If you opt to go hourly, newer social media freelancer rates can hover around $15-$50 per hour. For more intermediate social media marketers , they can make $50-100 per hour. And an experienced social media manager can make $120+ or much higher.
The cost of digital marketing in 2020
|Search engine optimization (SEO)||$500 – $20,000 + per month||View our services|
|Email marketing||$300 – $5,000/month or $0.1 – $0.5/email||View our services|
|Social Media marketing||$250 – $10,000/month||View our services|
|Website Design||$2,500 – $100k||View our services|
Every year billions of dollars are spent on advertising on social media in the United States . In 2020 the amount reached 40 billion U.S. dollars, and included paid advertising on social networks as well as games and applications on social media .
1 Answer. In general, no. You can run a business as a “sole proprietor.” However, certain activities may require you to get a business license . If you are going to have a particular place that is open to the public for business , you may need to register with your state or local government.
According to Adweek, the average price per sponsored post is about $300, with influencers that have 100,000 followers earning closer to $800 a post .
The industry average settles between $200 to $350 per day. This average comes from an analysis by The Content Factory, looking at the cost to outsource social media marketing services. They found that $4,000 -$7,000 per month was the industry average, which works out to the above per-day costs.
As a benchmark, in our experience, these fees tend to be between $65-$300 per hour. This varies greatly depending on one’s resume, overhead and demand. For your average marketing consultant, fees are most commonly in the $100-$175 per hour range.
Ryan Flannagan of Nuance Media writes startups should expect to spend 12-20% of gross revenue on marketing , while noting a larger firm may only spend 6-12% of gross revenue on their marketing budget .
Not taking into account the large market value of Facebook and YouTube, the average social networking company is valued at $18 billion, but this value is likely high due to lack of valuation data on the majority of social media companies. The estimated average revenue of a social media company is $2.4 billion.
But remember, your social media budget should be one piece of a larger marketing pie. According to the Business Development Bank of Canada, a common rule of thumb is that B2B companies should allocate 2-5% of revenue on marketing, while B2C companies should spend between 5-10%.
Some of the most popular platforms for brand development and marketing include: Facebook. Twitter. Instagram . LinkedIn . Snapchat. Pinterest .
Not having the necessary business licenses and permits is illegal . You may face fines (federal, state, or local depending on your industry) or have to shut down your business . And don’t forget about the irreparable damage to your professional reputation when word gets out that you were operating without a license !
6 Steps To Start A Social Media Consulting Business Acquire the Necessary Skills. No one will hire you as their social media consultant without the right qualifications. Find Local Businesses As Your First Clients. Determine Your Rates & Financial Policies. Start Freelancing & Choose Your Niche. Hire People to Help You. Obtain Financing If Necessary.