Social Media Spending: Not Just for Large Corporations Anymore

Here’s a question for you: Do you have a social media budget?

If you answered no, you’re not alone. The SMB Group Social Business Study 2012 revealed that many small businesses don’t set aside any money for social media. According to a report by Small Business Trends, those that do budget for it usually allocate between $1,000 and $2,499 a year.

It’s understandable that new small businesses might try to leverage social media without spending money. However, investing strategically could pay off. Social media can help you connect with potential customers, generate leads, gather feedback for new products or services, recruit employees, and manage your company’s reputation.

Before you can budget effectively, you need a solid social media strategy. If you’re just winging it, spending money isn’t wise. Once you have a plan and can track your results, even a modest investment can boost your campaign.

It may also help to assign social media duties to a specific team member, ensuring that your efforts are consistent and trackable. This doesn’t mean you need a new hire or a full-time position; reallocating tasks within your team can often do the trick. And if you’re handling it solo, be sure to manage your time effectively.

Not sure where your audience is or how to craft the perfect Tweet? Consider investing in a social media expert to help with branding and messaging.

Lastly, consider using part of your budget for social media promotions. Platforms like Twitter, Facebook, and LinkedIn offer paid options to boost your messages. Remember, targeting is key; without it, you might end up wasting both time and money.