SOCIAL MEDIA MANAGEMENT PRICING FOR BUSINESSES

What Are Social Media Management
Costs In 2024?

SOCIAL MEDIA MANAGEMENT PRICING FOR BUSINESSES

What Are Social Media Management Costs In 2024?

On average, how much does social media management cost?

The cost of a basic social media package ranges from $500 to $3,000 per month. For a complete social media management package that includes content creation, ads, and management tools, the cost is approximately $3,000 per month.

Social Media Management Pricing for Small Businesses

Social media management pricing depends on factors like the amount of platforms being managed, the amount and type of posts being created, the quality of short videos being made and more.

LYFE Marketing offers the #1 social media management services for small businesses because we built out our social media management pricing with the small business owner in mind. We’ve helped more than 4,079+ businesses, made over 18K+ organic posts for those businesses and generated over $272 million dollars in revenue for those businesses. LYFE Marketing has the hands-on experience, resources and know-how to scale your business with social media management time.

Contact us to get your free, custom quote and proposal today!

What is Social Media Management?

In order to understand social media management costs, it’s important to understand what social media management is. Social media management is a comprehensive process that involves various tasks, including content creation, scheduling, analysis, and engagement on different online platforms. The ultimate goal of this process is to manage and enhance your online presence effectively.

With 3.6 billion social media users worldwide spending an average of 2.5 hours each day on popular platforms, it’s essential to effectively manage your brand’s social media presence to capture their attention. Engaging with users through messenger communication, sharing photos and videos in Stories, and keeping up with trends are critical activities.

The core objective of social media management is to establish meaningful connections with your target audience at scale, building crucial elements like brand trust, affinity, and loyalty.

Different agencies offer various services, typically including:

Platform Management

Social Strategy

Content Development

Social Analytics

Running Paid Social Campaigns

Engagement and Community Management

The cost of social media management depends on factors such as your specific goals, the duration of the service, and the tasks the agency handles. Prices fluctuate accordingly.

Social Media Management Pricing: What Are You Paying For?

Investing in social media management means you’re getting a range of services. Here’s what’s typically included:

Content Creation

Content Creation

Crafting engaging, relevant posts tailored to your brand’s voice for various social media platforms.

Strategy Development

Strategy Development

Creating a strategy aligned with your business goals and determining the best platforms, content types, and posting times.

Community Management

Community Management

Monitoring and responding to comments and messages, handling customer complaints, and fostering a positive brand community.

Analytics and Reporting

Analytics and Reporting

Tracking the performance of your social media campaigns, analyzing data to understand what works, and adjusting the strategy accordingly.

Advertising

Advertising

If your plan involves paid advertising, the social media manager will create, manage, and track the performance of these ads.

Brand Reputation Management

Brand Reputation Management

Monitoring brand mentions on social media and handling your brand’s online reputation.

Other Social Media Services To Grow Your Business

SOCIAL MEDIA ADVERTISING SERVICES

Capitalize on the organic followers and engagement you get with our social media advertising services to drive maximum website traffic, revenue and ROI.

SHORT VIDEO MANAGEMENT SERVICES

Generate viral views with custom, organic short videos made specifically for your business and target demographic.

SHORT VIDEO ADVERTISING SERVICES

Increase the reach and ROI of your short videos by putting advertising dollars behind them with our short video advertising services.

How Much Does Social Media Management Cost?

The fees associated with social media management are diverse. On average:

Small businesses: $500 to $2,500 monthly

Medium-sized businesses: $2,500 to $5,000 monthly

Larger corporations: $5,000 to upwards of $20,000 monthly

Several factors contribute to these variations in costs. The number of profiles under management, the influx of inbound messages, the size of the online community, and the specific features utilized all play pivotal roles in determining the overall expenditure.

Social Media Management Pricing: How Much Does It Cost Across Different Platforms?

To provide a more detailed breakdown, let’s explore social media management pricing across various social media platforms:

Facebook

Average Management Cost $500 to $5,000 per month
Average CPC (Cost Per Click) $0.97
Average CPM (Cost Per 1,000 Impressions) $14.40; they can range from as low as $2 to over $30
Other costs $6.35 per 1000 views for boosted posts; $11.99 (web) or $14.99 (app) for Meta Verified

Facebook has the largest user base of all the social media platforms with billions of active users. We at LYFE Marketing help businesses find their specific target audience within those users and put strategic content in front of them to generate brand awareness, engagement and ultimately conversions.

Instagram

Average Management Cost: $500 to $2,500 per month, with a monthly average of $ 1,000
Average CPC (Cost Per Click) $0.20 to $2.00 and may increase to $3.00 in highly competitive industries
Average CPM (Cost Per 1,000 Impressions) $7.91
Other costs $14.99 (app) for Meta Verified; as low as $5 for posted promotions

Instagram is a visual platform and has one of the highest rates of brand-consumer engagement. Our expert team will help you tap into that custom-made Instagram reels that speak directly to your audience’s goals and pain points.

TikTok

Average Management Cost $500 to $2,500 per month; TikTok requires a minimum of $500 per ad campaign
Average CPC (Cost Per Click) $1
Average CPM (Cost Per 1,000 Impressions) $10

If you want to successfully leverage TikTok, you can’t regurgitate the same content your competitors are putting out. Our team performs extensive market research to create innovative TikToks that resonate with your audience.

X (Twitter)

Average Management Cost: $450 to $1,600 per month; for social media marketing, expect monthly costs from $900 to $1,600
Average CPC (Cost Per Click) $1.35 (for Promoted Tweets); $2.50 to $4 per follower (for Promoted Accounts); $200,000 per day (Promoted Trends)
Average CPM (Cost Per 1,000 Impressions) $6.46

X (Twitter) can be a great way to build an intimate connection with your audience. Our team will create content that helps you build followers that later convert into clients or customers for your business.

LinkedIn

Average Management Cost: $500 to $2,500 per month
Average CPC (Cost Per Click) $5.26 (Sponsored Post)
Average CPM (Cost Per 1,000 Impressions) $6.59
Other costs $0.80 cost per paid message sent; $0.26 to $0.50 cost per send for Sponsored InMail campaigns

Our team knows from experience what it takes to build and convert a B2B audience, and we can help you do the same with our sought-after LinkedIn marketing services.

Pinterest

Average Management Cost: $900 to $1,600 per month
Average CPC (Cost Per Click) $1.50
Average CPM (Cost Per 1,000 Impressions) $$30

Pinterest is a unique platform in that it’s both social media and a search engine. Our team helps you make the best of both worlds with SEO-optimized Pins that get found by the right audience to increase customers for your business.

YouTube

Average Management Cost: $300 to $3,000 per month
Average CPC (Cost Per Click) $3.21
Average CPM (Cost Per 1,000 Impressions) $9.68
Other cost $0.10 to $0.30 cost per view (CPV)

YouTube is great for educating your audience and pulling the right people into your sales funnel. If you sign up for our PPC management services, our team can help you run video ads that drive traffic and convert.

LYFE Marketing’s Social Media Management Pricing Calculator

Outsourcing your social media marketing comes with varying costs, depending on your chosen agency. Utilize our Social Media Marketing Costs Calculator to choose specific social networks, and by highlighting any combination of them, you can obtain a monthly cost estimate based on LYFE Marketing pricing. This tool provides valuable insights into what’s included in the estimated cost, and you’ll find that LYFE Marketing has value-packed social media management pricing for business owners looking to grow.

Social Media Marketing Costs Calculator

Choose Your Network

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How Much Does It Cost to Pay Someone to Manage Social Media?

Companies and brands manage their social media presence in various ways—hiring freelancers or agencies, employing in-house teams, or leveraging tools and software. Each method comes with its own set of pros and cons.

1

Social Media Management: Freelancer Pricing

Average Cost Pros Cons
$500–$5,000 per month; many freelancers also offer hourly rates with an average of $31. Freelancers offer schedule flexibility, cost-effective solutions, and expertise in social media. They work beyond standard hours to address different time zones, charge only for specific work, and excel in their field while staying up-to-date with the latest trends and best practices. Managing multiple clients can lead to availability and response time issues for freelancers. Compared to full-time employees, freelancers may have lower commitment levels and, as a result, experience higher turnover rates.

2

Social Media Management: Agency Pricing

Average Cost Pros Cons
$1,000 to $5,000 monthly, covering organic and paid marketing across multiple networks. Agencies bring expertise with a team of specialists covering various social media aspects, providing a comprehensive approach to your strategy. Access to premium tools and software is a perk, aiding in optimizing your social media presence and tracking performance. Outsourcing social media management to agencies can be costly for small businesses or startups compared to hiring freelancers or doing it in-house. It may mean giving up some control over your content and strategy. It may also result in communication issues or delays.

3

In-House Social Media Manager Pricing

Average Cost Pros Cons
The annual base salary typically ranges from $47,800 to $70,300, or about $33.80 per hour. Opting for an in-house social media manager gives you better control over your social media strategy and content. They understand the company inside and out. An in-house manager also ensures quick responses to comments, messages, and any alterations in your social media strategy. Hiring an in-house social media manager could be more expensive than outsourcing, factoring in salary, benefits, and training costs. Additionally, an in-house manager intimately connected with the brand might overlook potential areas of improvement or innovative strategies.

4

Social Media Management: Program or Software Pricing

Average Cost Pros Cons
Expect to pay at least $1,000 monthly for a comprehensive platform. Social media management software automates tasks like post scheduling, analytics tracking, and managing multiple accounts. These programs also provide a centralized platform for team collaboration, task assignment, and progress tracking. Social media management platform prices fluctuate depending on features and user count. Furthermore, integrating a new platform may entail a learning curve. Certain platforms might have limited customization options.

What It Would Cost to Do Social Media Management In-House

Hiring an in-house social media manager is costly, given the average $70,000 salary plus additional expenses like office space, tools, training, and benefits.
Maintaining a social media channel requires at least one hour of work daily. An in-house social media manager should aim to create valuable content twice a week, in addition to addressing inquiries and participating in industry discussions.

The good thing is that an in-house team can handle these tasks using free or cost-effective professional-grade tools, fostering collaboration in creating branded posts.

What Are the Best Social Media Management Tools, Programs & Software?

You can choose from various social media management tools offering unique value. Below are 10 of the most popular ones:

Hootsuite: Best for managing multiple platforms

Hootsuite is a comprehensive platform enabling post scheduling, analytics tracking, and team collaboration. It consolidates social media management across various accounts and networks, trusted by over 18 million users and 800 Fortune 1000 companies.

Buffer: Best on a budget

Buffer offers a simple and cost-effective social media scheduling tool, perfect for small businesses or individuals. Users appreciate its user-friendly interface, responsive customer support, and valuable content.

Sprout Social: Best for analytics

Combining scheduling, monitoring, and analytics, Sprout Social stands out with its customer relationship management (CRM) features and insightful reports.

SocialPilot: Best for multiple industries

SocialPilot simplifies scheduling and analytics in an affordable dashboard, making it ideal for agencies with multiple team members and diverse clients. It also curates content from various industries.

Later: Best for Instagram accounts

Later focuses primarily on Instagram, featuring a visual content calendar for easy scheduling. Its strength lies in visual planning; it also offers a free link tool for Instagram profiles.

CoSchedule: Best in social media calendar

CoSchedule organizes all marketing projects in one place, suitable for marketers who want a centralized platform. The ReQueue feature optimizes posting times and fills schedule gaps.

Zoho Social: Best collaboration tool

Zoho Social is an intuitive tool designed for seamless social media management. It integrates well with the Zoho ecosystem, connecting users with various CRM and marketing tools.

eClincher: Best in management

eClincher offers features like auto-posting, smart queues, RSS feeds, a media library, and influencer search, providing a comprehensive social media management experience.

Sendible: Best for agencies

Tailored for agencies, Sendible offers customizable dashboards to attract clients. Impressive integrations, including Canva and YouTube search, enhance its capabilities.

HubSpot: Best all-in-one inbound marketing software

HubSpot integrates social media management into its all-in-one marketing software, allowing you to compare results across different channels and measure social ROI.

How Much Does a Social Media Management Company Cost?

Looking to outsource social media management? Social media management company costs vary based on your business size and work scope. Here are some general price ranges:

Small businesses: $500 to $2,500 monthly

Medium-sized businesses: $2,500 to $7,500 monthly

Larger corporations: $7,500 to upwards of $20,000 monthly

The cost includes the expenditures incurred in generating content, running advertising campaigns, and getting software services for managing social media presence.

LYFE Marketing provides efficient and cost-effective social media management services.

Social Media Management Services

Our monthly management fees range from $750 to $1,550, depending on the number of channels and posts we handle for you. This fee covers our services and ensures you have a dedicated, skilled social media manager overseeing your campaign. Our fee only covers our services, not advertising expenses for paid social media ads. This gives you complete control over your advertising budget, allowing you to make strategic decisions to enhance your online presence and engagement.

Advertising Solutions

You can allocate an advertising budget to boost your social media growth. We will handle the development and management of your advertising campaign. Although we suggest a minimum of $150, investing more usually leads to better results. There are no charges for your advertising budget; it’s entirely up to you.

Transparent Pricing Structure

For our services, there is a one-time setup fee of $300. The fee includes setting up analytics and social media systems, creating advertising accounts and pages, and launching your campaign.

When you opt for our social media management services, you unlock a host of valuable features:

Dedicated Account Manager

Once you kick off your campaign, a personal Account Manager is assigned to work with you, aligning your social media goals with a tailored strategy for success.

24/7 Analytics Updates

Receive monthly reports from your Account Manager, keeping you abreast of your social media growth and campaign performance.

Custom Content Creation

Enjoy content curated specifically for your business, designed to inform, engage, and inspire your audience. We blend diverse content types to resonate with your target demographic, ensuring they grasp the essence of your brand.

Pre-Approved Content Integration

Share your pictures and videos with us for optimal campaign impact. If you’re short on media, no worries—we delve into your industry, providing relevant content while you focus on running your business.

Social Media Follower Growth

We ensure heightened visibility for your brand’s social profiles by using paid advertising and organic methods.

Social Media Advertising

Our team handles the creation, monitoring, and optimization of your social media advertising campaigns, targeting potential buyers for maximum impact.

Brand Reputation Management

Timely and strategic handling of all brand mentions, reviews, and comments to fortify your online reputation

Monthly Strategy Calls

Schedule monthly calls with your Account Manager to discuss current results and steer the direction of your campaign effectively.

LYFE Marketing’s social media management pricing plans are flexible and customizable, allowing you to choose a plan that perfectly aligns with your business goals and budget.

LYFE Marketing is a full-service digital marketing agency that extends its expertise beyond social media. We can seamlessly integrate other crucial marketing aspects, including Google Ads, email marketing, short video marketing, and more.

You save time and money by consolidating your marketing needs under one roof. Rest assured, our team adheres to industry best practices, ensuring positive results aligned with your brand, target audience, and business goals.

How to Know Which Is Best for You: Freelance, Agency, In-house, or Software?

Let’s break down the best fit for each based on different business scenarios.

Freelance

  • Best for small businesses and startups with limited budgets or specific projects
  • Freelancers offer flexibility and often cater to specific needs without breaking the bank.

Agency

  • Ideal for small to medium-sized businesses with a comprehensive social media strategy and budget
  • Agencies provide abundant experience and expertise and can handle multifaceted campaigns to boost your brand’s online presence.

In-House

  • Suited for businesses wanting complete control over their social media strategy and resources
  • This option ensures hands-on management and immediate response to any social media needs.

Software

  • Great for streamlining social media management for businesses of all sizes
  • This option allows for economical and efficient scheduling, tracking, and analytics, making social media management more organized and less time-consuming.

Consider these factors to make the right choice for your situation:

  • Limited time? Consider a freelancer, agency, or software tool to maintain an active social media presence without wasting too much time.
  • Craving full control? An in-house social media manager is your best bet. If delegation is more your style, a freelancer, agency, or software tool might suit you better.
  • Tight budget? Opt for a freelancer or a cost-effective software tool. Have a more substantial budget? An agency or an in-house social media manager can offer comprehensive services.
  • Need high expertise? An agency or an in-house manager might be your go-to. While freelancers can also provide expertise, the quality can vary.
  • Managing multiple accounts? An agency or a robust software tool might be necessary. For smaller operations, a freelancer might be sufficient.

To find the best choice for your business, try experimenting with different options that suit your specific needs and circumstances.

Common Social Media Management Packages

Navigating social media management can be overwhelming with the various packages, each tailored to different needs and budgets.

What common social media management pricing packages are included in the different tiers?

To simplify your understanding, let’s break down the standard tiers and what they typically offer.

Basic Package
Intermediate Package
Advanced Package
Social media strategy development Includes everything in the Basic package Includes all features of the Intermediate package
Content creation for a limited number of monthly posts More monthly posts Even more monthly posts
Basic analytics and reporting Engagement and community management (responding to comments, messages, etc.) Advanced analytics and reporting
Social media advertising Social media account setup and optimization
Crisis management
Basic Package
Social media strategy development
Content creation for a limited number of monthly posts
Basic analytics and reporting
Intermediate Package
Includes everything in the Basic package
More monthly posts
Engagement and community management (responding to comments, messages, etc.)
Social media advertising
Advanced Package
Includes all features of the Intermediate package
Even more monthly posts
Advanced analytics and reporting
Social media account setup and optimization
Crisis management

It’s important to note that these are general examples, and actual services may vary by provider. Some providers may offer additional services, such as event-based posting, custom schedules, or white-label solutions.

For instance, LYFE Marketing offers three distinct social media management tiers:

  • GOOD PLAN
    $750/ monthly
    • Image Posts
    • Facebook & Instagram
    • 12 Posts Per Month
    • Page Monitoring & Responding 
    • Sponsored Posts & Follower Ads
  • BETTER PLAN
    Featured
    $1350/ monthly
    • Vertical Videos
    • Instagram & TikTok
    • 12 Posts Per Month
    • Page Monitoring & Responding 
    • Sponsored Posts & Follower Ads
  • BEST PLAN
    $1550/ monthly
    • Vertical Videos
    • Instagram & TikTok
    • 20 Posts Per Month
    • Page Monitoring & Responding 
    • Sponsored Posts & Follower Ads

If you’re interested in LYFE Marketing’s offerings, reach out for a free quote tailored to your needs.

Hidden Social Media Management Costs

Understanding and knowing your monthly marketing expenditures should be straightforward in an ideal world. However, if you opt for the services of a social media management agency, additional charges come into play. Let’s delve into the potential costs.

Social Media Advertising Costs

Paid social media ads cost money, including expenses related to creating the ad, paying for clicks or impressions, and targeting specific demographics. The cost varies depending on the platform, the target audience, and the type of ad used.

Influencer Costs

When working with influencers for brand promotion, you must consider their fees, which vary depending on the influencer’s reach and engagement.

Onboarding Fee Costs

Social media management companies may charge an initial onboarding fee, including setting up accounts, developing a strategy, and creating content. The fee is usually a one-time charge for new clients.

Additional Channel Costs

Additional fees may apply for those requiring the management of more social media channels than what’s included in their package. As an example, X charges businesses for access to its API.

Posting Frequency Costs

Some packages restrict the number of posts allowed per month. Should you wish to post more frequently, an upgrade to your package may be necessary. Increased posting frequency leads to more fees.

User-Generated Content (UGC) Costs

To effectively leverage user-generated content in your campaign, invest in a platform that can collect and manage it. While UGC is cost-effective, it needs close monitoring for quality and relevance, and compensating users for their content is a priority.

Video Content Creation Costs

Developing high-quality video content can be expensive, often requiring professional equipment and editing software.

Channel Upgrade Costs

Paid social media upgrades like Facebook’s Meta Verified Subscription offer additional features that can improve business visibility. Still, they come at an extra cost and add to overall social media management expenses.

Customer Support Costs

Using social media for customer support may require hiring more staff or investing in a dedicated customer service platform as your presence on social media expands, and the number of inquiries and support requests increases.

Photo or Video Editing Software and Equipment Costs

Quality photo or video editing software is a necessary investment for creating visually appealing content. Professional editing software remains essential even if you’re not generating your video content. However, this software can be expensive and require additional equipment, such as a camera or microphone.

Take note that not all businesses may incur these costs. Nonetheless, it’s important to factor in these elements when budgeting for social media management to prevent unforeseen expenses.

What Do Social Media Management Services Include for Different Budgets?

Social media management pricing is determined by several factors influencing the cost of services. Each service is designed to cater to distinct requirements, with a range of prices for additional features or extra platforms.

Posts

The core functionality of social media management services revolves around the ability to post and schedule content across your accounts. However, the number of posts you can schedule can vary among providers.

Accounts

While post count is significant, expanding your strategy necessitates considering the number of accounts you can access. This factor is pivotal in deciding on a social media management agency.

Users

Utilizing a social media management tool with multiple user options is essential for involving more individuals in content posting. Entry-level plans often only permit one user, which may limit your backup.

Features

The features offered by social media management services are as varied as their prices. Your decision-making process hinges on defining your social media goals. Most services streamline marketing, monitoring, and analytics, with the cost reflecting the specific features you require.

Social Media Platforms

Social media management companies can manage accounts on Facebook, X, TikTok, Instagram, Pinterest, LinkedIn, and other platforms. However, managing multiple platforms comes at a higher cost. Some companies offer add-ons for additional platforms, while others specialize in specific platforms requiring separate services.

That being said, the core services remain consistent across various budgets, such as:

  • Building a social media content strategy
  • Growing and managing online communities
  • Launching paid social media campaigns
  • Protecting a brand’s reputation on social networks
  • Social moderation
  • Managing contests and giveaways
  • Crafting a social media content schedule

What do you get for a $500 budget?

For $500 a month, you can get basic social media management services, including:

Profile Management

Content Creation and Scheduling

Community Engagement

Basic Analytics and Reporting

What do you get for a $2,500 budget?

For a monthly budget of $2,500, you gain access to advanced social media management services, including:

Strategic Social Media Planning

Content Optimization and Experimentation

Targeted Social Media Advertising

Regular Analytics and Reporting

Social Media Listening and Monitoring

What do you get for a $5,000 budget?

With a monthly budget of $5,000, you can unlock even more comprehensive services that include everything in the $2,500 package and more:

Custom Content Development

Social Media Influencer Marketing

Social Media Crisis Management Plan

Advanced Analytics and Benchmarking

Social Media Training and Workshops

How to Decide Which Budget Is Right for You

Determining the appropriate budget for social media management involves considering several key factors:

Business Size: The scale of your business impacts your budget requirements, with larger enterprises typically having more complex social media needs and more substantial budgets than smaller businesses.

Social Media Goals: Your budget should align with your social media goals. For basic presence and audience interaction, a modest budget may suffice. However, more ambitious goals, like boosting brand awareness or driving sales, necessitate a larger budget to support these endeavors.

Resources: Assess the resources at your disposal. If your team can handle some social media tasks internally, you might not require an all-encompassing service.

Time: If time constraints prevent you or your team from managing social media effectively, investing more in professional management services becomes worthwhile.

Expertise: Lack of expertise in social media management could warrant an investment in professional services, ensuring a more fruitful return on investment.

Remember that ROI is critical. A more expensive service may result in better returns and increased customer engagement. Strive to find the balance that aligns with your business goals and resources.

What’s the Minimum Budget You Need for Social Media Management?

The cost of social media management hinges on several factors, including business size, work scope, experience level, goals, and the number of networks used. A minimal budget of $500 is sufficient for a basic social media management program. A recommended budget for small businesses is typically 5–10% of their anticipated revenue.

Top-rated social media marketing services, like LYFE Marketing, begin at $750 per month. With this, you receive 12 posts monthly across your business Facebook and Instagram accounts. While cheaper services are available, it’s essential to remember the principle of “you get what you pay for.” Investing in a reputable service often yields more robust results.

How to Create a Budget for Social Media Management

Creating a realistic social media management budget involves considering the following tips:

Define Your Business Goals

Clarify your primary goals for your social media presence: increasing brand awareness, driving website traffic, generating leads, growing your audience, or enhancing community engagement. Your goals play a pivotal role in determining your budget.

Evaluate Your Team’s Skillset

Determine if you already have in-house expertise or if outsourcing is necessary. The extent of subcontracting influences the required budget.

Allocate a Percentage of Your Sales (Established Businesses)

A common practice is allocating a percentage of sales to the social media budget. While the exact percentage varies, a typical recommendation falls within 10 to 20% of the marketing budget.

Consider the Stage of Your Business (Budget for Startups)

Startups with potentially lower budgets can leverage social media as a cost-effective method to build awareness and drive growth. Emphasis may be on organic social media strategies, focusing on audience building without relying heavily on paid advertising.

Remember to review and adjust your budget as needed regularly. Social media rapidly evolves, and ensuring your budget aligns with your current goals and strategies is crucial. Adaptability is vital to optimizing your social media investment.

The Dos And Don’ts Of Creating A Budget

Do set clear goals.

Do evaluate your resources.

Do consider all costs.

Do monitor and adjust your budget accordingly.

Do identify and prioritize your core platforms.

Don’t ignore hidden costs.

Don’t overlook engagement.

Don’t overestimate your budget.

How Much Will Social Media Management Make for My Business?

Expected ROI of Social Media Management Services

Calculating your social media ROI involves aligning collected data with your goals. Key social media ROI metrics include impressions, engagements, and link clicks. Compare these metrics with the cost of your campaign to determine your ROI.

Here’s a simple formula:

Social media ROI = ((Value generated from social media – Costs of social media investment) / Costs) x 100

An ROI percentage greater than 0 indicates that your social media efforts have yielded more value than the resources invested. However, this formula may not be as effective if you’re not dealing in monetary values on both ends, a common scenario in social media.

For instance, if your social media ROI is monetary, your Key Performance Indicator (KPI) should reflect how well you meet your targets. When focusing on customer-centered activities, an improved social media ROI could manifest as increased engagements, extended reach, and enhanced consumer loyalty.

Remember that actual ROI can vary based on factors such as the effectiveness of your social media strategy, audience engagement rates, and the overall impact on your business. It’s a dynamic metric influenced by various elements.

How Can I Get an Above Average Return on Investment (ROI)?

To make the most out of social media management pricing, you can enhance your social media marketing ROI with these additional tips:

  • Optimize Posting Frequency: Increase engagements by posting multiple times a day. This ensures your content reaches the right audience, maximizing your social media investment returns.
  • Improve Engagement Metrics: Boost social media engagement through strategic practices like posting at optimal times, using eye-catching visuals, and crafting compelling copy.
  • Mine Your Social Data: Analyze your social dashboards thoroughly to grasp your performance. The more data you have, the easier it becomes to amplify your reach and achieve a better ROI.
  • Test Campaigns: Before fully committing to a campaign or ad type, save time and money by conducting a test. This is crucial for paid ads, like those on Facebook, to avoid budget overruns.
  • Tap into Social Commerce: Leverage the rising trend of social commerce. This seamlessly connects product research on social platforms with actual purchases. Engaging in commerce on social media visibly ties social engagement to retail success, making your ROI more evident.
  • Partner with LYFE Marketing: We’ve spent less than $38 million dollars and made more than $272 million dollars back for our clients. We know what it takes to get an above average return for our clients because we do it every day!

Social Media Platforms with the Best ROI

The top four (and a bonus) social media platforms that outperform others in terms of ROI are:

Instagram

Instagram claims the top spot for ROI. It offers various options for both organic and non-organic content, including Instagram Ads and branded content. Instagram is also known for its eCommerce features, making it a powerful tool for business growth. Influencer marketing is particularly successful on this platform.

YouTube

YouTube is a massive platform with over 2 billion viewers and 34 billion monthly visits. YouTube is the central hub for long-form content, which is highly effective on social media; over half of marketers recognize this. Plus, YouTube’s popularity spans diverse demographics.

Bonus: LinkedIn

LinkedIn may not be the top channel for ROI, but it’s an effective platform for lead generation and nurturing. LinkedIn offers a variety of tools, such as Sponsored Content, Sponsored Messaging, and Text or Video ads that can help your business improve its ROI.

Facebook

Facebook is the most popular global social media platform, with over 200 million businesses. It’s a great platform with various advertising options, such as News Feed ads, Messenger, and video formats. Facebook Lead Ads allows marketers to collect leads without leaving the platform. The algorithm identifies similar audiences likely to convert, resulting in a positive ROI.

TikTok

TikTok has become a major social media phenomenon, reminiscent of Facebook’s rise in 2012. Unsurprisingly, it boasts one of the highest ROI among social platforms, making it a top choice for marketing teams worldwide. TikTok’s emphasis on interactive video content provides marketers with effective tools to enhance engagement and, consequently, increase ROI. The platform’s diverse audience includes thousands of influencers spanning various niches and industries, offering businesses the opportunity to collaborate with authentic individuals who can endorse and validate their products.

Instagram

Instagram claims the top spot for ROI. It offers various options for both organic and non-organic content, including Instagram Ads and branded content. Instagram is also known for its eCommerce features, making it a powerful tool for business growth. Influencer marketing is particularly successful on this platform.

YouTube

YouTube is a massive platform with over 2 billion viewers and 34 billion monthly visits. YouTube is the central hub for long-form content, which is highly effective on social media; over half of marketers recognize this. Plus, YouTube’s popularity spans diverse demographics.

Facebook

Facebook is the most popular global social media platform, with over 200 million businesses. It’s a great platform with various advertising options, such as News Feed ads, Messenger, and video formats. Facebook Lead Ads allows marketers to collect leads without leaving the platform. The algorithm identifies similar audiences likely to convert, resulting in a positive ROI.

TikTok

TikTok has become a major social media phenomenon, reminiscent of Facebook’s rise in 2012. Unsurprisingly, it boasts one of the highest ROI among social platforms, making it a top choice for marketing teams worldwide. TikTok’s emphasis on interactive video content provides marketers with effective tools to enhance engagement and, consequently, increase ROI. The platform’s diverse audience includes thousands of influencers spanning various niches and industries, offering businesses the opportunity to collaborate with authentic individuals who can endorse and validate their products.

Bonus: LinkedIn

LinkedIn may not be the top channel for ROI, but it’s an effective platform for lead generation and nurturing. LinkedIn offers a variety of tools, such as Sponsored Content, Sponsored Messaging, and Text or Video ads that can help your business improve its ROI.

Questions to Ask When Hiring a Social Media Professional

  • How many years have you worked in social media management?
  • Can you share examples of successful social media campaigns you’ve contributed to?
  • What is your approach to measuring success in social media?
  • Which social media platforms are you most adept at using?
  • Can you outline your process for creating an effective social media campaign?
  • How do you handle negative comments or navigate a social media crisis?
  • Do you stay abreast of social media trends and updates? Share your approach.
  • What actions would you take if your social media strategy doesn’t yield desired results?

Common Benefits of Social Media Management for Businesses

Here are six key advantages of social media management for businesses:

  • Enhances online branding
  • Drives web traffic
  • Cost-effective advertising
  • Improves customer communications
  • Access to feedback and insights
  • Amplifies brand awareness

Not every social media agency includes all of this with their services! At LYFE Marketing, we pride ourselves on offering value-packed services at a great price.

Social Media Management Pricing FAQs

How much does it cost to pay someone to manage social media?

Managing social media costs vary widely, typically from $500 to $5,000 monthly.

What is a reasonable price for social media management?

A reasonable social media management price falls between $750 and $1,550 monthly. Factors like business size, work scope, and the manager’s experience influence the cost.

How much do small businesses spend on social media management?

Allocate about 8.7% of your small business’s annual revenue to marketing, with 12-18% for social media, depending on your business and industry.

How much does it cost to hire a social media marketer?

Freelance social media marketers charge $50 to $80 per hour. Social media managers’ average annual base salary is around $72,000+.

How much does it cost to outsource social media management on a small budget?

Basic outsourced social media management can start at $500 for tight budgets.

What is included in a social media management package?

A basic social media management package includes social media strategy development, content creation, and basic analytics and reporting. LYFE Marketing’s services include a dedicated account manager, 24/7 analytics reporting, custom content creation, pre-approved content, monthly reporting, and more.

How much should a small business pay for social media management?

Small businesses can expect to pay $500 to $2,500 monthly for social media management.

How much does a SMM package cost?

A SMM package (social media management package) costs anywhere from $500 to $2,500 a month depending on the scope of work, the amount of platforms being managed and what is included in the package.

Is it worth paying for a social media manager?

Yes, a social media manager is worth paying for so long as they have experience and a track record for generating ROI like LYFE Marketing has.

How much do people charge for social media management?

People charge anywhere from $500 to $2,500 a month for social media management.

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