Social media is recognized as the third most popular marketing strategy currently being used to reach out to consumers worldwide. That may be because an estimated 60% of users are likely to act positively on a product or service they hear about from a friend on a social networking site (according to a report published by Nielsen and NM Incite). It’s no wonder then that businesses are making the most of social media!
However, if you don’t adopt the right strategies, the medium can turn into a cash guzzler. So it’s important to be properly managing and budgeting for social media marketing. After all, how can you truly measure your marketing strategy’s success if you don’t even know it’s true cost?
Before you commit to any social media marketing plan, your first step should be drawing up a budget for it. The following are the key areas you must allocate funds for: