How much do you need to budget for Social Media in 2011?

I came across a blog post today from a respected speaker in the Social Media Industry (Mack Callier) about costs for social media projects and I thoughtSocial media dollars it might help some of you with budgeting. The data is kind of a barometer for the industry.

One of the Mack points out and I completely agree with is that you can’t cookie cutter social media. When talking with consultants or marketing firms, if they try to give you prices without asking any questions, then you are better off moving on and finding someone that is really interested in understanding your business and why you want to use social media.

Here are some of the questions we’ll ask you:

  • Why do you want to use social media. What are your goals?
  • Who is your target market? Do you know where they hang out?
  • Do you have the resources to manage your social media efforts in house after it is launched?
  • ETC..

A little background on the data.

These figures come from rates shared with me by fellow consultants and agencies that specialize in social media marketing, in addition to my own research, as well as what I charge for similar services. – MC

Here are some of the numbers:

Blog:

Launch a blog from the ground-up, outsource all content creation (including customer interaction, handling responses to comments, etc) — $1,000-$12,000 a month

Most Charge — $3,000-$5,000 a month

Launch a blog from the ground-up, outsource some content creation — $1,000-$8,000 a month

Most Charge — $2,000-$3,500 a month

Restructure an existing blog to improve your efforts — $1,000-$5,000 a month for 3-6 months

Most Charge — $2,000-$4,000 a month for 3-6 months

Ghostwriting blog posts — $50-$500 per

Most Charge — $100-$250 per

Twitter:

Launch a new presence on Twitter and outsource all content creation and customer interaction — $1,000-$7,500 a month

Most Charge — $2,000-$4,000 a month

Launch a new presence on Twitter and then provide ongoing training for company — $1,000-$6,000 a month

Most Charge — $1,000-$3,000 a month

Restructure an existing Twitter presence to improve your efforts — $1,000-$4,000 a month for 3-6 months

Most Charge — $1,000-$2,500 a month

Limited coaching to improve your existing efforts on Twitter — $1,000-$4,000 a month

Most Charge — $1,000-$2,500 a month

Facebook:

Launch a Facebook Page from the ground-up, outsourcing all content creation and customer interactions — $2,000-$9,000 a month

Most Charge — $2,500-$5,000 a month

Launch a Facebook Page from the ground-up, with limited ongoing training — $1,500-$7,500 a month for 3-6 months

Most Charge — $2,000-$4,000 a month

Social Media Strategy:

Comprehensive Social Media Strategy Creation, assuming outsourcing of all content creation through all channels(minimum 2)  — $3,000-$20,000 a month

Most Charge — $4,000-$7,000 a month

Comprehensive Social Media Strategy Creation, assuming limited outsourcing of content creation and/or ongoing training  — $3,000-$15,000 a month for 4-12 months

Most Charge — $3,000-$6,000 a month

Audit of existing Social Media Strategy Including Recommendations for Improvement — $2,000-$10,000

Most Charge — $2,000-$5,000

Social Media Consulting:

Hourly rates — $50-$500/Hr

Most Charge  — $75-$200/Hr

 

On-Site Training/Workshops (All fees excluding travel expenses)

1-2 Hours — $500-$5,000

Most Charge — $500-$2,000

Half-Day (4 hours) – $1,000-$10,000

Most Charge — $1,000-$4,000

Full-Day (6-8 hours) — $2,000-$50,000

Most Charge — $2,500-$5,000

One thing you need to keep in mind is that when a consulted does a training session or webinar there is a lot of behind the scenes work. I very rough estimate for calculating how much is 2 to 1. So for every hour of presenting there is at least 2 hours of preparation.

Read Mack Collier’s full post here: How much does Social Media cost companies in 2011?

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