Spending a Social Media Budget in 2024

There are so many reasons why we need to plan a budget. It helps us to spend in a proper and planned manner while making sure that we do not overspend and fall into a debt trap. So why shouldn’t we have a budget when it comes to Social Media?

A lot of you must be wondering that it is very silly but we are sure by the end of this blog you all we start to plan your social media budget too.

For those who don’t know what social media budget means, let us first start with understanding what it is –

Planning a media budget is the first step in creating an effective marketing campaign. It is an important component to ensure that your media placements are in line with business objectives, and it ensures that marketing investments are allocated in ways that create the most value for a brand.

Want to ace your next social media budget? We have got you all covered…

To make this a little easier, let us go with an example – Imagine that you are launching a new product in the market and you have high hopes for this product. Let’s take this further step-by-step.

#1 ESTABLISHING YOUR STRATEGIC GOALS:

This should be your first step to creating a kickass marketing plan for your advertisement campaign. A well-planned budget is broken down into multiple buckets. Most of the people fail to analyze this step. So since we are introducing a new product in the market, the three main buckets should be:

• Build awareness around the brand.
• Educate consumers about the product’s uniqueness and they should choose this.
• Drive traffic to the website.

#2 ALLOCATE BUDGETS:

Now that we know our marketing objectives, it’s time to think about how we want to allocate the three budget buckets mentioned above. This may include:

• Marketing objectives (such as the three above)
• Customer segmentation and targeting
• Target audience habits
• Seasonality
• Go-to-market consideration
• Public relations

After this, you need to decide how you are going to separate the budget according to your marketing objectives and then allocate your advertising media.

#3 PLAN YOUR TIMELINE:

Planning your budget timeline is important for two reasons: First, you need to make sure it matches your marketing objectives and other considerations, and, second, you need to make sure that your finance and accounting department know what bills are going to be coming. Trust me, you don’t want to surprise the money counters. (It’s Scary!)

All you need to do is to lay the groundwork, build awareness to make people curious and get them excited about what is coming. Then, right before the product hits the market, you are going to go heavy on educating consumers on the points of differentiation. Finally, you need to drive web traction to the website to acquire new customers.

#4 SELECT SOCIAL MEDIA CHANNELS: 

You need to ask yourself which social media channels will work best for you. Where is your target audience most active and most engaged?

You need to understand the right channel for your type of business. Understand how each one works and you’ll be able to maximize your investment. Initially, you may have to spend some money on the major social media advertising channels. We believe that running campaigns and testing everything is the best way to ascertain whether or not you should stick to a channel.

#5 DEVELOP DIFFERENT TYPE OF CONTENT:

Doing social media marketing on a budget requires a flexible approach. You don’t have to stick to written content or blog posts alone. As we have mentioned in our previous blogs video marketing is the future, use videos to promote your product as a lot of users prefer watching videos over reading text. If you ignore that preference and keep pumping out lengthy text-based blog posts, you’ll ultimately waste money. Find new ideas for your social media content if you want to spread brand awareness. The more quirky your ad is, the number of people it will attract. Moreover, always have relevant and beautiful visuals in the content that you share on social media.

Spend your social media marketing campaign budget wisely. Remember to amplify your social media marketing strategy before promoting on different platforms. You also need to develop a page/social synergy and build relevance. In other words, your landing pages, your fan pages, and other social media profiles should all be in line with each other.