Despite its widespread availability, social media marketing is not free. In this video, look at the costs that need to be considered when calculating social media ROI.
- [Instructor] Social media has a low cost to entry. It may seem that everyone is using social media as a marketing channel now, and it's largely due to the rise of the smartphone that social media platforms have become instantly accessible. While the costs of social media do not equate to the cost of traditional advertising, particularly the cost of media space in the press, on radio, or television, there are costs involved. The largest investment we make with social media is time, time to learn, time to keep up to date, and time to prepare and post content, not forgetting the time to respond and engage with others.
We may need some design input when setting up our profiles and if we're creating image, video, or audio content. We may also invest in social media management tools to assist with listening, scheduling, and reporting. You might also spend money on social media advertising, boosting posts on Facebook, promoting tweets, or sponsoring content on LinkedIn, for example. All of these costs need to be considered when we're calculating return on investment. Make a note of the resources you're investing in social media.
- Linking business strategy and social media
- Looking at the challenges of calculating ROI
- Determining the cost of social media
- Defining ROI
- Calculating social media marketing ROI
- Determining the financial and nonfinancial benefits of social media