How much does social media marketing cost?
igning up for an account on a social media platform is free — anyone can create a business Facebook page or a Twitter account. However, social media monitoring can be very time-consuming.
It may also be difficult to find someone on staff who has the experience and knowledge necessary to properly manage your social media accounts. If not executed correctly, a social media campaign can be very costly to your brand.
Adlevel offers social media marketing plans for top social networks including: Facebook, Twitter, LinkedIn, Instagram, and Pinterest. Our plans are a fraction of what it would cost to hire a dedicated social media manager, and you’ll get a fully maintained campaign.
Our experienced and informed staff will help you not only build an effective online presence, but also ensure that it is monitored and updated in a timely manner.
Wondering how much you should expect to pay for social media marketing? Let’s take a look at the cost to market your business on each channel, as well as custom social media pricing from Adlevel.
How much does it cost to advertise on different social networks?
Wondering how much you should expect to pay to advertise your business on social media?
Just like other marketing services, the platforms that you choose to market your business from have a large impact on how much social media costs. For example, you might find that since a specific platform has more users, you’ll pay a little more in ads since there’s more competition for ad space.
Depending on what social platforms you’re interested in marketing on, your campaign cost will vary. Let’s take a look at the price of marketing on each social platform.
Social media pricing: Facebook
With more than 1 billion daily active users, Facebook is one of the most popular social channels. When you market your business on Facebook, you have a good chance to reach at least a portion of your target audience.
It costs absolutely nothing to set up a business account on Facebook. However, if you want to connect with more customers, there are a few paid options for advertising on Facebook.
So how much does it cost to market your business on Facebook?
When you create paid ads on Facebook, you can optimize your ads to achieve a number of goals including:
- Page likes
- Clicks to website
- Website conversions
- App installs
Facebook also offers options for managing your ad costs. For example, you can ask Facebook to give you the best conversions at the best prices, or you can set a budget for your campaigns. In addition, you can choose between CPM and CPC models.
With the CPM model, you pay for every 1000 views of your ad. In other words, every time 1000 Facebook users see your ad, you will pay a specific amount, even if they don’t click on your ads. The average CPM on Facebook is $11.
On the other hand, the cost per click (CPC) model allows you to pay only when people click your ads. Typically, CPC prices are higher, but you will only pay for interested users — people who click your Facebook ads.
CPC for Facebook ads vary, depending on your goals and the audience you want to reach. In 2021, the average CPC for a Facebook ad was $0.44, according to an analysis by AdEspresso.
When creating ads on Facebook, a lot of businesses want to earn more page likes. When creating Facebook ads, you can set earning page likes as the goal for your campaign. In 2021, the average cost per like for these types of campaigns was $0.38.
Facebook also allows you to “boost” existing posts to show your posts to more users, based on the targeting options you choose.
The cost for boosted posts depends on your target audience, as well as the number of people you’re trying to reach. And Facebook uses the CPM model to charge for boosted posts. On average, you can expect to pay $6.35 per 1000 views for boosted posts, according to an analysis by Buffer.
Social media pricing: Twitter
Like Facebook, it’s completely free to set up a business account on Twitter. But if you want to reach more people, you do have the option to pay for Twitter ads. Let’s take a look at a few options.
To get your tweets in front of more people, you can choose to promote them. When you promote your tweets, they will show up as “promoted” in user’s timelines.
Promoted tweets operate on a bidding system, and you will pay based on the engagement they earn for your business like clicks, replies, retweets, and favorites. On average, you can expect to pay $1.35 to promote a tweet.
You can also promote your account, in addition to individual tweets. If you’re looking to boost brand awareness and earn more followers, this is a great option.
Instead of bidding on engagements, you will enter a bid based on how much you’re willing to pay for every new follower. This amount will vary depending on your targeting, but you can expect to pay $2.50- $4 per follower.
If you have a larger marketing budget, you can also choose to promote trends on Twitter. Twitter lists “Trending Topics” to alert users of the most popular hashtags and topics. And promoted trends appear at the top of the list, usually labeled as “promoted.”
For around $200,000 per day, you can place a bid on specific keywords so your promoted trend appears at the top of the list.
You can also use a combination of promoted tweets, accounts, and trends to reach even more Twitter users and help them learn more about your business.
Social media pricing: LinkedIn
Just like Facebook and Twitter, it costs nothing to set up a profile for your business on LinkedIn. However, you have several paid options to help you boost connections and brand awareness.
With LinkedIn, you can create sidebar ads that display next to users’ feeds and pages they visit. These brief ads include a thumbnail image, and they are designed to encourage people to click to visit your website. You can create up to 15 different LinkedIn ads, each including a 25-character headline and 75-character description.
LinkedIn advertising also allows you to target your ads based on a user’s company size, industry, name, job title, category, and seniority.
Like Facebook, LinkedIn offers both cost per click (CPC) and cost per 1000 impressions (CPM). With the CPC model, you pay every time someone clicks your ad. While the minimum bid is $2, LinkedIn recommends that you bid at least $5.55 – $9.33. You can also set a daily budget of at least $10 and set your ad to run indefinitely or until a certain date.
If you decide to use the CPM model, you must submit a minimum bid of $2, but LinkedIn suggests you bid at least $2.85 – $4.62.
Your business can also sponsor updates on LinkedIn. This feature is very similar to Facebook’s sponsored posts and Twitter’s sponsored tweets.
Sponsored updates show up with other posts in users’ feeds, but they are tagged with the label “Sponsored” under your company’s name.
To sponsor an update, you will first need to choose an existing update from your LinkedIn. The targeting options are the same as regular ads.
For sponsored posts, the pricing model is similar to pricing for regular ads, but the suggested bids are slightly different.
If you choose the CPC option, you will pay a minimum bid of $2.50, but LinkedIn suggests you bid $5.67 – $10.09. On the other hand, you will pay a minimum of $10.50 for the CPM option with a suggested bid of $18.55 – $28.91. You must also have a daily budget of at least $10 for sponsored updates.
Social media pricing: Instagram
It’s completely free to set up an Instagram page for your business, but you can create Instagram ads that appear as “Sponsored posts” in users’ feeds.
At first, these ads were only available to big brands. However, you can now access Instagram advertising options for your business via the Facebook ad manager.
The CPC for Instagram ads is typically $0.40 to $0.70, according to data from WordStream. If your ad has a destination URL, the CPC tends to be a bit higher — $0.50 to $0.95. The typical cost per engagement (CPE) ranges from $0.01 to $0.05, and the typical CPM is $2.50 to $3.50.
Instagram also provides analytics, which can help you determine how to get the most bang for your buck.
Social media pricing: Pinterest
While it’s free to set up a Pinterest for your business, you can choose to promote your pins to reach more users.
With promoted pins, you can select the keywords you want your pin to show up for in search results. You can also narrow down your audience by location, language, gender, and device.
Pinterest uses CPC pricing, so you’ll only pay when someone clicks the pin and visits your website. First, you’ll set a maximum CPC bid, the highest amount you’re willing to pay for a click to your website. The amount you are charged will never exceed your max bid, and you may pay less than your bid. For example, Social Media Examiner found that a client bid $1 and was only charged $0.13 per click.
Pinterest allows you to choose from three main goals for your ads. The typical cost varies depending on the goal. For building brand awareness, the cost is typically $2.00 to $5.00 for 1000 impressions.
For the other two goals — boosting engagement and driving web traffic — the typical cost is $0.10 to $1.50 per engagement.
You can also set a daily campaign budget and determine how long you want your campaign to run.
Investing in social media services costs several hundred dollars per month. Social media marketing rates for Pinterest, for example, range from $900 to $1600 per month. Meanwhile, social media advertising costs for Pinterest run from $450 to $850 per month with an average monthly ad spend of $200.
As you can tell, social media advertising and marketing services generally cost the same, no matter which platform you choose. Many companies advertise and market on more than one platform, though, which is why businesses spend an average of $4000 to $7000 per month on social media services.