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How can you create a social media budget that accounts for unexpected costs?

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Social media marketing can be a powerful way to reach and engage your audience, but it also requires careful planning and budgeting. You need to allocate enough resources for your goals, but also anticipate and prepare for unexpected costs that may arise along the way. In this article, you will learn how to create a social media budget that accounts for both planned and unplanned expenses, and how to adjust your strategy accordingly.

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Edit Ditte Szabó

Digital Evangelist - Consultant - Trainer I Forbes 30 under 30
Nicole Mezzasalma

Senior Consultant @ Battenhall | Social Media, Innovation and General Geekery | MCIM | MarketingKind Member

1 Assess your current situation

Before you set your social media budget, you need to understand your current situation and performance. How much are you spending on social media platforms, tools, ads, content, and staff? How much are you earning from your social media efforts, in terms of revenue, leads, conversions, and brand awareness? What are your strengths and weaknesses, and what are the areas that need improvement or investment? By conducting a thorough audit of your social media activities, you can identify your baseline costs and returns, and set realistic and measurable goals for the future.

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Nicole Mezzasalma

Senior Consultant @ Battenhall | Social Media, Innovation and General Geekery | MCIM | MarketingKind Member
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The truth is that showing up well on social media always costs more than you expect. You can post directly to the platforms or use third-part software to optimise your content scheduling; the latter will incur more costs but save you and your team previous time. It may also be more efficient to use third-parties to produce and manage your social media content if you are time-poor, but you need to be clear on the outputs you'll get. Ultimately, it is important to have a strategy in place before you jump into the tactical elements, as if you don't you'll likely waste time and money.

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Nicasia Paulo

Freelancer | Social Media Strategist | AI Prompt Engineer | Sports Enthusiast | Driving Digital Engagement and Innovation with the Power of AI and Social Media
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With social media, time is also money and a lot of people often forget that. There’s only so much that you can track using softwares and even then you would need a human element and if you don’t put aside either your time or someone else’s time to watch the changing of trends then no matter what you do, it’ll be a waste of money. In my opinion you need a clearly set objective, a way to identify if it was met or exceeded and a set budget with wiggle room. Otherwise, you’ll just be blindly staring at numbers and it’ll be like you’re going shopping without a list of things you absolutely need.

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Susan Jaffe

Paralegal at The Jaffe Law Firm - False Claims Act - Employment Law
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We first started off by creating free social media accounts. We then decided on the type of content we wanted to add and created a social media calendar for when we posted the content. From that, we leaned what platforms worked best for us. Then we figured out a very small budget that we could use to go from the free account to a paid account. It was a way of learning and a process that was easy and worked out well for us.

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2 Estimate your planned costs

Estimating how much to spend on each aspect of your social media strategy requires setting your goals first. This could involve platform fees for using features like Facebook Shops, as well as investing in tools and software to manage, monitor, analyze, and optimize campaigns. You may also want to allocate a portion of your budget for paid social media advertising, influencer marketing, or content distribution platforms. Content creation may require hiring freelancers, agencies, or in-house staff to produce blog posts, videos, podcasts, infographics, or ebooks. Training and education for yourself or your team is also important to stay up-to-date with the latest trends and best practices for social media marketing.

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Aisha M.

Transforming Businesses with IT Solutions | Director at EliteIT Team
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Assess your marketing goals thoroughly before you come up with a budget. Is the marketing goal to create hype? If yes, would it be through a partnership or a billboard? Or an influencer in your niche? These options cost a lot depending on the options you choose, but make sure to stick to one core objective: Creativity.

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3 Factor in unexpected costs

When estimating your planned costs, you need to consider unexpected costs that could arise from external or internal factors. This could include crisis management, such as dealing with a social media crisis, platform changes, increased competition from other brands or businesses in your niche, market fluctuations, and innovation and experimentation. For example, you may need to adapt to changes in the social media platforms' algorithms or policies, respond to competitive pressure, adjust to changes in the market demand, or try new ideas for social media marketing. All of these can involve some risk and uncertainty but have the potential to improve your results.

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4 Set your budget range

When setting a budget range for your social media marketing, you should consider both your estimated planned and unexpected costs. A budget range is a flexible and realistic way to allocate your resources, rather than a fixed and rigid amount. It should include a minimum level, which covers essential and non-negotiable costs; an optimal level, which covers strategic and value-added costs; and a maximum level, which covers contingency and opportunistic costs. The minimum level ensures that quality, reputation, and goals are not compromised. The optimal level helps you to achieve desired results and outcomes. The maximum level allows for flexibility in the face of crisis management, platform changes, competitive pressure, and innovation and experimentation without exceeding revenue, profit or ROI.

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Edit Ditte Szabó

Digital Evangelist - Consultant - Trainer I Forbes 30 under 30
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You should also set up the categories in which you would like to spend, and define allocation. Like: - Fixed costs (70%), like Human resources, Tools and Campaign spent. - Variables (20%), like Training costs or crisis related spending. - Tests (10%), like new formats and platforms. In this way you can avoid overspending, because you can always cut Test and even decrease Fixed and Variables.

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5 Monitor and adjust your budget

Finally, you need to monitor and adjust your budget regularly, based on your performance, feedback, and insights. You can use tools and metrics to track and measure your social media ROI, such as cost per impression, cost per click, cost per lead, cost per conversion, cost per customer, or cost per revenue. You can also use surveys, polls, reviews, or testimonials to gauge your audience's satisfaction, loyalty, and advocacy. By analyzing your data and feedback, you can identify what is working and what is not, and adjust your budget accordingly. You can also use your budget range as a guide to decide when to scale up or scale down your spending, depending on your opportunities and challenges.

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Edit Ditte Szabó

Digital Evangelist - Consultant - Trainer I Forbes 30 under 30
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I would recommend to set up regular check-ins: - Weekly for ad campaigns, - Monthly for all activities, - Quarterly for reconsidering plans, - Yearly for planning. In this way you can have continuous and consistent data on everything.

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6 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?

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Alexander Greene (LION) (SPN)

SME News Welsh Enterprise Awards Most Client-Focused Welsh Language Translator & Interpreter 2023 and 2024.
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So much effort has been spent here on focusing on the regular and irregular costs, that we haven't considered the regular and irregular revenue streams. One must take into account income as much as outgoings. There are numerous strategies to maximise potential income, but by far the most reliable strategy is regularity. Set a time and day of the week to make your regular posts. Over time, people begin to associate your blog with regularity, and you'll begin to attract a following. Once you have your following, begin to set up paywalls. Ensure the free subscribers have something of a takeaway, because it's that grassroots which brings in interest from potential paying subscribers - or they may become paying subscribers themselves.

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How can you create a social media budget that accounts for unexpected costs?

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5

6

1 Assess your current situation

2 Estimate your planned costs

3 Factor in unexpected costs

4 Set your budget range

5 Monitor and adjust your budget

6 Here’s what else to consider

Social Media

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How can you create a social media budget that accounts for unexpected costs?

1

2

3

4

5

6

1 Assess your current situation

2 Estimate your planned costs

3 Factor in unexpected costs

4 Set your budget range

5 Monitor and adjust your budget

6 Here’s what else to consider

Social Media

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