The marketing of a business on social media can be a huge task but the returns can be very rewarding. As with any marketing process, one will require a means of measuring returns and not just expenditure. It will be easy to pay a marketing agency or freelancers to create content to post on the various social media platforms but with no real means of measuring success, it will be extremely difficult to justify such an expense.
Perhaps this can be better shown with a quick example. Consider the following:
- $250 for a freelancer to create a single relevant content post for your Facebook page
- $100 on Facebook Ads to promote that post
- In return you get 500 views on the post
- 40% click-through to your website (200 view your website)
- 10% end-up buying your product (20 purchase your product)
- Your product has a $50 profit margin on each sale
I think the math shows the possibilities of doing it more often. However, this also means that one needs to know a few numbers from your business. The profit margin, the conversion rate etc. and these are numbers which typically can be a little daunting to sit down and formulate. But once a business owner is able to do that, he/she will have a lot more clarity as to how much money or how much effort the business can afford to maximize the returns of social media marketing.
This is probably the tip of the iceberg to a huge topic but I hope it helps as a starting point.