What Social Media Costs and Why

As a business strategy consulting firm focused on social media and empowering small- and medium-sized businesses around pricing and more, Successiory prices are a bit lower than those mentioned below, because I have fewer expenses than larger firms. Still, my prices are not low. Basic Math: if companies allow clients to pay less for a service than it costs to provide that service, that company will eventually go bankrupt, no longer able to provide that service at all.

Service Costs versus Client Budgets

I understand the urge to price services so that those who need it can benefit from it. It’s why I started my business. Developing my business, however, I realized that the cost of offering the service – including government taxes, social media tools and support, client-specific research – even when streamlined, was a lot higher than I'd initially thought. It would be impossible to charge what start-up clients could afford and survive. If my business died, it would not serve anyone. Plus: people tend to value less what they pay less for. It's human nature. Ever stuck with a service at full price when you started that service on Groupon? Food for thought.

Clients – Know Your Pocket

To small businesses or start-ups with limited budgets, Successiory focuses on preparing you for in-house social media management, consulting, speaking and workshops. These also help later, when you start thinking about what, if anything, you need to outsource. Other consultants operate this way as well. We believe it’s one way we get to grow with you. You still pay full price for these services, but they're within your budget.

Consultants and Managers – Client Profile

Not every client-consultant partnership is meant to be. While we can practically taste our clients’ success, we want clients who respect us as well. I was once offered $25/month to 'manage someone’s Facebook page'. The offer was not so far from this new disturbing trend of the unpaid internship that is, thankfully, illegal in Ontario, Canada. The Rock Solid Business Coach calls these clients and customers Grinders. My advice, develop a client profile: industry, profits, schedule compatibility, business sustainability, yes, but also culture and values.

 Successiory Blog: What Social Media Costs and Why

Successiory Blog: What Social Media Costs and Why

Social Media Service Costs/Pricing

Now, social media is far more than marketing. It is a community, a collaboration tool set, that affects multiple business functions – some, inevitably. The prices quoted here, however, are largely based on ‘marketing’. 

These prices are based on PR firm services, which have more overhead and therefore cost more than consultants. For 2011-2013 pricing, I found these posts relevant – Blue Cloud Solutions (2013) and Mack Collier (2011), thank you. For 2014, despite their tone, I thank The Content Factory for their post, as I’ve found their prices to be largely true:

  • Twitter: Full Launch & Management $2,000-4,000 up to $7,500 | Restructuring $1,000-2,500 up to $4,000
  • Facebook: Full Launch & Management $2,500-5,000 up to $9,000
  • Audit: $2,000-10,000
  • Strategy: From scratch $3,000-15,000 up to $20,000

These vary from state-to-state or province-to-province in North America, and across industries.

Clients – Time, Resources & Finances

Before you make any decisions about social media, remember that it affects PR, Communications, Marketing and even R&D, HR and Partnership prospects. Your social media strategy affects every public-facing business function. Whether you self-educate or outsource, think long-term about the impacts of your decisions. Why (not just how) social media?