Budgets. They are always a thorn in the side for social media teams who often have to work with minimal budgets to meet big expectations.
The key to spending your social media budget efficiently is first to know exactly what your budget is, and then to put together a well-thought-out and organised plan.
In this blog post, I will outline three ways you can organise your global social media budget to try to ensure the best possible return-on-investment.
1. Decide your social media strategy
There are four popular strategies that people nowadays do with social media: organic social media, paid social media, social selling and influencer marketing. Organic social media is one strategy that you absolutely must do, no matter what. How you choose to split your budget amongst the rest will depend on your budget and your goals. Be aware that paid social media and influencer marketing are both expensive. However, whilst social selling is cheaper, you may end up spending a lot of time on it. Make sure to consider both the financial and time costs when deciding which strategies to prioritise.
2. Decide which countries and regions you want to prioritise
Not every country can have the same amount of budget. When deciding which countries should get the most budget, consider which countries you have content for in the local language, and prioritise those. Other things to bear in mind are how well you know each market’s buyer personas (the more you know, the better), whether you have a local team (prioritise countries with a local team), and how many followers you have in each country (you should have a minimum of 1,000 local followers before opening a local account).
3. Decide which social media platforms you want to prioritise
Firstly, figure out what your priority is. Secure a good part of your budget pot for the channel that has been consistently driving traffic and bringing engagements. Next, identify the platform that you do not want to invest in. Basically, whichever platform does not give you much in terms of traffic, leads or proper business conversions should not have a lot of budget behind it. Finally, the rest of the money should go to new opportunities (i.e. the platforms that fit your 2020 plans as a company) and social media trends (i.e. the platforms with the trends you want to jump on).
I hope this blog post has given you a useful introduction to how to organise your global social media budget. For more in-depth information, read my free, full-length guide here. The guide covers:
- how to determine the right social media strategy for your budget
- how to prioritise which countries and regions to spend the most budget on
- how to prioritise which social media platforms to spend the most budget on
- how to pitch for more budget
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