The Ultimate Revelation of How Much To Charge for Social Media Management
Tags: Social Media Management, Digital Marketing Agency, Social Media Strategy, Tech

The Ultimate Revelation of How Much To Charge for Social Media Management TechNerds Dec 14, 2020·11 min read

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In this post, we will talk about how to charge your clients for creating social media posts. The rates usually vary, and there are many moving parts to consider.

At TechNerds, we use this framework to develop a costing strategy for businesses.

This post will help you see how we can create a retainer or hourly cost based on clients’ needs.

Let’s go:

What is Social Media Management?

Social Media Management is the process of creating and analyzing content that resonates with your target audience.

Why do you need Social Media Management?

B2B and B2C Platforms need social media platforms such as Facebook, Instagram, Twitter, and LinkedIn to create brand awareness and generate sales.

Social media marketing emerges to be the steady and most efficient means to engage with a target market.

It may come across as posting pictures, videos, exchanging, and sharing opinions. The ultimate goal is to get a reaction from a targeted audience.

Social media websites are a great way to earn trust, and this is beneficial for brand awareness.

By using a social media platform, you can engage and connect with potential purchasers.

It also allows you to create and grow relationships that encourage them to buy your products and services.

Benefits of Social media management

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Social media management offers a vast range of advantages for the consumers, and these benefits cover marketing budgets, approach to the market, and user’s behaviors in such a way:

Marketing Budget:

Social media marketing is an economical and cost-effective approach that provides extravagant results for consumers. No matter what is your marketing budget, social media is the cheapest means. Social media networks are always free of cost, and anyone can reach the platform, post respective content, and respond to user comments and reviews. You can advertise offers of a profitable channel for reaching your audience and developing an online rating and followership.

Save yourself time:

Time is the prevailing reason why most organizations abandon social media and consider it a mess. Still, when you hire a social media agent or consultant, you get support to handle all of the social media affairs. A consultant will be responsible for all types of social media management. Hiring a social media manager will save your time, and it will help avoid sacrificing revenue-driving channels.

Approach to Market:

Social media networks, including a vast network extending from Facebook to LinkedIn, can provide a safe platform to engage you with users worldwide. Social media management could help you reach a niche audience. It can also be done by various platforms like Pinterest, where you can post details, pictures, and videos of your domain. Old school means of marketing and advertising can’t match the reach or price or social activity rate. Thus social media management is pre-eminent for your businesses.

Patrons:

Assimilating social media into your marketing framework provides an adequate chance to streamline your marketing plan with user behavior. The majority of people prefer social media for the reviews of products and considers the information authentic; in 2021, the rate of using social media for purchasing decisions will increase to 80% of the total purchases. Functioning: Marketers and business holders both collectively stand on the performance of social media marketing and advertising. Through social media management, you can develop your brand and even precipitate leads and sales. Almost 45% of business-to-business marketers have obtained clients through Facebook.

Social Media Management pricing packages:

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Social media consultants and managers are the most popular in the social media management market, and even the smallest businesses seek social managers and consultants’ services.

Like other marketing services, the platforms you apply to market your business have an enormous impact on social media costs. For example, you might find that a restricted platform has a large audience, and depending upon the traffic of the audience, you will pay more in advertisements as there is more competition for ad space. Relying on the social media platforms you’re interested in marketing, the campaign’s cost will vary, such as Facebook and LinkedIn. Let’s take a look at the price of marketing on the social platform.

Facebook stands the most dominant social media marketing platform, with more than 1 billion active consumers daily. When it comes to increasing your business rating in the market, Facebook provides a great chance to reach a significant part of the targeted audience. It gathers the most fan following by costing zero money to set up a social media business account on Facebook. However, this free-of-cost advertisement is restricted to the people around you. Still, if you want to enhance visitors’ traffic, you can choose to boost your paid post, but it will increase the area of advertisement for your business. For social media marketing, Facebook may charge $900–1600 per month.

Like Facebook with LinkedIn, you can develop sidebar advertisements screened by the side of user’s feeds and pages visited by several people. These brief ads comprise a thumbnail image, and these pictures are designed to encourage people to click the ads to visit your website. You can make up to 15 different LinkedIn ads; each incorporates a 25-character headline and 75-character explanation. But if you decide to have the CPC option, you will cost the least bid of $2.50, but LinkedIn prefers bid $5.67 — $10.09. On the contrary, you will pay low as $10.50 for the CPM option with a suggestion of bid ranging from $18.55 — $28.91. LinkedIn advertising also allows you to target your ads based on a user’s company size, industry, name, job title, category, and seniority.

Depending on market demands, there are a variety of social media management packages. These packages vary in the services provided, prices and give different types of outcomes and monitors how much you desire to achieve,

Primary package: This starter package includes aligning two social media accounts choosing from options like Facebook, Twitter, LinkedIn, YouTube, Snapchat, Instagram, or Yelp with content production and customer engagement. It will provide you a bare ground for developing business virtually.

Principal package: This can refer to the most consumed box by the companies. It is preferred because it promises to manage your four social media accounts, including blog posts, content development, and customer engagement.

Primitive package: This offers a VIP service for a company, and if you opt for this package, it will manage six social media accounts that also covers influencer marketing, blog posts, content creation, and customer engagement.

Social Media Freelancers Rates in 2020:

A freelancer is a self-employed worker who provides services, and a freelancer often works on several projects for multiple clients at one time. Freelancers generally earn money on a per-task basis or may charge hourly or daily rates for their services. Freelancing is commonly short-term. While any company does not officially employ a freelancer, they can sign contracts multiply by other businesses.

It is usual for freelancers to work on different gigs or projects, but some freelance agreements may bound the freelancer and cannot work for other companies until they complete it. Some of the most popular freelance jobs are within industries that involve creativity, such as graphic design, copywriting, website development, or photography. However, freelancers can provide services in almost any service-based industry, such as translation, consulting, or rephrasing.

In recent times due to unstable business market situations, offering ample room to the freelancers and the popularity of freelancing is enhanced because Covid-19 has affected the business and the shifting of enterprises to the digital platform provided vacancies for the freelancers. The rates of social media freelancers in 2020 vary in many ways depending upon the nature of work, the writer’s experience, time, and the lancer’s quality of content. If you decide to begin with freelancing in recent times, you will vary in income by social media management, which is determined on an hourly basis:

0–3 years experience: $15–50/hr. 3–5 years experience: $50–100/hr. 5–10 years experience: $120+/hr.

Social Media Manager Rates in 2020:

Social media provides an excellent platform for workers to do tasks and manage social media activities. In the social media service world, the costs vary all across the board. Some social media managers charge by retainer or by project, while some prefer hourly, weekly or monthly payments. It depends on the structure of your freelancing or consulting business.

Variety of social media Rates:

Hourly Rate:

Most of the economy is based on hourly workers. It is not surprising that this is the most common way for social media freelancers and consultants to begin their online business. The hourly rate is more straightforward and convenient. However, it does not lend itself well to develop a team and scaling your operations.

Monthly:

Monthly rates are usually fixed, and many SEOs prefer to charge a fixed monthly fee for the services. Having a monthly fee gives a consistent and predictable income, convenient for both the client and freelancer.

Retainer:

Lawyers are famous for utilizing retainer fees. Similarly, many social media consultants will charge based on a retainer fee. A retainer is a payment made in advance for the social media manager’s future services and gives some advantages.

Per-Project Premises:

One can charge on a per-project basis and can ask for the payment before starting a project. The per-project ground offers much flexibility in outsourcing some of the work if you wanted to scale. But it also causes some risks.

Suppose you decide to begin social media management on an hourly basis. In that case, initial rates can hover around $15–50 per hour. The agency can monitor the quality of work to reach the next level of intermediate social media marketers; you can earn up to $100 per hour. You can make $120+ or a higher amount per hour at a professional social media manager level.

How much to charge for Social media Management?

It is a substantial and formidable question for business owners to think about outsourcing their marketing by managing their social media campaigns. Social media stands free of cost for streamlining the business, but it takes time, and utmost hard work is required for it. Providing time and efforts to social media marketing is an outstanding commitment, and for this reason, businesses are transferring to outsourcing their social media or hiring social media managers. Social media managers play a significant role because any business holder or team cannot spend considerable time online explorer audience, so agents or managers are being hired for the purpose.

Approximately companies spend an average of $4000 to $7000 per month on social media management. This investment covers developing and maintaining social media marketing and advertising masterplan and monthly ad spends and tool subscriptions. The charges of business vary depending upon the nature of the company; it may increase or decrease. You can use this price range to establish an acceptable budget for social media marketing and advertising strategy.

How much it costs for Social Media Management in the UK?

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Social media marketing agencies and consultants in the UK are charging in a wide range, starting from the minimum amount of £100 per month to a maximum of £10,000+ per month. The price range and selection of cost depend on several things: the number of pages/platforms that need to be managed, masterplan, what the business owner’s desires to achieve. Social media management in the UK undergoes different steps while working with a new patron. The majority of Social media management in the UK is mainly done through SME, and this charges more than usual.

Steps of Social Media Management in the UK:

Initial Negotiation:

When a social media manager initiates working with a new client, you will undergo a survey about a business’s position in the virtual world, lacks marketing, and what amendments are required for social media marketing to conquer the target. Our site generally does this step without charging any cost. It provides a framework for the intensity of work needed on our end. Often, organizations lack content, and there is a need for content building and social media management.

Strategy planning:

After the initial negotiations, 2–3 phone calls, Skype calls, or meetings are required to understand business and the depth of the industry’s needs and flaws; this is crucial to create a strategy for moving forward. The calls and calls aid this prove to be significant in this sense. This step is usually done in the price range of £50–150 depends upon the call duration. Sometimes when a business that is already covering a significant part of social media applies for social media consultants, they require their accounts to be managed and monitored. In this case, there are chances that we only need a 30-minute chat.

Other times, you have to work with businesses that contain no basis on social media, don’t have a blog, and don’t understand what social media and content marketing is all about. If this is the case, you have to spend much time determining and educating what you want to do and why you are doing it, and it is eminent that you are both on the same track.

Elevate Digital management:

When the company and strategy perform masterplan and survey, stand in place. The next step is to set up the website and social media platform. It is convenient for us to set their blog up when businesses have their WordPress immediately. Those who have no WordPress can take longer and need correspondence with the client web development company with their own Content Management System.

While setting up with a new client, you will usually have to take their accounts and re-design them. Other times, you have to set them up from scratch. Our setup charges are based on all the design work that goes into the pages, like logo sizing, cover pictures, and related information. Social agencies in the UK tend to cost £20–250 per platform, but you will charge £50-£75 per platform, and it depends on the level of work and design required.

Management and Ongoing support:

The majority of work done for good digital marketing is social media management, where agents manage our clients’ social accounts. A consultant may charge around £200–250 per platform for managing social activities per month. They will drive daily posts, community engagement, responding to messages, and managing paid ads. You can find an expanded range of social media management costs, ranging from £50-£2,000 per month. The social media management includes writing blogs, creating posts, and thumbnail pictures, and you may charge $10–50 per blog or work. It will permit you to enhance the organization’s working according to the need of time in 2020, and social media management streamlines the quality and production of the business.

I hope this blog post has brought some attention to pricing your social media projects right. If you have found this article to be useful, don’t forget to check out our website.

We are a full-service Digital Marketing Agency that provides solutions such as Web Development and Social Media Marketing to our clients.