As a business owner, you are constantly trying to estimate costs and prepare budgets in order to manage your cash flow and effectively promote your business. One of the costs that is difficult to pin down is the real cost of social media and also the benefits of putting those costs to work for you.
The following infographic takes a long hard look at the real cost of social media.
The infographic is really helpful in that it not only takes into consideration the cost of social media, but also the benefits that the cost provides for.
Here are the factors to consider when trying to determine the cost of social media.
- Staff Cost
- Advertising Fees
- External Fees
- Other Fees
Depending on the size of your campaign, these costs can add up quickly, so it is vitally important to be acutely aware of the benefits of social media and track the progress of your campaigns to be sure that you are getting a cost – benefit ratio that you are happy with.
Here are the main benefits that you can expect from a well planned social media campaign in order of most important.
- Customer Engagement
- Direct Customer Communications
- Speed of Feedback
- Learning Customer Preferences
- Low Cost
- Brand Building
- Market Research
- Credibility of the “crowd”
- Great Lead Generation
- Customer Service
The infographic goes even further by breaking down the costs and spending habits of Facebook fans and the value of a twitter follower. This is incredibly powerful information as you formulate a social media strategy for your business.
We then look at the return on investment for a social media campaign including two case studies that visually represent the awesome data and show us that the real cost of social media would be in not having a social media campaign.
We hope that you have enjoyed the real cost of social media infographic. Please leave your questions and comments below.