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Based on the latest study conducted by Duke University’s Fuqua School of Business, regarding online marketing campaigns, marketers choose to allocate around 10% of their budget to social media.
Quoting the same study, 13.2% of the average marketing campaign budget should be allocated for social media activities in the next 12 months.
Having these figures in mind, if you’re operating your company on a budget, every penny you invest should bring back the maximum return possible. Same goes for social media, so here’s how to plan and manage a social media strategy on a budget.
First thing you should know, and this may shock you – don’t talk to everyone! “Everyone” is not your target, and not everyone is your target. Sure, it would be nice to appeal to a larger category of people, but when you’re operating on a budget, you should narrow down your audience to the minimum.
Dissect your audience as much as possible and invest the same amount of time trying to reach your safest leads. You’ll quickly come to realize that the money you would usually spend on a broader audience does not offer the same returns as investing the same money trying to reach fewer people. A little precise targeting goes a long way.
At the beginning, you will not be able to afford celebrities or top influencers to promote your brand. This is why you should contact a social media agency that can get you in touch with influencers fit for your brand.
Try to get influencers to collaborate with you in exchange for your products or services, instead of money, and this way you will get your brand noticed faster and easier. This is what influencers do. They give your brand a face people already know; a face people already trust.
Try engaging with your audience as much as possible, on different levels. Whenever they post something about you, your brand, or your services, try sharing that message throughout your social networks.
When your fans and followers see that you share their message and promote them through your platforms, they’ll be encouraged to post more content about your brand. More people will start writing about your brand, or posting updates about you in an attempt to get you to promote them back. This raises awareness about your brand, be sure not to overdo it.
When you’re trying to get the most out of your social media strategy but you’re also operating on a budget, using free online image and video libraries is the way to go. Sure, you’ll not get the best content out there, but it will still be better than hiring professional photographers and videographers to create content for you.
If you’re not sure which websites offer the best photos and videos possible, try contacting a social media agency that can give you a list of online libraries.
Interested in getting a customized social media strategy fit for your budget? Drop us a line right here, or surf through our blog section for more tips and tricks about getting your brand some traction on social media.