Social media marketing is a huge way many businesses are choosing to market their products or services. In fact, it has been found that over 90% of businesses use social media for marketing purposes. The reason for this is simply because it works. Unlike marketing on an outlet such as billboards or TV advertisements, social media marketing has the opportunity to reach users worldwide in just seconds.

Sounds pretty great, right? The question that many people often ask next is what the cost is for social media marketing. And do costs fluctuate based on the different platforms? We will dive into this and more in this article. 

What is Social Media Marketing?

Social media marketing is the process of utilizing social media platforms to promote and advertise your products or services. This can include creating engaging content, running advertisements, and building relationships with your audience. The main goal of social media marketing is to increase brand awareness, generate leads, and ultimately drive sales.

Benefits of Social Media Marketing

So far we have touched on the fact that social media marketing is extremely beneficial for businesses but here are the three main benefits to keep in mind: 

Market to your target audience

One of the key advantages of social media marketing is its ability to target specific demographics. With the vast amount of data available on social media platforms, businesses can easily identify and reach their ideal customers. This not only saves time and resources but also leads to a higher return on investment.

Build relationships with customers

Another benefit of social media marketing is its ability to foster engagement and build relationships with customers. By creating valuable and relevant content, businesses can attract and retain a loyal following. This also allows for direct communication with customers, providing a platform for feedback and addressing any concerns.

Measurable results 

Social media marketing allows for easy measurement and analysis of results. With the use of analytics tools, businesses can track the performance of their social media campaigns and make necessary adjustments to improve their effectiveness. 

Average Cost for Social Media Management Overall

First and foremost, it’s important to note that the cost of social media marketing can vary depending on your business’s specific needs and goals. However, on average, businesses can expect to spend around $4000-$7000 per month on social media marketing.

This may seem like a hefty investment but it is very important to consider the benefits. Social media is a powerful tool for increasing brand awareness, driving website traffic, and generating leads. Plus, it allows you to reach a targeted audience and track the success of your campaigns.

The cost typically covers the cost of creating and managing social media profiles, creating and posting content, running paid ads, and analyzing results. Depending on your strategy, additional costs may include influencer partnerships, graphic design, and video production.

It’s also important to keep in mind that the cost of social media marketing can increase as your business grows. As you gain more followers and engagement, you may need to invest in more advanced tools and strategies to maintain your online presence.

Average Cost for Social Media Advertising 

The average cost for social media advertising can stem anywhere from $15-$200 each day. This depends on how long you want to run your social media advertisements and the app you are choosing to advertise on. 

The average cost for Instagram advertising

The average cost for advertising on Instagram is between $0.20 to $6.70. For CPC or cost-per-click, advertisers pay $0.20 to $2 per click. 

The average cost for Facebook advertising

The average cost for advertising on Facebook is between $0.26 – $0.30 per click, $1.01 – $3.00 per 1000 impressions, and $0.00 – $0.25 per like. 

The average cost for Twitter (X) advertising

On average, Twitter advertising costs about $0.26 – $0.50 per first action and $1.01 – $2.00 per follow for promoted accounts.

The average cost for LinkedIn advertising

On average LinkedIn advertising costs 2.00 – $3.00 per click, $5.01 – $8.00 per 1000 impressions, and $0.26 – $0.50 per send for Sponsored InMail campaigns.

The average cost for YouTube advertising

On average, YouTube advertising costs $0.11 – $0.50 per view, with businesses typically setting a daily budget of $10. 

Average Price for Social Media Agency 

Social media agencies can cost anywhere from $100-$5,000. This depends on how many social platforms you want to utilize, how many times a week you want them to post, and so much more. 

Average Price for Social Media Freelancers

The average price for a Social Media Freelancer or Social Media Manager is anywhere from $50-$100 an hour. This also depends on how many social platforms you would like to utilize, how many posts per week, etc. 

Average Price for Social Media Third-Party Software

Each social media platform offers all kinds of different features and tools, and most importantly they all come at a different cost. 

We have carefully curated a list of third-party software and how they compare to Metricool based on features and prices. Metricool offers a FREE plan that comes with tons of game-changing features.

From planning social media content on all platforms to posting at the most optimal times, and extensive analytics to measure your performance of your posts.

Although social media marketing comes with a price, we hope that you now know how important it can be for your brand or business as well as the average costs for ads on each platform. 

To learn more about social media marketing as a whole in 2024, be sure to check out our blog linked below: