Have you ever wondered how much you should charge for your services? Whether you’re a full-time social media manager, blogger, or content creator, there are some factors to consider. These include experience, annual retainer, and living expenses.
Cost of living
When it comes to social media management, the cost of living matters. The number one expense in a family’s budget is housing. However, it is estimated that the average US company spends between $200 and $350 daily on social media marketing.
If you’re considering a move, consider living costs in your new city. A calculator like the Cost of Living Calculator from PayScale can help you determine your costs. This includes figuring out how much you will have to save each month from living comfortably.
One way to reduce the cost of living is to move in with your parents. Some parents don’t charge rent or utilities, so your monthly expenses might be reduced.
Another way to cut costs is to find cheaper ways of doing things. For instance, consider buying a more affordable cell phone or using public transportation instead of driving. Getting a job that requires minimal travel can also help you save money.
Experience
Social media management may seem like a breeze but it requires specific skills. You need to be able to use a variety of tools, analyze metrics, write content, and much more.
If you’re interested in working as a social media manager, you should have at least a bachelor’s degree and two to six years of experience. You may have gained experience working as a freelancer, writing for others, or creating images and captions.
As a social media manager, you’ll work closely with a team to implement your plans and strategies. The role can be high-pressure, and you’ll have to respond quickly to emergent requests and complaints from customers. So show your organizational skills, customer service orientation, and creative thinking.
Studying successful brands in your industry is a great way to develop your skills. Learning their practices can help you build case studies and practice your social media management skills.
Annual retainer
Regarding social media management, there are several options for a small business owner. Depending on the type of service required, prices range from $0-$1933 a month. However, the most affordable option might be outsourcing the necessary assistance. Many businesses find that a dedicated in-house CMO isn’t required to ensure their social media presence is on point.
In addition to pricing, a social media manager should consider their overhead expenses. For example, if your agency provides a variety of services to clients, consider integrating pricing into the packages. It’s also worth noting that some agencies charge a small fee to cover administrative costs. However, these fees can be substantial and can affect the overall budget.
The best way to ensure you’re getting paid what you’re worth is to be smart about your business. For example, you might consider charging by the hour or tier based on your experience. Or, you might go a step further and offer a blended agency rate. You can do this by identifying your key responsibilities and ensuring your clients know what’s included in the monthly bill.
Influencer marketing
If you’re a social media management freelancer, you’re probably wondering how much to charge for your services. You can do several things to increase your earning potential. For example, you can start an agency and charge a monthly fee. Or, you can offer packages. These are ideal for small businesses. First, however, you must be sure that your business is structured correctly.
Whether you decide to charge a monthly fee or a flat project rate, you must know your client’s needs. This will help you to develop your pricing plan. It will also allow you to make adjustments for each client.
Social media management rates vary depending on the number of profiles managed, the number of inbound messages received, and the size of the community. Similarly, the features of each platform used will also affect your fees.
Blogging/SEO/content marketing
Social media management for blogging, SEO, and content marketing can be a lucrative line of work. However, it can also be very time-consuming. For example, it can take a social media manager hours of research and development plus many hours of creating blog posts and graphics. In addition, some clients require more than just a few service hours, like 24/7 community management. Then there are the administrative tasks that a social media manager must perform.
How much to charge for social media management will depend on the services that you provide and how competitive your competition is. It’s also important to consider the long-term benefits of your work and your client’s needs.
Some social media managers offer their services at a flat rate, while others opt for a monthly or yearly fee. In addition to their core services, some agencies provide follower growth, paid advertising management, or influencer marketing.
