How should I price a long-term MarCom Social Media Contract with Landau Design?
Hello! Thanks for your question about pricing a long-term MarCom social media contract with Landau Design. The short version is that for a contract that includes a multi channel SM strategy and visual and daily news content you should price it between US$4,000 to US$9,000 per month which is approximately 11% of the SM marketing budget adding US$1,000 for each extra SM channel. In addition it is recommended to add an SM strategy that would cost an average of US$9,000 per month . Below you will find a deep dive of my findings.
PRICING MARKETING FOR SOCIAL MEDIA CONTENT.
As an example, I had the opportunity to find one of the top firms in Israel's budget in 2017: Boostability, which charges US$40 per hour. The number of specific hours the client needs will depend on the size of the market, the category of the business and the targeted area, as well as the tasks that are required for the company, and matches its expectations. These include creating content, measuring, analyzing and planning, among many others, and this would determinate the final pricing for your long term contract, which is likely to be about US$9,000 per month.
To a small business SM marketing content, would cost between $200 to $2,000 depending on the project, such as blogging to account management.
MULTI CHANNEL SOCIAL MEDIA.
If the company want to add a bigger structure and create social media for other channels like Instagram, LinkedIn, Snapchat or Pinterest to mention a few, this would cost an average of US$1,000 to US$5,000 per month and per extra social media marketing campaign.
SOCIAL MEDIA STRATEGY
The average prices I have found for you includes the administration of your SM channels, interacting and creating content, but does not include the strategy that would cost at least US$4,500 extra a month.
CONSIDERATIONS ON BUDGETING A SOCIAL MEDIA SPECIALIST.
At the moment of contracting an SM specialist it is important to know if the project is new or if they already have social media accounts to work with as this could represent a higher cost in the beginning.
As a contractor it is important to have some parameters (KPI's) in consideration in order to get better results of the services that are going to be contracted such as engagement, reach, leads and conversion. These KPI's include concepts like: shares, likes, comments, followers and traffic data.
SOCIAL MEDIA PROPOSAL
"A social media proposal outlines exactly what you can do to help your clients achieve success with a social media strategy."
These should define your social media goals, your team as well as your tactics and your schedule and finally what results do you want to achieve.
To wrap it up, when pricing a long term MarCom social media contract you should consider the average marketing price, which is US$40 per hour, your company size, the price for a multi channel SM project which can add US$1,000 to US$5,000 per month to the budget and the social media strategy that could cost US$4,500 extra a month. That means an average of US$9,000 per month.
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