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In the competitive marketing landscape, it’s important to spread your online presence, especially on social media. People spend most of their time surfing on various social media. Hence, all the businesses are focusing solely on marketing their business on it.
To get the best out of your social media account, you need to hire an expert or a professional service. A professional service can implement advanced strategies and bring you the success you desire from your social media marketing channel.
When you plan to choose a service or agency, the first thing you have to do is compare the social media management pricing. Here, we will discuss all the nits and grits of social media management packages and prices.
Without wasting any time, let’s get right into it.
What Does Social Media Pricing Package Means?
Simply put, the social media pricing package means a bundle or collection of services that are offered by an agency or firm to elevate social media presence.
These bundles are a combination of marketing services that are designed to manage your social media and help it grow. Usually, in these pricing packages, it’s a combination of different services that cater towards launching, managing, and marketing your business.
Most companies provide these services for all social media platforms to universally enhance your online presence.
What is Included in Social Media Management Pricing Plans?
Every social media management process involves several different services. Different companies and agencies, combine these services in a package and then provide them with different pricing plans.
The services you can expect from these companies will vary based on their preferences and packages. Some companies provide a complete all-in-one social media solution in a single package. And some companies choose to scatter their services and focus on a specific part of social media.
Whatever it is, most social media management will provide the following services regardless of their package and pricing style.
- Content creation: Creating content is the key material of promoting a business on social media.
- Posting: Organizing and posting content on social media with proper scheduling is crucial for SMM.
- Community management: Managing a community through responding to comments, and messages.
- Social media ads: Reaching a wider target audience through creating, managing and posting paid ads.
- Analysis and reports: Keeping track of your social media engagement, reach, growth, and ad performance is important.
Social Media Strategy Cost
The whole process of managing a social media account starts with developing a strong strategy for it. A strong strategy can make a world of difference when it comes to promoting a business.
Services with experience in developing fruitful strategies can cost from $60 to $200 per hour. For projects, you can expect to pay around $500 to $2000.
Social Media Management Cost
Managing social media for a business has three major functions that include content scheduling and posting, managing the community and analytics.
Scheduling content and posting it is a very basic activity which can cost about $25 to $80 depending on the company. Managing a community for the business costs about $30 to $300 per hour. And for the analytics, it can go from $30 up to $200 per hour.
Social Media Content Creation Cost
Content creation for social media is the most important factor for growing a business. Contents come in different forms that include written content, video content, graphics and images.
For written content, the cost can go from $30 to $200 depending on the content quality and experience of the company. Graphics and image content prices usually range from $20 to $250 per piece.
Video contents take a lot of time and effort to produce which is why the cost can get pretty high. It can start from $200 and based on the production budget, it can go as high as $5000. In modern days, video content is the most engaging and convincing.
Social Media Ad Campaign Cost
No matter how much effort you put in, the best results for online marketing always come from paid ads. It’s a great way to reach a much wider audience where people get to know more about your business.
Each ad campaign for social media accounts can cost from $300 to $2000. The cost depends on how long the campaign will run and how much engagement you expect from the ads.
Customer Retention and Community-Building Cost
Retaining customers and building a community around your business is all about engaging with them. Creating that engagement requires a lot of work and using strategies that involve the customers in your business.
The strategies and activities in the service cost around $50 to $200 per hour based on the range of services a company provides.
Social Media Management Pricing Structure: Ways to Charge
Companies and agencies use various methods for creating their pricing plans for social media management services. Here we talk about 4 different ways to charge for managing social media accounts.
1. Charge for an Hourly Rate
Agencies and freelancers who are just starting out with these services tend to charge on an hourly basis. Since they don’t have that reputation or experience to showcase, or any trustability with clients prefer to pay them based on how many hours they put in.
The rate usually follows an industry standard of $25 to $40 per hour. With experience, the hourly rate can even go up to $300.
2. Monthly Retainer Pricing Model
Charging a monthly fee for services is also a great way to approach social media management plans and pricing. Here, the companies or freelancers charge a certain fee every month regardless of how many projects they do or how many hours they put in.
A great thing about this model is that you are at least secured with a client for a month. Also, there is the security of payment for one month with this method.
3. Project-Based Pricing Model
This is a great pricing model for agencies and freelancers who work on large projects. For instance, developing a complete social media ad campaign, launching a brand or even promoting a product from start to finish.
Usually, the prices in these models are based on the complexity, length and range of the project. Also, the kind of services they provide to complete the project is also a factor in determining the price.
4. Package-Based Pricing Model
Pricing for social media management services based on packages is one of the most efficient ways to set prices for your services. Offering various services in a bundle form through different packages is suitable for clients who need some specific set of services.
This is great for giving you as clients an option to choose your preferred services altogether. Whether you have a small business or a large business, you can get all your desired services in a single package for an affordable price.
How Much Does a Social Media Marketing Agency Cost?
If you are planning to go with an agency for managing the socials of your business, then the pricing can go from $500 to $5000. It mostly depends on the agency and its preferences.
Based on user data from more than 228 agencies, it turns out that, about 33% of the agencies charge between $1500 to $3000 every month. And about 12% of agencies who are well-reputed in the industry charge about around $5000 for their services.
How Much Does Social Media Management Freelance Pricing Cost?
Agencies can charge you a lot for their services as they have a team to run and they have much higher costs to operate. That’s why, a much more cost-effective solution with a similar level of expertise is to hire a freelancer.
Hiring a freelancer can cost you somewhere around $300 to $10000 monthly, depending on their experience, skills, and services. Typically, you can find freelancers who manage social media accounts for $500 to $2000 per month regardless of the project duration.
How Much Does Social Media Management Software Cost?
Don’t want to rely on anyone? Then, there are plenty of social media management software out there. Different software comes with various pricing plans. Most of these applications have monthly social media management pricing packages set for small businesses or individuals.
The prices depend on the functionalities and features available from the software. Prices can start from $200 and go up to $500. Some software companies also provide custom pricing quotes for their personalized preferences.
Factors to Consider When Selecting on Social Media Manager Pricing Guide
When choosing a social media manager option, you have to consider several factors to get the best prices for your needs.
Here, are the factors that can help you find the perfect social media manager package pricing for your preferences.
● Know the worth
First of all, you have to know the worth of all the agencies and services to find out who is at the top. Always remember, the top services and agencies, can always bring you the results you desire from them. So, knowing the worth of the agency or freelancer is crucial.
● Research the competition
Learn about the head-on competition of these services. Find out the best agencies and competitors who are battling it out in the market to provide social media management services. This should give you an idea of the facilities and pricing of these services.
● Check social media manager pricing packages
Figuring out the pricing packages is important to compare the companies and see which one fits your needs the best. See the pricing of particular services that your chosen companies or freelancers are offering.
● Consider your needs
Just knowing the prices can’t cut it out for you, because considering the needs is also important as prices vary based on services. Determine what social media management services you need for your business. Decide whether you want to take complete services or particular services.
● Think of your budget
Budget is a big concern in choosing the right kind of management service. Social media management pricing for small businesses needs to be lower compared to a larger business. So, if you have a small business, have a tight budget and choose agencies that provide services within a budget. But if you have a large business don’t bother about the budget.
FAQs about Social Media Management Company Pricing
If you are still struggling to understand the social media management package pricing, then here are some questions to clear up your confusion.
What is Social Media Called?
Social media is a variety of technologies that help in creating and sharing ideas, thoughts, and information among users.
What are the main components of social media?
There are five main components to social media which are listening, content creation, community management, promotion, and measurement.
What are the 4 C’s of social media?
The four C’s of social media marketing are content, connections, communication, and community.
Conclusion
In the end, determining the right social media management pricing is the key to getting the best ROI from these services. If you can’t find the right price for the right services, you will eventually stay behind in the competition.
For the most part, the costs range from $500 to $5000 based on services, agencies and length of the projects.
So, if you are planning to hire an agency or service, make sure to consider all these and compare the prices.
