as Google Analytics, Facebook Ads Manager, or other social media platforms' dashboards to monitor your performance and compare it to your budget. You should also use a spreadsheet or a software to record your expenses and categorize them by channel, campaign, objective, and date. This will help you analyze your cost per result, optimize your spending, and identify any issues or opportunities.

3 Choose your report format and frequency

Depending on the size, structure, and preferences of your team, you can choose from multiple formats and frequencies for your budget reports. For example, monthly reports can provide a comprehensive and detailed look at your spending and results, as well as progress towards goals and KPIs. Charts, graphs, tables, and narratives can be used to present data and insights. Quarterly reports are similar to monthly reports but cover a longer period and provide a broader overview of performance. Weekly or biweekly updates are brief and concise reports that show current spending and results, as well as any changes or issues that need attention. Bullet points, numbers, and screenshots can be used to communicate status and feedback. These updates can also be used to request approval or support for new initiatives or adjustments.

4 Share your report with your team

The final step is to share your report with your team and stakeholders in a timely and effective manner. You can use various channels and methods, such as emails, presentations, video calls, or dashboards, to deliver your report. When doing so, make sure to tailor the report to your audience's needs and preferences. Additionally, it’s important to highlight the key takeaways and action items. This will enable you to show the value and impact of your budget. Furthermore, encourage feedback and discussion from your team by asking for their opinions, suggestions, questions, or concerns. This way, you can create an interactive process that fosters learning and improvement. Reporting your social media budget is an ongoing two-way process that requires planning, tracking, analyzing, and communicating. By following these tips, you can create effective and transparent reports that help you achieve your goals.

5 Here’s what else to consider

This is a space to share examples, stories, or insights that don’t fit into any of the previous sections. What else would you like to add?