|Category||Amount Per Month|
|Design and Writing||R|
|Photography and Video||R|
|Marketing and Paid Ads||R|
|In-House Labor (costs and hours)||R|
|Tools and Equipment||R|
|Revisions and Changes||R|
Return on Investment: ____________ % within ________ month(s) / year
Fill out the objectives that apply to you.
Number of Visitors per Month: _______________
Number of Downloads per Month: _______________
Number of Comments per Month: _______________
Conversion Rate: _______________
Monthly Sales: R_______________
Average Dollar Amount per Sale: R_______________
Costs are generally easier to track in social media marketing than revenues are.
Be very conscious about your budget. Social media is easy to use and can also be very time consuming. Make sure that you are actually planning, and able to stick to, budgeted resources and time.
It is unlikely that you will be able to push customers or prospects to a particular social media site or service. You will need to determine where your customers and prospects already are. Then, you can direct your efforts to where they are and encourage them to visit your own sites by offering them a good reason.
What’s the Value?
When you start to calculate what social media costs your company, one of the easier methods is to calculate the inbound cost per lead. You probably already calculate what your cost per lead is, so you can incorporate your social media leads into this in many ways. Your goal is to come up with something that is accurate and is a true reflection of what is taking place.
Consider the cost of each lead, whether it is through a social media site, a blog, pay per click and adwords, or a natural search. (Natural search is when someone puts a search term into their search bar and your company comes up in the listing because you have a unique name or have optimized your search engine optimization – SEO for short.)
Your cost per lead, segmented by channel, could look something like this:
After you have been using, and tracking, your results for a while, you will be able to see whether your planned investment in social media is on target with your budget and resourcing or not. If it isn’t, you need to make some immediate adjustments in order to keep your marketing budget on track. Remember: your social media strategy is a portion of your overall Internet strategy, which is a portion of your overall marketing strategy.