With each new year comes new goals and resolutions – not just for our personal growth, but also for our brand growth! For many businesses (especially in 2023), advertising on social media is crucial to hitting those growth goals.
Social media has 4.9 billion users worldwide, meaning advertisers have a large audience to reach just by having a presence on a few of these platforms – especially if you work on building a relationship with your target audience. However, with the climate of the world and an impending recession, you might be asking yourself, how much does it cost to advertise on social media? How much will ads on social media cost your business in 2023?
There are a few cost factors that you’ll want to consider before you jump head first into the world of social media advertising. Let’s explore them together!
Staying In-House vs. Partnering With an Agency
If you choose to keep your brand’s social media advertising in house, some of the social media advertising costs to consider are social media management tools, creative capabilities, and internal resources.
The biggest cost with an in-house strategy is the time it takes to manage the social media platforms. Some of the most time-consuming tasks include:
- Build the creative for your ads
- Schedule your ad content to post
- Monitor your ad performance
- Respond to comments
If your brand’s social media strategy is going to be intentional and well executed, social media advertising will be a full-time job on top of running all the other aspects of your marketing strategy.
You might choose to outsource and utilize an agency or freelance marketing manager. You can hire an agency to do all of the above tasks, including organizing and implementing a winning strategy that will help you achieve your goals with much less legwork on your part – whether that’s driving profitable growth, increasing revenue at a higher level, or driving brand awareness and impressions.
When you work with an agency, you can give them your budget and goals and their experts can not only develop and execute a strategy that achieves your goals but also work proactively to make sure you’re prepared for any obstacles that the tumultuous world of digital marketing throws your way.
One thing to consider is that the time you save by having an expert by your side take on this management role will be paid for in fees to your agency. Of course, agencies vary greatly in cost depending on the level of strategy they will execute for you, how large your business is, and how many platforms you advertise on.
Cost of Running Social Media Advertising Campaigns
Depending on the social platform you choose – whether it’s Meta, Pinterest, Snapchat, TikTok, or all of the above – your costs will vary greatly depending on your business, goals, and strategy. Chances are, if you have a small, local business, you will probably not have the same advertising goals as a larger scale company. Do research on the click costs per platform and determine how aggressive you want to launch your business’ social media presence.
One way to gauge social media advertising costs per platform is to look at cost per click (CPC). CPCs vary tremendously based on your industry, your target audience, what time of year and even what time of day it is, and your overall goals, so take the below stats with a grain of salt – but here’s a general idea of what you can expect for social media advertising costs in 2023.
Average CPC on Social Media Platforms in 2023
As much as we all wish there was, there isn’t a clear answer on how much social media advertising costs. So, what can you do? Determine what factors (having the time to take it in-house, work with partnerships, costs, etc.)are most important to you and your business. This will help you determine how much to spend and where to spend it. The best thing a business can do is research.
Reach out to agencies for quotes and offerings and see how they can best support your business and your goals. Ask them what types of technology they develop in-house or purchase from other providers to help make the process go more smoothly. Ask them about how they develop and execute strategies to make their clients’ lives easier and achieve their goals. Make sure to ask for case studies for evidence of how they’ve implemented strategies successfully to help brands like yours achieve their goals.
Tying It All Together: How Much Do Social Media Ads Cost in 2023?
Just like everything in digital marketing (especially since the coronavirus pandemic), the world of social media advertising is always changing. Another benefit of partnering with an agency for your social media strategy is that it’s their job to keep the pulse of the constantly shifting climate.
The digital marketing experts at ROI Revolution work with large brands every day to drive their social media strategies forward and ease some of the stress of developing and executing a strategy that achieves your goals. To discover the untapped opportunities for growth through social media that we could discover for your brand, reach out to our team today.
- Statista, Number of social media users worldwide from 2017 to 2027.
- Revealbot, Average CPC for Facebook and Instagram Ads.
- WebFX, How Much Does Social Media Advertising Cost in 2023?
- BeProfit, 7 Reasons Snapchat Ads Are Worth It in 2023.