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SOCIAL MEDIA BUDGET
Social Media is crucial to any modern eMarketing campaign. It can be hard to forecast “how much is enough” in your social media budget, but Salesforce.com has graciously created and shared a helpful tool to inform your budget setting process. Use it to weigh a few important trends, identify important budget requirements, and employ a general baseline to get started. You will need to plan to adjust your social media budget in the future. This will require you to monitor and assess your current and past campaigns in order to plan according to the need of your future campaigns. A couple of helpful tips for selecting a monitoring method and measuring your campaign results is available at Kissmetrics.
STEP 1: Establish a marketing budget sufficient for your needs
Your budget can vary due to your open business needs and goals. A good baseline is to look to impact 20% of your total sales.
STEP 2: Decide how important digital marketing is to you
Your eMarketing campaign could be diverse, so 25% of your total marketing budget is a good starting point for a standard digital marketing budget.
STEP 3: Assign your social media portion of your budget
Divide SEO and Social Media Marketing in your budget. 25% of your total digital marketing budgets are a good starting point to set your social media budget.
STEP4: Make necessary adjustments after careful observation
Social Media campaigns need to be monitored and assessed in order to create a long-term plan for success. If your campaigns produce far more success than other forms of digital marketing, you may choose to reroute funds to Social Media. If it is not as effective, you may lower your percentage and send the funds elsewhere that it may make more sense. These budgeting tips can ebb and flow, so make sure to gather data and analyze it to boost your business, improve your campaigns, and fulfill your vision.