How MUCH should I SPEND $$ ?
This is a very interesting question and there really is no exact answer. When we work with our clients the cost is not a one price fits all scenario.
There are many factors which determine how much you spend on your marketing and advertising. This blog will focus those who have spent between $1000 to $5000 to set up their business and are relatively new to running a business. Remember that you want the maximum value for every dollar you spend when new to trading.
One of the first factors would have to be the intended audience for your product or services. B2B companies have very small audience compared to B2C audiences, as such some channels can incur a higher rate to advertise. We will focus on B2C for now and I will post another article describing B2B, as this is much more challenging and involved process to calculate the cost required.
The majority of small to medium businesses will benefit using Facebook. This is one of those necessities I encourage clients to approach as the beginning stages of their campaigns. How much to spend on Facebook?
How much to spend on Facebook?
You should definitely take advantage of the “boost” option for ALL your posts. Those posts that are not direct advertising your company can still bring consumers to your page, so well worth the few dollars you spend. Boosting a post is a great way to help you select your target audience and learn the processes involved. The results from these “boosted” posts can give you some great insights if you know what are looking for.
Lead ads on Facebook are a must and you should always keep them running. The cost of these can vary depending on the size of the audience you are targeting, also the intended response will alter the cost (more on this in another blog). I would recommend a minimum of $50 a fortnight more if can afford it.
Google AdWords is also mandatory expense as far as I am concerned, again depending on the budget a minimum of $50 a week. The conversion rates of using AdWords are great if set up well and monitored. More on AdWords later.
So where are we, $100 per month on Facebook lead ads, $100 per month on AdWords, around $50 per month Facebook “boosts” and around $50 on another social media channel that is relevant to your industry. I will go into detail each of these in another blog.
So, in conclusion, we recommend around $300 per month on advertising and marketing if that’s in your budget. Remember this is an investment in your company, investment in your brand.
Our social media packages start from $495 for small businesses (dependent on the industry) including the advertising budget.
Hope this has clarified to those who are unsure of what to spend, remember every situation is different and you should only use this as a guide. You can email me your individual situation and we will comment on the recommended budget required.
We are always here to help so don’t hesitate to send me any comments or questions. I have covered a lot this article, a lot of which needs more explaining but stick with me as I am determined to update daily on these areas of importance.
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Thanks for reading 🙂