How much does social media management cost in 2024?

Social media has cemented its place as a crucial marketing channel, enabling businesses to engage with their audience, build brand awareness, and drive sales. However, navigating the social media landscape requires either a significant time investment or a financial one. For small business owners looking to leverage the power of platforms like Facebook, Instagram, and X (formerly Twitter), using a social media manager can be a game-changer. But how much does it cost, and what should you expect to pay in 2024?

In this detailed guide tailored for small business owners, we’ll explore the latest costs associated with social media management. From understanding average rates and exploring pricing structures to tips on saving money without sacrificing quality, we'll equip you with the knowledge you need to make an informed decision about this important investment!

Average Price of Social Media Management for Your Business

The average price of social media management in the US can vary significantly. This variation is due to the size and complexity of the business, the number of platforms being managed, and the level of service required. As a general range for small businesses, the monthly fee for social media management can start at around $400 and go up to $1,000 or more for a comprehensive service that includes very detailed strategy, content creation, posting, and analytics.

In-house services may offer more cost-effective options, beginning at around $2,500 a month, but this comes with the responsibility of hiring and managing a social media team, providing them with space, equipment, and benefits, and accepting a higher upfront cost.

Exploring Pricing Plans for Small Businesses

When it comes to social media management, you're typically presented with the following types of pricing plans:

• Basic Plan (Self-Service):

  Ideal for small-scale needs, this may include a monthly fee for a set number of posts on select platforms, basic analytics, and minimal strategy.

• Standard Plan:

  Expect a more comprehensive strategy, enhanced content creation, increased engagement, and possibly a dedicated account manager.

• Premium Plan:

  For a high price point, benefit from an advanced, customized approach, frequent high-quality content, profiles across multiple platforms, and in-depth reporting.

It's important to match the pricing plan with your business goals and realistic outcomes to ensure you're getting value for money.

Hourly Rates for Social Media Management

Hourly rates are a more flexible option and can be more cost-effective if your social media needs are sporadic. In 2024, the hourly rates for social media management in the US range from $30 to $100, commonly settling around $40 on average.

Understanding the Time Investment

The hourly rate covers the time a manager spends on your social media. This includes planning, creating and curating content, posting, engaging with your audience, and analyzing analytics. It’s essential to understand how many hours will be allocated to your business each month to avoid unexpected costs.

Monthly Rates for Social Media Management

The most common pricing structure social media marketers offer is a monthly package, which costs around $400 - $650 per month on average. This would include the generating of content and some feed support. 

Monthly rates are useful for long-term work, such as if you want to outsource all of your social media management for the foreseeable future. Prices of $2,000+ aren't unheard of, but those costs will normally be for far bigger businesses with budget to burn.

Benefits of Project-Based Rates

Project-based daily rates can be advantageous because you agree on a set price for a specific outcome, which can help you budget more effectively. For instance, you could secure a rate for a week-long Instagram campaign to launch a new product line.

Factors That Affect the Cost of Social Media Management

The cost of social media management is influenced by several key factors:

• Agency vs. Freelancer:

  Agencies are likely to charge higher rates due to overhead costs and the collective expertise of their team. Freelancers may be more affordable but could offer a narrower skill set.

• Content Creation:

  If your management service includes content creation, the price will be higher to cover design, photography, and writing services.

• Additional Services:

  Services like influencer partnerships, paid advertising, and video production will increase the cost but also enhance the scope of your social media strategy.

Evaluating Content Creation Costs

Content creation can be one of the biggest contributors to the cost of social media management. Graphic design and high-quality photography can substantially increase the overall monthly fee. If you opt for a service that doesn’t include content creation, factor in the additional cost of creating and maintaining a content library.

Specific Types of Social Media Management and Their Prices

Each social media platform requires a unique strategy, and managing these platforms comes with different price tags:

• Facebook and Instagram:

  Due to their similar target demographics and integration, these platforms often have joint management, averaging around $500 to $700 a month. (You can read about deciding between Instagram and Facebook here.)

• Twitter/X and TikTok:

  These platforms often target different audiences and content styles, so they might have separate, lower rates of $200 to $400 each monthly.

Platforms that Charge More

Certain platforms, like LinkedIn, which is often used for professional networking, might have a higher management fee of $700 to $900 a month due to the specialized content and engagement required for this audience.

How to Save Money on Social Media Marketing Experts

Small business owners often operate on tight budgets, and finding ways to save money in social media management can be critical. Some strategies include:

• Outsourcing Only What You Can’t Do In-House:

  Do you have a team that can create content but needs help with strategy? Outsource the missing pieces and save on content design or management services.

• Negotiating Rates:

  It’s perfectly acceptable to negotiate rates, especially if you’re willing to commit to a longer-term contract.

• Package Discounts:

  Some management services will offer discounts if you bundle additional services, like email marketing or website management, with your social media package.

Choosing a Social Media Expert Based on Your Budget

Ultimately, the key to finding the right social media manager is to align their expertise with your budget and business goals. If cost is a significant factor, consider prioritizing experience on the platforms most impactful for your industry, or focus on finding a specialist within your budget range.

Determining the ROI of Your Investment

It’s also critical to consider the potential return on investment (ROI) your social media manager can provide. Are they able to help you grow your audience, increase engagement, and drive sales? By assessing their ability to deliver results, you can make a more informed decision on the level of investment you’re willing to make.

In conclusion, social media management is an investment that requires careful consideration. By understanding the different pricing models, the factors that influence cost, and how to save money without skimping on quality, small business owners can make the most of their social media presence in 2024. Remember: your social media strategy is a direct reflection of your brand, and it's worth the effort to get it right.

Boost your business with the marketing technique everyone's talking about - find a trusted Social Media Marketing expert on Bark today.