In 2024, the best approach to reach to wider audience in less time and cost is social media marketing. According to stats 86% of businesses get a handsome ROI from social media management and are ready to invest on social platforms.

However, with definite results garnered from social media marketing businesses spend 5% to 25% budget of their marketing to spend on social media.

In the dynamic realm of digital marketing, social media management stands as a cornerstone for businesses seeking to forge meaningful connections with their audience.

Nevertheless, with the evolvement of social media landscapes, the costs associated with social media management may fluctuate depending on the services, platforms, and expertise of the outsourcing partner.

You may also hire an in-house team of social media management, but it doesn’t sound natural that in this digital era, you hire the in-house team for your online presence.

The cost-effective approach for social media management is having a team of social media virtual assistants that handle multiple platforms where your business audience is most active.

This blog dives deeper into the intricacies of social media management costs in 2024, exploring the nuances that shape investment decisions and the strategies that yield optimal returns.

What is Social Media Management (SMM)?

Social media has now become a marketing tool to connect with a wider audience, build brand awareness, and drive sales.

So social media management may have different pricing depending on the goals and scope of your business. If we define social media management in specific terms, it’s the practice of planning, creating, scheduling, and publishing content across various social media platforms.

It also includes customer responses, conversations on various platforms, replies to comments, plus analyzing the social media insights for future campaigns.

Any business smaller or larger, when considering hiring a social media manager or agency, may wonder how much it costs for social media management. Though the truth is there is no one-size-fits-all answer to this pricing package.

It totally depends on different factors that are explained in the following section.

Let’s discover what considerations should be in front of you before calculating the cost of social media management.

Learn more: Benefits of social media marketing.

Factors on which the cost of SMM depends

1. Size and scope of the business

How complex is your business? What are your social media needs? On how many platforms your audience is present? How many products or sub-brands do you have?

These all things tell the scope of your business and decide the cost of your social media management.

For example, Unilever is a large multinational company that has sub-brands like Lipton, Dove, or Hellmann’s across various countries. So, it's understood that they require teams of social media managers who handle all the intricacies of social media marketing.

So, the cost of managing social media for this kind of company is set according to their scope and size.

Learn more: How to build a personal brand on social media?

2. How many social media channels do you use?

It's understood that the more channels you are utilizing for your social media marketing, the more the effort and the cost. Because all channels and platforms have different algorithms and have different reach strategies.

The trending social media platforms of 2024 are TikTok, LinkedIn and Facebook. And have different pricing packages for each platform.

3. How many posts do you want to publish?

Usually, consistent posting is the key to all social media platforms. However, different brands have different levels of scope for their social media management and have different kinds of audiences.

For example, the local bakery has an audience just within kilometers. It doesn’t require a wider reach. So maybe they need less posting and decreased pricing for their social media.

Learn more: How to increase your social media followers?

4. What kind of experience do you need from social media managers?

For social media management, experts will definitely charge more as compared to beginners.

Experts know all the nitty gritty details of platforms and can promise the results. However, there is no bulletproof blueprint for social media strategies.

So, it totally depends on your business marketing budget and how much price you can pay to the social media managers.

5. The location of the social media manager or agency

This factor really influences the cost of your social media management. If your business is in the USA, Canada, Australia, or the UK, and you hire a social media manager or agency from these countries they will cost you a lot.

Because the currency you are paying is the same. However, by delegating social media management to lower-economy countries like India, Pakistan, and the Philippines, you can get the expertise at a lower price.

Social media managers and agencies in major cities and countries will typically charge more than those in smaller towns. But it’s not like the big social media agencies have more expert virtual assistants.

Other social media virtual assistants pour their heart and soul into your business's online presence as they try to compete with their competitors.

6. The number of services you want.

The more services you require the more the cost of social media management. However, some social media managers and agencies offer a wider range of services than others.

For example, some may offer social media advertising services in addition to SMM. Also, sales-oriented campaigns require more budget than other regular postings.

Learn more: How social media has changed marketing?

The Different Types of Social Media Management Pricing Models

Social media management has different pricing models and costs for you as per the following prototypes.

Hourly rate:

In the world of outsourcing, the hourly rate is usually common when you are considering any services for a temporary period. However, the cost of social media managers and agencies on an hourly basis is difficult to calculate.

This can be a good option if you only need help with social media on a limited basis.

Learn more: Why should you outsource social media marketing to virtual assistants?

Retainer fee:

Social media management is not a one-time job. It’s a marathon with an evolving landscape. So, consider hiring social media managers regularly.

Many social media managers offer retainer fees. A retainer fee is a monthly fee that you pay for a set number of hours of social media management services. You can set the package that you need this number of posts, captions, designing, copywriting, or even sales.

So, it’s easy to not calculate the amount every time at the end of every month. It’s a good option if you want social media management at least for a year.

Project-based pricing:

It’s just like that you want to run a social media campaign for a specific period or you want to increase sales through social media during peak seasons.

So for these kinds of purposes, some social media managers offer project-based pricing. This means that you'll be charged a flat fee for a specific project, such as creating a social media strategy or developing a social media campaign.

Learn more: 9 ways to generate leads from social media.

The Average Cost of Social Media Management

The typical cost of social media management varies depending on the parameters listed above.

However, according to a recent report by Social Media Examiner, the average monthly cost of social media management for firms in the United States is $2,000. Below is a breakdown of the average cost of social media management by business size:

• Small businesses pay $1,000-$3,000 per month.

• Medium businesses pay $3,000-$5,000 per month.

• Large businesses pay $5,000 or more per month.

Hidden Costs to Consider When Budgeting for Social Media Management

When businesses consider making a budget for social media management, they do not know many hidden costs other than the agency or manager cost.

Here for all business owners we uncover the curtain from all kinds of costs that must be calculated when you are estimating the prices of social media management.

The cost of social media management tools

Social media management become a breeze for businesses, managers, and agencies by using different kinds of social media tools.

However, with the remarkable entry of AI, now there are a lot of AI tools that help social media managers save their time.

For example, Lately, Loomly, Buffer, Sprout Social, ChatGpt, and many more. Some features of these tools may be free but premium features are expensive to buy.

Learn more: Best AI tools for social media management.
Learn more: How to use AI in social media marketing?

The cost of stock photos and videos

Social media is more about high-quality visuals that attract the audience. So, to create high-resolution content social media managers need to purchase stock photos and videos that are available on different websites.

The cost of social media advertising

Other than consistent posting, social media provides paid advertising that has wider and more targeted reach and is effective for all kinds of businesses. But other than the social media manager’s fee you have to pay for this social media advertising.

The cost of virtual assistant time

If you're planning on managing your social media on your own then you will observe how it costs your valuable time.

So, the social media manager or agency virtual assistants will also cost the valuable time and effort they invest in your business.

Wrap up

To calculate the cost of social media management you must consider the above-mentioned tips and also keep in mind the average cost of social media managers.

However independent social media managers work differently from agency management.

Usually, the agency has various virtual assistants specialized in different social media platforms. Moreover, virtual assistant agencies have various tools and premium features to handle your social media. You don’t need to buy separate tools for your business.

They accommodate virtual assistants according to your business needs, goals, and budget. Before hiring any talent, consider your budget and their cost.

But if you are struggling to find affordable social media management solutions, then you are already in the right place.

Social media specialist virtual assistants at Vaforus do not typically work like other agencies just creating or publishing content.

Instead, they are specialized in lead generating and sales booking. Whether you are considering any strategy of digital marketing their priority is to get more leads and customers. Because no business is business without customers.

So, if you are ready to improve your social media management and can handle more customers at this time, then just click here to book your free consultation.