How Much to Charge for Social Media Management Cost? In 2024

When you are starting, pricing your social media management services can feel like a daunting task. Not only beginners, but professionals also sometimes find it tough to set a price. So, how much to charge for social media management cost?

There are different pricing models and strategies to set the cost of your management service. Typically, social media managers charge around $500 – $5000 per month and $20 – $50 per hour on average. 

As there are other things to consider, we will walk you through the pricing models and tips. So, let’s get started!

What Does A Social Media Manager Do?

Before we dive into the pricing, you need to understand exactly what as a social media manager you’ll need to offer. Therefore, the core responsibilities of s social media manager are as follows: 

Manage Your Social Media Accounts

A company’s social media managers are like guardians of its online identity; they make sure that every platform represents the brand the same way. They set out to create a consistent brand image for the audience by carefully planning tactics to synchronize the message, tone, and style across all media.  

Create Specialized Content

To maximize interaction and resonance with varied audiences, it is necessary to craft specialized content for each social media site. Writing unique posts for each network is a must. 

An expert social media manager knows their audience inside and out, from their target audience to their preferred content and platform quirks. 

With this information in hand, they craft engaging, contextually appropriate material that fits in with the specific features of social media sites like LinkedIn, Instagram, and Twitter. 

They successfully attract audiences, stimulate meaningful connections, and increase brand awareness and loyalty by creating content strategies for the specifics of each platform.

Tracking How Well Social Media Posts Do

You can’t gauge the success of your social media campaigns without monitoring important metrics like engagement, reach, and conversions. To understand their audience’s habits and interests, social media managers use data to track how well certain postings and campaigns are doing. 

They may improve future advertisements, maximize content performance, and find successful methods by analyzing these metrics. Besides, they can improve strategies, distribute resources wisely, and attain quantifiable results that align with company goals through this ongoing evaluation process.

Managing Social Media To  Assist Lead Generation

Social media platforms are great for generating leads and acquiring customers. Managers of social media platforms are vital in interacting with followers, developing rapport with them, and leading potential customers along the sales funnel. 

Attracting potential customers, encouraging conversations, and driving conversions are all outcomes of their well-planned and executed campaigns for lead generation. 

They help the company succeed by building trust, credibility, and brand affinity through proactive engagement and one-on-one communication.

Making A Sales Funnel

Social media managers play a key role in the sales funnel by directing prospective clients through the three phases of awareness, consideration, and action. To get prospects to do what they want (like buy something or sign up for a service), they deliberately create content and use engagement methods to pique their interest.  

Strategy For Content

Consistency and relevance across platforms are achieved when social media content is aligned with larger marketing goals and brand storytelling. The goal of a social media manager is to create audience-resonant material that reflects the brand’s values, voice, and objectives. 

To guarantee a unified and engaging brand story, they determine important topics, messaging pillars, and content forms to back up the overall marketing plan. Managers of social media platforms may maximize engagement, raise awareness of their brands, and propel commercial results.

Looking Over Content And Reporting On How Well It Works

To gauge the success of content campaigns, social media managers painstakingly examine vital indicators such as engagement rates, sentiment, conversions, and reach. 

By outlining accomplishments, pinpointing improvement opportunities, and suggesting strategic adjustments, they provide thorough reports and deliver practical insights to stakeholders.  

Adaptability

A social media manager’s ability to change with the times depends on their ability to keep up with industry news, platform updates, and audience tastes. They keep an eye on how things are changing in the world of social media, new tech, and customer behavior so they can adjust their plans appropriately.  

Content Curation 

To keep their social media accounts lively and interesting, social media administrators engage in content curation. This entails selecting interesting and relevant posts from a variety of sources. 

They maintain an engaged, informed, and motivated audience by discovering and sharing high-quality material that is in line with the interests and values of their brand.  

Originality 

To successfully handle social media, originality and creativity are essential. To succeed in social media, one must think outside the box, come up with interesting campaigns, write interesting content, and give brand messages a unique voice. 

They can grab people’s attention, make them feel something, and motivate them to take action on social media by being innovative, trying new things, and thinking beyond the box. 

How Much To Charge For Social Media Management Cost?

The average cost of social media management is $20–$50 per hour, with monthly rates ranging from $500–$1400. Prices for monthly packages might range from $500 to $1400 or even more if you get the platinum package, depending on the extent of the services provided. 

Conversely, freelancers can charge anywhere from $500 to $10,000 monthly, with intermediate experts charging $50 to $100 per hour and advanced producers charging up to $350 per hour.

Content production, audience engagement, growth plans, analytics, and planning are all possible components of a service. Customers should be able to see the value they are getting for their money, with no opportunity for confusion.

At Oyolloo, you will get the basic services starting at only $500. The silver and gold package prices are $900 and $1400 respectively. 

Also, if you want something more, you can always switch to the platinum package, where the pricing will be upon discussion. The best part is, all the packages are for one month’s duration. Thus, this is the best cost-effective pricing you’ll ever find!

Pricing Models For Social Media Management Services

As we said, the pricing of social media management varies a lot. However, if you are about to set the price, you can look into different model types that most freelancers and agencies use. 

Cost-Based Pricing

In this case, the agency determines the selling price of the social media management services by adding a targeted profit margin to the costs connected with providing the services. This strategy is great because it doesn’t need a ton of research, which makes it easy to apply and simple. 

But it’s not perfect; it ignores important details like demand and competition. The standard markup for an agency’s services is 20% to 50%, however, the best of them may charge more. 

Competitive Pricing

Competitive pricing uses the prices of competitors as a standard against which to establish prices. Prices can be set higher, lower, or anywhere in the middle by agencies. Although this approach necessitates an investigation into pricing structures, it is quite simple to put into action. 

The lack of flexibility arises from the fact that agencies are compelled to continuously alter their prices in response to changes in the market. In addition, low-cost agencies in particular may find it difficult to scale their operations if they depend just on pricing determined by market competition. 

Value-Based Pricing

Clients’ estimations of the worth of the agency’s services are the focal point of value-based pricing. This approach looks at the results and benefits that the agency provides, not simply the expenses. By capitalizing on their credibility and experience, agencies can charge what they’re worth. 

External variables, such as negative reviews or unhappy consumers, might impact value-based pricing. Agencies need to research the industry and learn how rivals affect service valuations if they want to use this tactic effectively. Also, to maximize perceived value and provide a case for higher charges, they should constantly work to enhance and distinguish their offers.

Hourly Rate 

Many agencies like the hourly pricing model since it is straightforward to understand. Clients pay the agency for each hour that workers are on the clock for a project. 

Tasks like determining target audiences and creating social media strategy are examples of the types of lengthy and research-intensive projects that lend themselves well to this methodology. 

Administrative tasks should be factored into the tariff, though, because not all hours can be billed. In this case, time tracking and client management that runs smoothly are crucial for conflict avoidance.

Price Per Activity Or Task

Clients are billed for the particular activities or tasks carried out by the agency under this pricing model. It works wonderfully for small, well-defined initiatives with clear objectives. 

But when determining costs, it’s important to think about things like expected delivery time, the amount of work necessary, and the number of people involved.  

Retainer-Based Price

Customers who opt for the retainer-based pricing plan pay in advance for the privilege of continuous social media management. It enables clients to outsource day-to-day operations to experts while providing agencies with a steady stream of revenue. 

Posts to social media, community management, and monthly reports are typical outputs in this paradigm. Having said that, agencies need to be cautious with their customers’ unused monthly hours and make sure they are communicating clearly about how to use or roll over these hours.

Performance-Based Price

Payment to agencies is contingent upon the success or failure of their clients’ projects under the performance-based pricing model. This strategy guarantees that clients only pay when certain pre-defined marketing targets are accomplished, while also providing agencies with certainty. 

There are dangers involved, too, because the agency can’t always manage all of the factors that affect success.  

Monthly Retainer

One reliable way to charge for social media management services is on a monthly retainer basis. This technique can be used by agencies when they have established rapport and gained experience with clients. 

In return for continuous social media management services, clients pay a set monthly charge. With this strategy, agencies can stop worrying about finding new clients, have a steady stream of cash, and make client budgeting a breeze. It also helps companies better manage their time, which could lead to more clients.  

Project-Based

Social media advertising campaigns and product promotions are examples of unique, long-term initiatives that work well with project-based pricing. When clients require help getting a project off the ground before taking over full responsibility, this model is a good fit. Based on the projected number of hours needed to finish the job, agencies provide set prices.  

Package-Based 

Using a package-based pricing strategy, social media management services are offered in monthly bundles. To accommodate clients with diverse budgets and requirements, agencies provide a range of packages with different services and prices. 

This strategy makes it easy to scale your business, keeps clients’ decision-making processes simple, and guarantees a steady stream of cash.  

Determine How Much To Charge Based On The Services You Offer

Determining your charge for social media management requires you to focus on some aspects. Here are some of the factors you need to consider while determining your charges. 

Knowing Your Social Media Management Abilities 

It is essential to consider your social media management abilities and capabilities before establishing a price. Think about your experience, education, and qualifications in the field, as well as your success rate with previous clients. 

Customers are prepared to pay a premium for marketers with experience and track records of success. You can confidently establish your worth and charge rates that match your skill level if you take the time to properly evaluate your area of expertise.

Market State

You may learn a lot about the current state of the market and the norms in your business by looking at how your competitors price their products and services. So, you can build a benchmark for your pricing strategy by studying the pricing tactics of your immediate competitors. 

Keep an eye out for commonalities in the kind of services provided, industries catered to, and customer sizes. Be wary of charging too much or too little in comparison to the competition; rather, strike a balance that reflects your value proposition and where you are in the market.  

Price Structure 

It is crucial to assess your present price structure to comprehend how customers regard your offerings and to guarantee that you maintain competitiveness in the market. Get your customers to tell you how much your services are worth and how much they can afford.

To evaluate the efficacy of your pricing plan, think about metrics like customer satisfaction and retention rates. To stay profitable while keeping up with market expectations, you may need to adjust your prices.  

Considering Business Expenses

You must include all of the expenses connected with offering social media management services in your pricing strategy. Office supplies, software subscriptions, and employee salaries are all examples of direct costs; overhead and marketing expenditures are examples of indirect costs. 

Make sure your price plan covers your expenses and leaves room for a healthy profit margin by precisely estimating them.  

Common Pricing Pitfalls

Do not let clients dictate fees, do not offer free services without reason, and do not commit to projects verbally without proper contracts. Determine your pricing range by considering your level of skill and the value you offer to clients. 

To keep disagreements and miscommunications over budgets and scopes to a minimum, be forthright and honest when communicating with clients.

Monitor And Adjust

It is important to consistently assess and adjust your pricing strategy in response to market input, customer preferences, and industry changes. If you want to keep making money in this industry, you need to be nimble and able to change your price packages and structures on the go. 

You can keep your pricing plan effective and in line with your business goals by keeping an eye on the market and your client’s changing needs.

How To Become A Social Media Manager In 2024?

Social media management is a highly demanded job in this current era. Therefore, if you want to take a leap of faith here, here are a few things to do. 

Laying The Foundations

It is essential to educate yourself and fully immerse yourself in the social media landscape before venturing into the realm of social media management. Learn the ins and outs of the many social networking sites, as well as current trends and best practices. 

To have a better grasp of social media marketing, consider enrolling in classes, going to workshops, or making use of free internet tools. Also, to succeed in the ever-changing field of social media management, it’s important to further your education and keep up with the news in your field.

Gather Information

A social media management job isn’t complete without practical experience. Try your hand at social media management, work with others on creative projects, or look for co-ops and internships to obtain some real-world experience. 

Showcase your skills and originality on your personal social media accounts by creating a niche following or curating interesting content. A solid groundwork for a social media management job can be built by active participation in relevant communities and the continuous improvement of one’s skills.

Assemble Your Portfolio

Gather your social media management experience, talents, and accomplishments into a portfolio. Give samples of your work for clients, internships, or personal projects that showcase your skills in content creation and engagement. 

Showcase your creativity and smart thinking by creating spec work for well-known businesses. Make sure your portfolio showcases your skills and interests to prospective employers, whether it’s in a downloadable PDF, on a specific website, or on a platform.

Give Your Resume A Facelift

Create a polished resume that showcases your best work and fits well with your brand. Make sure that your social media management resume stands out by highlighting your relevant work experience, abilities, and achievements. 

Think about adding a brief overview section at the beginning to emphasize your special qualities and demonstrate your character. 

To make your CV stand out, use unique formatting and graphic features. Making a good impression on prospective employers and getting interviews are both facilitated by a well-crafted and tailored CV.

Make Connections

In social media management, networking is key to making connections and moving up the job ladder. Reach out to people in your field, as well as prospective employers and customers, through social media sites such as LinkedIn, Facebook, and Instagram. 

Get involved in the conversation, contribute your knowledge, and attend conferences and other events that pertain to your field. Opportunities for employment, mentoring, and teamwork can arise from a robust social media network. 

You can advance your career in social media management by actively seeking out networking opportunities and cultivating genuine connections.

More To Know

How much should I charge to manage someone’s social media?

The going rate for social media management services from freelancers is usually $500 to $10,000 monthly. Also typical are hourly charges, which can be anything from $20 to $50. Factors like the client’s budget and the freelancer’s skill set determine the exact price.

What is the standard rate for social media management?

In 2024, the average cost of social media management is $20 to $50 per hour. The freelancer’s level of experience and the intricacy of the project are two variables that could affect the final price. 

How much should I charge to create content?

Hourly rates for content development can be anywhere from $15 to $150, while per-piece rates can be anywhere from $25 to $300. A freelancer’s hourly wage may be anywhere from a few hundred to several thousand dollars, depending on the size of the job.

How much do social media freelancers charge?

On average, social media freelancers might charge anything from $50 to $100 an hour. Freelancers’ expertise, location, and the project’s complexity are a few of the variables that determine the project-based rate, which can be $1,000 to $5,000 or even higher.

Looking For The Best Social Media Management Services?

While everyone out here is claiming to be the best, we prove it through our actions. Oyolloo should be your only destination when you want to see a change in your social media marketing efforts. 

Our team of social media managers can boost your social presence and keep everything on track. Contact us to get started on an amazing journey!