By Sam Sudakoff
It may seem like it’s months away, but now is the time to begin planning your 2014 social budget. Make sure that by December 2013, you have prepared plans to show ROI and to make an social impact in 2014. So what do you need to think about?
1. Advertising: How much do you want to grow you communities this year? Do you have a fan number in mind? Are you running large campaigns that require paid promotion? If you have these numbers in your head, you can work backwards to know how much to allot to your ad spend.
2. Multimedia: What new things are you trying this year? Short-form video? Graphic content? As social becomes more visual, the demands for high quality creative goes up, and your budget needs to reflect that. Your custom, optimized video, will not come cheap!
3. Headcount: Social media marketing is increasingly becoming “the marketing department” as you invest and grow your social communities. You need to make sure you have the staff to appropriately service your needs. Evaluate where you saw the need for additional support in 2013 and apply them to next year. Was it in customer service? Content creation? Identify the holes so you know where you should be looking to hire.
4. Community Reward: How much are you giving back to your community members? Likeable has seen clients send fans to the Super Bowl, pay for trips to Las Vegas, and continuously surprise fans with product. Budget for these early so you can do something memorable when the time comes.
5. Tools: How well were you able to able to measure the success against your KPI’s (Key Performance Indicators) in 2013. There are many tools and agencies you can invest in that are able to show you how your communities are able impact your bottom line. When you have the evidence to support what you are doing, you’ll be able to get that jump on your competition. That will only serve to increase your opportunities and heighten your success. This is the time to start planning.
What are your plans for your 2014 social budget? Share in the comments below!