Social media plays a vital role in helping businesses connect with their customers. The question many business owners face is, just how much does it cost to get your company’s social media the right exposure? Is it more cost-effective to hire an in-house employee or contract your social media through a marketing company?
Option #1: Hiring an in-house Social Media Manager
There are several advantages and disadvantages when hiring a Social Media Manager in-house. The biggest benefit is that you have complete control over the employee’s time, pay, and daily tasks. If your company is involved within the community, an in-house Social Media Manager could also help strengthen business relationships and improve networking at local events.
However, adding a new position is not easy. Training the employee and ensuring they have the skills needed to properly manage social media along with overseeing the employee’s daily activity could take time away from other business needs. It also means your company’s social media is reliant on one person. If they are sick or leave the company, your social media needs are put on hold or distributed to someone else who may not be as qualified for the role.
So, what does it cost? According to Glassdoor, Indeed, and PayScale, the average annual salary for a Social Media Manager ranges from $45,000 to $51,000. Essentially, you are paying a minimum of $3,750 – $4,250 a month. This cost doesn’t include any employee benefits or the cost of providing the necessary office space and technology.
Option #2: Contracting social media through a marketing company
Small marketing agencies will normally cater to small business owners to provide the best value at the best possible price. Since most small marketing companies want to grow their clientele, they will be committed to helping your company grow as well. You are also not reliant on one person as you would be with an in-house employee.
But what about the cost?
A good small marketing company will range in price anywhere from $400 to $1,500 a month. At the lowest cost, you would spend just under $5,000 annually. At the highest cost, you would spend around $18,000 annually. Why is that cost so dramatically different? Most of it depends on how many services you are using. For example:
- Design and Development. Is creative content needed for social media? How many social media sites are being managed? Are blogs being updated frequently enough?
- Promotion. How many posts are being promoted? It pays to “boost” and “sponsor” posts to generate exposure to potential clients, but that does come at a cost. Most marketing companies will advise on which posts to boosts and how often, but ultimately it is up to you.
- Strategizing. Monthly or weekly meetings and phone calls to “check in” on the progress of how well your social media is doing is a crucial part of the strategy for growth. It’s a time to re-evaluate what should be posted, how to improve SEO, and if analytics are coming back positive. Marketing companies will usually have access to software like Google AdWords and Google Analytics to determine how many clicks your business is getting per advertisement or what keywords are being used for searches to help you better target your audience.
As far as disadvantages, you lose your ability to have complete oversight and see what happens on a daily basis and will most likely be updated with monthly or weekly reports. Additionally, most marketing companies will require a contract ranging anywhere from 4 to 12 months, so it also can involve a long-term commitment.
Get results, not just reports!
At Ascential Digital Marketing, our portfolio is based on our client’s success. To find out more information about us, contact our team and start accelerating your business today. We’d love to share our client’s success stories and get you started on the path to increasing social media engagement and boosting sales!