Over the past 15 years one of the most common questions we’ve gotten and seen posted online is around the cost of social media agencies, and previously we posted about the costs of social media consultants, SEO, etc. So what dictates the prices?
A misconception many companies have, especially large companies or startups with massive funding, is to immediately shoot for the stars and hire “the best” social media agency. However, what makes an agency the best?
When looking at this dilemma two old school quotes come to mind:
- “I have the simplest tastes. I am always satisfied with the best.” – Oscar Wilde
- “Jack of all trades, master of none.”
Bringing things back to the real world, and the costs of social media agencies, it’s interesting how some of the largest firms charge a premium, though the costs for boutique, specialized agencies with small teams that operate like special forces demand even more. Why? Because they’re the best at what they do and aren’t a jack of all trades.
So this all comes down to one thing: What does a social media agency cost? And also brings up the question: What are your goals?
If you are a local restaurant chain looking to hire a social media agency to boost engagement and sales that’s one thing, though if you’re a global company generating billions of dollars per year and X initiative must equal Y that’s a different animal – and different cost.
For small, local campaigns companies should expect to pay $1-3K per month for basic social media management and campaigns for large companies could range anywhere from $20k/month for particular initiatives to over $100k/month for a team dedicated to the company 24/7/365 which, nowadays, is becoming more important.
The moral of the story is that costs for social media agencies are all over the place, and the real cost will depend on your goals along with the expertise of who you’re bringing on to help.