Small Business Spending: Social Media
It's no secret that digital marketing, especially social media marketing, is an important investment. But how much are companies actually investing in social network advertising?
Overall, businesses of all sizes have been increasing their digital marketing spending. According to one survey, almost half of small businesses that use social media are creating paid advertisements to boost sales and followers. Of that, more than 92% of small businesses plan to invest more money into social media in upcoming years.
So where are they investing? Facebook still reigns supreme even with the recent scandals. Another survey suggests that many small businesses planning on increasing their Facebook marketing budget even more.
Let's get down to the money talk. How much are they spending?
Most businesses spend anywhere between 5% to 15% of their annual revenue on marketing as a whole.
Of the total marketing budget, anywhere from 30% to 45% should be carved out specifically for digital marketing.
Social media should take about 15% of your digital marketing budget.