Streamline Your Social Media Budget
This content was originally presented at Social Fresh X 2020.
Across industries, digital marketing budgets (among other budgets) have been thrown for a loop. Before the pandemic started, social media budgets were on track to grow as a share of the overall marketing spend that organizations were putting forth. The following is data from the CMO Survey 2020:
Furthermore, more organizations were improving their abilities to show impact from their social media channels.
Once the pandemic hit, one of the key questions that teams were faced with was: how do we do more in the digital space (now that everything is digital) while our budgets cannot increase?
In this situation, you MUST review your budget and get more out of your efforts.
The Social Media Budget Review Checklist
Content Creation: do more with less
- Review and consolidate creative resources
- Reuse your best content
- Streamline your processes & batch production
Software & Tools: make changes for efficiency, with an eye towards profits
- Evaluate your existing subscriptions
- Make changes to different solutions as needed
- Invest in tools with templates built-in
- Identify tools with profit opportunities
Paid Advertising & Partnerships: optimize and iterate
- Evaluate current advertising and trim
- Aggressively test and optimize new ads
- Renegotiate partnerships to get more from them
Training & Management: save time and money
- Use tools/resources more: invest in training
- Save time through asynchronous work
- Make your client/internal check-ins more valuable