Industry standards for social media prices

Small businesses know “… the current shift in geotargeting, mobile marketing, and online reputation management require small businesses to modify their plans and surpass competitors.”  – Susan Gunelius, Reuters. Companies on the losing side of digital are under great pressure to claim some online territory.  Yet, catching up to one’s competition takes months of time, precious budget dollars, and real skill.  Last month I published a two parts of a three part Digital Marketing Study Primer for C.E.O.s.  Part I explains the fundamentals of social media marketing and Part II teaches C.E.O.s how to vet a social media marketing agency. The bottom line, C.E.O.s cannot make smart digital marketing decisions if they don’t grasp the basics.

Part III:  What should you expect to pay for social media marketing? Here I defer to longtime social media expert Mac Collier who researched and wrote, “How much does Social Media cost companies in 2011?” Collier explains, “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. ”

Here’s the prices:

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

Note: These prices are based on buying just one hour of a consultant’s time.  Many consultants also offer their consulting time in blocks of time.  These hours are usually offered at a discounted rate.  For example, a consultant might charge $100 for one hour of her time, but if you buy 5 hours of her time, she’ll give you a 25% discount to $375 for 5 hours.  Progressive discounts are sometimes offered as the volume of hours bought increases, with final discounts being as high as 33-50% off hourly rates.

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

Note: Keep in mind that consultants (at least the ones worth hiring) will invest several hours of prep time in assembling and customizing their training materials for you.  So while you might buy a full-day workshop, the total time investment for the consultant (including the workshop) could easily be 20-40 hours.  Plus they will likely lose at least a full day in travel to and from your company.

As with volume discounts on hourly consulting rates, many consultants will charge more at an hourly rate for workshops shorter than a full day.  For example, one consultant might charge $2,000 for a 2-hour workshop, and $5,000 for an 8-hour workshop.

A final word about prices: Don’t be afraid to negotiate.  If the quoted price is past your budget, ask for a break, especially if the project will be longer than 3 months.  A consultant might not be willing to give you a 15% discount on a 2-month project, but they might for a 6-month project.

To contact oz 2 designs LLC to handle your social media marketing email Catherine Lockey at cl@oz2designs.com.