Planning Your Social Media Marketing Budget? Consider These Nine Questions

www.forbes.com
4 min read
fairly easy
As social media evolves, so should your social media marketing budget.
Changing trends and platforms may mean putting some advertising dollars behind your campaigns and investing in creative talent to help you create and manage content.

When determining your social media marketing spend, it's important to create an effective and specific marketing budget that factors in the content, paid ads and other investments that allow you to market to the right audience. To that end, a panel of Young Entrepreneur Council members explained the specific questions you can consider when deciding how to break down your social media budget.

Young Entrepreneur Council members suggest asking yourself these questions when determining your social media marketing budget. Photos courtesy of the individual members.

1. What's my overall budget?

First thing is to understand how much money you have available to allocate to this and what the desired outcomes are. My clients often ask me if they can afford a budget of "X" and my answer is always, "I don't know—not without more understanding around the desired outcome and the market landscape." What are your alternative options? How much cash do you have in the bank? What's the timeline of returned capital on these investments? These are all solid questions that your CFO or controller should be asking about any budgets the C-suite is trying to approve. - Michael Hsu, DeepSky

2. What are my goals?

Your company's goals should be the foundation of your social media marketing budget—without them, you won't know how to properly allocate the time. Do you want to use resources to create new strategies or expand on previous ideas? Looking for more brand exposure? You may want to invest more time and money into paid ads. Once these items are clearly defined, you can properly outline how to administer the budget to successfully reach your end goal. - Peter Boyd, PaperStreet Web Design

3. What giveaways am I…
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