The million-dollar question for any company looking to market themselves through social media is how much to spend. If you don’t set yourself some parameters at the outset, it can be really easy to burn through a ton of cash promoting yourself, so you need to set a limit and stick to it.
In this blog, we’ll be looking at how you can work out the magic figure that you need to set aside for your budget, as well as detailing how to enhance your marketing skills with top-quality digital marketing courses from OCA. So, if you’re sitting comfortably, we’ll get started!
Working Out Your Overall Marketing Budget
When taking online marketing courses, you’ll typically have to consider a number of factors that the decision. First of all, there’s the magnitude of the company and the industry you’re in, with the more prominent companies typically having a budget in line with their size.
Other factors include:
- The total yearly revenue of the company
- What type of marketing is going to be employed
- Who is going to be doing the marketing (an agency or DIY)
- What the marketing intends to achieve (sales, engagement, brand awareness or all three)
Generally speaking, for small businesses (those that turn over less than $5m per year) the overall marketing budget should be set at around 7-8% of annual revenue. If you’re doing the work yourself - which is quite common - you should remember to factor in your time and any costs incurred for things like social media courses and content creation.
Determining Your Social Media Allocation
So, we’ve determined our total marketing budget, and now we’ve got to allocate a specific part of it to your social media efforts. The experts say that out of your overall marketing budget, you should set aside around 13% of it for this specific use. Of course, it’s up to you and will be influenced by your spending on other channels, but it’s a good rule of thumb.
So, to put that into perspective, if your overall revenue is $100,000 per year, your marketing budget will be 7-8% of that, which equates to $7,000-$8,000. Furthermore, 13% of that works out at just over $1,000, which gives us our magic figure! To work out yours, simply insert your annual revenue in place of the figure we started with.
Stretch Your Marketing Spend With Online Marketing Courses
You can choose to invest your budget in an agency to deal with your social media marketing, but they can be a bit pricey. So, if you’d like to stretch your marketing budget further, why not think about taking industry-approved, CPD-Endorsed digital marketing courses like our Social Media Essentials Bundle, which gives you everything you need at a pace that suits you?
This course offers incredible value, and just like all of our online training, it’s video-based and modular, meaning it’s easy to digest and fit around your current obligations. If you’d like to see more about this or any of our courses, visit us at www.onlinecoursesaustralia.edu.au where you’ll find everything you need to know and details of our flexible payment plans.
Alternatively, if you’d like to speak to a member of our friendly team, you can do so by calling us today on 1300 611 404. Our advisors really know their stuff, so they’ll be more than happy to assist.