A huge perk of social marketing is the absurdly low overhead to start compared to traditional digital & print marketing. Aka….basically zero.
Sure, many platforms have algorithms that make it “pay to play” if you want to reach more of your audience (looking at you Facebook). However, to get set up there are no programs or packages to purchase. You just show up.
With entrepreneurs, especially those of you bootstrapping your endeavor, the idea of a marketing budget probably sounds extravagant or just something that isn’t a priority yet. If this sounds familiar, it’s okay. There are ways for even the most cash-strapped companies to market themselves successfully on miniscule budget.
Recently, Buffer (a social media management platform) shared an experiment on their blog. They tested to see what you could get for $5 a day on Facebook. Their results averaged out to either 9 likes per day, 1 click to their website per day or 787 new people viewing their post. Getting your brand in front of 800 new people for just $5 is pretty amazing.
Still don’t think you can afford to have a marketing budget? If you spent $5 a day (that’s only $1,825 dollars a year) and your results mirrored their test, you could potentially be seen by an additional 290,000+ humans this year. Looking at it this way, can you afford NOT to have a marketing budget?
Of course, you can’t just show people cat memes and expect them to give you their money. You need to put some thought into what you share. For a brief primer on the best shareable content for social media, check out my book report on Contagious by Jonah Berger over here.