April 22, 2016 by AJ Agrawal
Your social media budget is usually something you set at the start of the year. Although you have to bear in mind that budgets are important, they should never be rigid. Things move so quickly in the worlds of business and social media that you can’t afford to stick rigidly to a budget.
So when you should you consider upgrading your social media budget?
Your Budget Is A Placeholder
The first thing to understand is that your budget should act as a placeholder. This is the minimum you will spend in order to carry out basic social media operations. It should never be the final budget because you have no idea what might happen.
When you set your budget, make it small and leave room for expansion. It’s best to start small because if you give yourself a huge budget it usually leads to disaster where you blow the entire thing on testing something that isn’t working. It’s better to budget too little and upgrade than budget too much and ruin your profits for the year.
Scaling For Success
Social media is all about split testing. The process is the same for all businesses. You will take various ads and status updates to test. Each time you will change a small aspect and check the results against your previous ones. Once you find something that gives you a reasonable ROI, you steadily scale up.
Scaling up is when you should increase your social media budget. It’s difficult to hit upon something that really works, so when you do get to it you have to give it room to breathe and grow. You may think that you can simply wait until your next budget review, but this isn’t going to work.
Check out the full article at: http://www.forbes.com/sites/ajagrawal/2016/04/22/when-you-should-consider-stepping-up-your-social-media-budget/#314ec7e36dee