Challenges are present everywhere and when you are running a startup then your main challenge will be how to allocate budget for marketing activity? The best way is to do social media marketing as it is cost effective. But again the question is how to allocate budget to your social media campaign. Here are some factors which should be considered during allocating budget for social media for startup.
- Affordability: First you have to determine that how much budgets is reasonably affordable by you? You have to spend capital, recognize that. The better you spend it and the more time you have to formulate where those funds are best allotted, the healthier off you’ll be.
Affordability
- Know your Target Audience:Depending upon your product, you can segregate your target audience. Target audience can be segregate through age, sex, culture, etc. For example if your audience is young like 12 years olds you would assign a superior social media budget to Snapchat than other social media websites. If your startup is selling kids wear in bulk to retail shops, LinkedIn is going to be a waste of your social media advertising budget. Depending upon your audience and their presence on social media, cleverly allocate your budget!
Target audience
- Type of industry: depending upon your industry and your product you will decide your audience but which social media you are going to use to reach that targeted audience is a big question. Do a research about which SM is going to be effective for your product advertisement. Alertness will be your best friend when it comes to reach your audience and spend your money cleverly.
Industry Sectors
- Forecast your ROI: Suppose you have a mobile app that you have to advertise on social media. For downloading the app through Facebook you might have to pay $3/download, $4/download on Instagram and $5/download on Twitter. At this point it will be clear to assign most (if not all) of your budget to the platforms that are executing well.
ROI
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