It can be difficult to measure the effectiveness of a social media campaign. That makes it challenging for businesses to determine how much to budget each year for social media marketing. Don't you wish there was a simple formula you could use to help you figure out the right amount?
There is. But before I tell you the secret formula I've developed to determine your social media marketing budget, let's establish a few ground rules so we can be sure we're all measuring the same thing in the same way:
- There's no point in discussing raw dollar amounts for a social media marketing budget until we agree on how to define what a marketing budget is supposed to accomplish. The goal is to use your resources efficiently. To do that, you need to find a way to measure each social media campaign's effectiveness. If you're spending, say, $5,000 on a campaign that's ineffective, doubling the budget to $10,000 is not going to fix it.