As a social media manager, you know that pricing your services can be difficult. You may not know where to start or what to charge. That’s why we’ve put together these five best practices of what to charge for social media management to help you price your services correctly and attract the right clients. Let’s get started!
If you are interested in developing your social media marketing abilities you can find a variety of employment and business opportunities as businesses turn away from traditional workers and budgets for social media advertising grow.
Pricing your social media marketing services can be difficult. When I was a new social media manager around six years ago this was one of the things I struggled with the most. But following these five best practices will help you attract the right clients and price your services correctly.
What to Charge for Social Media Management
To help you determine the right pricing for your social media management business, you first need to understand what your clients want and what they’re willing to pay. You also need to consider your skills, services, and the competition. With that information in hand, you can set your rates appropriately and use a negotiation strategy to close the deal.
How Much Does a Social Media Manager Charge?
So how much do you get paid for social media marketing?
According to LinkedIn, the typical pay for a social media manager with one to five years of experience in the United States is $41,900. For the same position with 6-14 years of expertise, the median pay rises to $80,000!
We have put together a list of five best practices to help you price your social media marketing services. If you follow these tips, you’ll be on your way to attracting the right clients and getting the best possible price for your services.
1. Define Your Pricing Structure
The first step in pricing your social media marketing services is to define your rates.
Rates can be defined in a number of ways, but the most important thing is that you are clear about what you’re charging. For example, you could charge by the hour, by the project, by the month or a retainer rate.
Get clear about what your hourly rate is. You should also consider what your minimum and maximum hours are. Set an overall estimate if you decide to charge hourly, and define how you will track your time.
A retainer is a one-time payment for future services (a social media package) delivered by the social media manager, and it has certain benefits.
If you’re paid a retainer, you should consider what your minimum and maximum hours are.
You may want to include a clause in your contract that allows you to increase your rates if the scope of work changes.
If you charge by the project, you will need to define what your project rate is. This can be done by considering the scope of work, the timeline, and the deliverables.
If you charge by the month, you will need to consider what your monthly rate is. This can be done by considering the scope of work, the timeline, and the deliverables.
Defining your pricing structure is an important first step in pricing your social media marketing services.
2. Consider Your Skills and Services
Once you’ve defined your rates, it’s time to move on to the next step: considering your skills and services.
You need to think about what you’re offering and what value you bring to the table. This will help you determine what price point is fair for your services.
When considering your skills and services, be sure to think about what makes you unique. What do you offer that other social media managers don’t? What are your strengths? Use these factors to help you determine what you should charge for your services.
Your skills and services are what set you apart from other social media managers. Be sure to consider them when pricing your services.
When I started as a new social media manager I had zero experience from marketing or social media but I had been working as a nurse specialist for 10 years and that made me unique. I could use this experience to land clients within the healthcare and wellness industry.
Even if you don’t have a lot of experience in social media marketing, think about what makes you unique and use that to your advantage.
For example, maybe you’re great at writing
Now that you understand the importance of defining your rates and considering your skills and services, let’s move on to the next best practice: research your competition.
3. What Kind of Business are You Working With?
If you work with small businesses, you’ll likely have different rates than if you work with larger corporations. Big companies are able to spend more on marketing.
Your rating will also be dependent on the industry you’re in. Factors like competition, pricing, and expansion plans vary across industries.
Most social media managers charge different rates for each unique client and project.
While this may seem strange to some, keep in mind that no two positions will ever be identical, and tailoring your product to meet your clients’ demands and specifications is a good method to get new clients.
Use your best judgment – but do some market research first.
4. Research Your Competition
Competition is an important factor to consider when pricing your social media marketing services. You need to know what other social media managers in your area are charging for their services. This will help you determine what price point is fair for your services.
To research your competition, start by searching Google for “social media manager + [your city] or [your niche]” This will give you a list of social media managers in your area or niche. Once you have a list, visit their websites and see what they’re charging for their services.
Keep in mind that competition is not only about price. It’s also about quality, skills, and services. Be sure to consider all of these factors when determining what price point is fair for your services.
Researching your competition will help you determine what price point is fair for your services. Be sure to consider all of the competition, not just price.
Now that you’ve considered your rates, skills, services, and competition, it’s time to set your rates appropriately.
Once you have all of this information, you can start setting your rates.
5. What Does Your Client Need Help With?
How much support your social media management client requires is a crucial element in determining how much to charge them for your services.
Some clients simply need assistance with basic tasks, while others want full-time community management and creative planning as well as engagement and posting.
The following are a few key services and factors to consider when determining the scope of work:
Number of Social Platforms
How many social media platforms will the customer want you to handle? The more platforms, the more time it will take you to complete your work.
Types of Content
What types of content will you be creating? Will it be mostly written content, or will you be creating a lot of graphics and videos? Creating original content takes a lot of time and effort. If your client wants high-quality original content, you’ll need to charge more for your services.
How much engagement will the client want? Do they want you to comment and like other people’s posts, or do they just want you to post on their behalf? Engagement can be time-consuming, so it’s important to factor this into your rates.
Does the client want you to reach out to and work with influencers? If so, you’ll need to factor in the time it will take to research and contact influencers as well as negotiate rates and contracts.
Paid or Organic Reach
Does the client want you to focus on paid advertising or organic reach? Paid advertising takes additional time and effort, so you’ll need to charge more if this is what the client wants.
Will you be expected to handle customer service issues? This can be time-consuming, so you’ll need to factor this into your rates.
6. What Expences Do You Have in Your Business?
What resources, tools, and people will you need to give exceptional service to your social media management clients?
You’ll need to consider what tools you’ll need, such as a social media management platform, graphic design software, and photo editing software. You’ll also need to factor in the cost of any team members you hire, such as content creators and customer service representatives.
7. Set Your Rates Appropriately
After you’ve done your research, it’s time to set your rates appropriately. You need to consider all of the information you’ve gathered and set a price that is fair for your services.
When setting your rates, be sure to consider your skills, experience, services, and competition. And also you need to consider what feels right for you personally. You don’t want to undervalue yourself.
When you’re a brand new social media manager, you can always start with a lower rate and increase it as you gain more experience and testimonials.
The final best practice for pricing your social media marketing services is to use a negotiation strategy.
8. Use a Negotiation Strategy
Once you’ve determined what you’re going to charge for your services, it’s time to start pitching to clients.
Negotiation is a normal part of business. And as a social media manager, you need to be prepared to negotiate with clients.
When negotiating with clients, always be professional and respectful. Never undervalue yourself or your services.
And always be prepared to walk away from a deal if the client is not willing to pay what you’re worth.
In my course the Social Media Manager Academy you will learn how to land high-paying clients and how to create a social media package that sells. We will provide you with email pitching templates, proposal templates, and discovery call templates with negotiation strategies so you know exactly what to say to land those high-ticket clients.
Deciding what to charge for social media management can be difficult, but following these five best practices will help you attract the right clients and price your services correctly. Be sure to consider your skills, experience, services, and competition when setting your rates. And always be prepared to negotiate with clients. Use the resources and templates in the Social Media Manager Academy to help you land high-paying clients.