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. ”
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.
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 firstname.lastname@example.org.