Social media marketing is one of the fastest-growing marketing types in the world. It was used to connect people from each other around the world. But now, it has become a great tool that can work wonders for your business.

It keeps you engaged with your customers and gives you insights into them. Also, it allows you to promote your for free from one convenient place. But remember, nothing good is free.

Now, to the question that’s on everyone’s mind: How much does social media marketing cost? Well, unfortunately, the answer is not that simple. This is because social media management costs depend on your needs and the results you want from it.

In this article, I will discuss how much you need to invest in your social media marketing campaigns. This way, you can make more informed decisions. 

What is social media marketing?

Social media marketing is a part of digital marketing and is a way of unconventional marketing. It uses digital technologies on the internet, such as search engines, websites, email, mobile applications, social media platforms, and digital ads to promote products or services.

Social media marketing is using various social media networks to promote products or services. Companies and brands use social media marketing to engage with their existing customers and reach new ones.

In the process, making their brand stand out from the crowd. In turn, this increases brand awareness and sales.

Social media marketing includes in-depth analytics tools that allow marketers to track the performance and success of their social media content.

While using social media for marketing, brands also allow users to post user-generated content such as testimonies and reviews. This makes their content relevant and engaging.

In 2024, 5.17 billion people are on social media, each using about seven social media accounts monthly.

Investing in social media marketing is a great way to save your and your team’s time, ultimately improving your multiple on invested capital. Investing that time to create and execute marketing strategies leads to more efficient and measurable outcomes.

The average cost of social media management

How much you pay for social media advertising heavily depends on how you execute your social media campaign, whether you do it yourself or with a house team, freelancer/consultant, or work with an agency.

Working with a freelance social media marketer can range from $500 to $2000 monthly for startups and smaller businesses. Depending on the range of service you need.

On the other hand, agencies offer more dedicated social media management services. These social media services can range from $3,000 to $20,000 per month. Depending on the size and complexity of the campaign.

1. Social Media Marketing Cost per month

On average, social media marketing can cost $500-$20000 per month. Based on business size, goals, campaign scope, social media marketing service provider, and more.

2. Social Media Marketing Cost per project

Social media marketing costs $500-$50000 per project. Per-project costs are ideal for specific campaign goals. For example, your goal can be to boost social media posts by $5 per post through social media marketing.

Your pay will vary based on whether you do this with an in-house team, outsource to a management agency, or a freelance social media specialist. Costs also vary based on your requirements, the scope of the campaign, the timeline, and more.

3. Social Media Marketing Cost per hour

Some social media marketing service providers charge an hourly rate ranging between $50-$300 per hour. Again, the cost will be based on business size, campaign type, and more.

As companies grow, they have to decide one thing: Whether they want an in-house team or outsource the tasks to other agencies.

This decision impacts many aspects of a company, from maintaining operational control to return on investment (ROI). Even affects the flexibility with which a company can adapt to market changes.

Each approach has its own set of pros and cons. So, let’s discuss some pros and cons.

Pros

  • You can make decisions quickly and communicate clearly
  • Employees are more dedicated to the company’s goals
  • More tailored and comprehensive marketing strategy

Cons

  • In-house social media marketing can be more costly due to salaries

This is where outsourcing comes into the picture. Outsourcing social media marketing tasks will prove highly beneficial for your business. 

External social media marketing teams put a fresh perspective on the table. They can offer innovative ideas, creative solutions, and more that may not be readily available within an in-house team.

Moreover, outsourcing a social media marketing team can save time, which can be used for different business operations.

However, communicating and aligning goals and tasks can be challenging when there is a physical difference between a company and the best social media outsourced team.

While businesses can provide guidelines and set expectations, there is always a lack of oversight and direct control.

Cost of hiring a social media marketing agency?

Social media marketing agencies can cost somewhere between $1000-$2500 per month.

However, some companies can cost more or less depending on expertise, location, and access to sophisticated tools and resources.

Take several quotes from various companies and decide what fits you the best.

Pros

  • Expertise and strategic insights
  • Time and resource efficiency
  • Creative content creation

Cons

  • Lack of brand understanding

Remember that hiring a social media marketing agency will always benefit your business. Unlike in-house employees, they can get started right away. Their professionals will understand your brand and curate the perfect social media marketing strategy.

Is a social media agency worth it?

A social media marketing agency brings expertise in different social media fields, including content creation, community management, and analytics.

They’re always up-to-date on the latest social media marketing trends and tools, so you’ll get a comprehensive social media strategy for your brand.

However,  social media advertising costs will vary depending on different agencies. For example, if you pay $500 per month, you’re limited to that specific plan.

And if some brand is paying $1000, they’ll get the services according to that specific package.

Agencies can also help you maximize reach and return on investment, which makes the investment worth it.

Ultimately, hiring an agency will depend on campaign size, complexity, and marketing budget. Remember that several factors impact the price of social media marketing. The cost of a social media marketing campaign varies depending on business goals and needs. Some examples of social media marketing goals are:

Campaign scope and complexity

The size and complexity of your campaign will shape your social media strategy, the platforms you use, your reach, and the time and effort needed.

A simpler, smaller campaign will likely cost less than a larger, more complex one.

1. Industry

The industry you’re in can impact the cost of social media marketing.

If your business is in a niche or competitive field, like biotechnology or logistics, you might pay more due to the specialized knowledge, services, and tools required to meet your goals.

2. Platform

The cost of social media marketing varies based on the number and type of platforms you choose.

For instance, Facebook ads can range from $0.26 to $5, depending on whether you pay per click, impression, like, or download.

TikTok ads can cost anywhere from $0.01 to over $500. It depends on whether you pay per click, impression, view, or campaign.

Additionally, marketing packages that include top platforms like Instagram, TikTok, YouTube, Facebook, and X (Twitter) tend to be more expensive than campaigns focused on just one platform.

Type of services

Your campaign complexity and scope will be determined by the types of services you need. The complexity and scope of your campaign will affect the cost. Some of the services you may need are:

  • Sophisticated tools: Depending on your campaign, you may need to pay more if social media marketing agencies use sophisticated tools like AI or automation to cater to the needs of your campaign.
  • Social media marketing tools: These tools help you improve productivity and consistency by automating scheduling and publishing. AI social media marketing tools also provide core stats on your audience, the performance of your posts, and your campaign.
  • Designing and video editing tools: Social media is highly visual, so you’ll need a good graphic design tool to create engaging graphics and videos. Some tools offer pre-made templates. However, you can also start from scratch to give your post a personal touch.
  • Content and copywriting tools: You can hire a ghostwriter to write engaging content. But some tools help you make engaging content, such as Grammarly, ChatGPT, Jasper, and more.
  • Tracking tools: You need to track the performance of your posts to know how they are performing. For this, you need tracking tools to make informed decisions and strengthen your social media strategy.

These are some of the most important services you must consider. However, just because you focus on this doesn’t mean you don’t need other services. I recommend determining your needs and choosing something relevant.

Ready to use social media marketing?

Social media marketing costs vary based on campaign size, industry, platforms, and services. It’s a powerful tool for building your brand, connecting with your audience, and driving sales. Costs can range from affordable to high, depending on your needs.

Whether you’re a small business or a larger company, your investment should match your goals. The key is to find the right balance between your budget and the results you want to achieve.

I hope you found my blog informative. If you have any other questions, let me know in the comments below, and I will help you. 

Frequently Asked Questions

On average, social media marketing costs can range from $400 to $3,000 per month, depending on the scope and scale of the campaign. For small businesses or startups, basic social media management services typically fall between $400 and $1,000 per month, covering content creation, scheduling, and basic engagement.

Social media advertising costs are typically calculated based on several factors, including your advertising objectives, target audience, ad format, and bid strategy.

Instagram ads typically cost between $0.20 to $6 per click (CPC) or $6 to $12 per 1,000 impressions (CPM), depending on various factors such as your industry, target audience, and competition.

Rishabh Gupta loves social media and uses his skills to make it better. With a background in communications and a good sense of trends, he creates engaging social media strategies. With over 3 years of experience, Rishabh improves online presence and connects with audiences. He makes sure every post is interesting and every strategy works well.