By Innocent Mushamba
IN the wake of the digital age, social media marketing is a commanding way for various businesses to reach prospects and customers. One of the easiest ways of starting an online business is through social media marketing. The easiest thing to do is to start by looking at what other people are charging.For your pricing, here’s what works:
- Start by determining your overhead expenses.
For instance, rentals, phone bill, internet, software, hiring costs. How much do you need to actually do the work and meet your deliverables comfortably?
On hiring costs, the question is, if you were working formally at a company, how much would they pay you to manage their social media? Whatever you are going to charge cannot be lower than that.
Secondly, if you were to outsource, how much would the people you can work with be charging for their services? And do they give the same value? You have to know enough about social media marketing to know what to expect, then include that in your budget.
Make sure you know your base costs. This will help you see if a client is worth pursuing.
- Determine your deliverables
When a client asks you for social media management, you have to determine what they actually want. You should bill for deliverables. Here’s a couple:
- Strategy (Platform audit, plan on how to meet business goals, creative campaign direction)
- Community management (Posting, responding to enquiries, engaging audiences with business account through comments and direct messaging, page growth)
- Content Creation (Graphic Design,photography, video shots and editing)
- Paid Media (Budget to boost posts and run paid ads. This money goes to platforms like Facebook, so include an ad management fee which can be a percentage of the total ad budget or a flat fee that you determine)
- Have standard rates for each, and create a cost sheet or rate card.
- Determine a total price that works for you and your client
This is where industry standard applies (when you are starting out and your value proposition is building up). There is always a price that clients expect. Your job is to show value and let them see that their money is an investment, something that brings value to their business. That is how you can determine your pricing for social media marketing.