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The change in trends across the globe after the Covid-19 pandemic affected not just buyers’ purchasing behaviours but also saw a shift in the sprouting of new businesses and startups. 

According to a report by Oberlo, 2.50 million new business applications were submitted in 2010. Fast forward ten years to 2020, and this number increased by 75% to 4.38 million. It was also the greatest growth in the previous ten years, up 24.7% from 2019.

It is because social media marketing is indispensable for new businesses. As a social media manager with upgraded skills, you should know how much to charge for your services. Without knowing your worth in the market, you may end up being underpaid for your expertise. 

With the rise of businesses, follows a rise in marketing spending for these new entrants in the market. When it comes to new, small and medium-sized businesses, investment in social media marketing – among other forms of digital marketing tactics – is the more obvious choice. This is because, as compared to other forms of digital marketing, the capital required to market via social media is relatively low. However, that does not make social media management an easy function. It requires skills, specialisation, and creativity. 

What Should I Charge For While Managing Social Media? 

The rate you charge for your services depends on a number of factors such as:

1. Your experience.

2. Your academic background. 

3. Evidence of work. 

4. Past achievements with social media.

5. The types of organisations you have worked with.

While your resume must include any relevant academic background you have for marketing in general, it is always a good idea to have a portfolio in place where can record all your past projects and achievements while managing social media for businesses. 

While negotiating with a potential employer or a company you’d like to freelance with, submit your resume along with your portfolio. This will make it easier for the employer to trust you as they will have evidence of what you bring to the table. 

Pro tip: if you don’t have any experience in social media management, you can always start with helping a friend with a high social media following in managing their social media account. This can be a great way to kickstart social media management and build your portfolio from scratch. 

Charging For Social Media Management Based On Experience

The following prices are what other freelancers are charging clients for managing social media content, according to the freelance marketplace, Upwork:

Entry Level: $15–$50 per hour. (INR 15,00 – INR 4,000) 

Expertise required: social media posting and virtual assistance. 

Intermediate Level: $50 to $100 per hour. (INR 4,000 – INR 8,000) 

Expertise required: social media posting, content production, and community administration.

Advanced Level: $120-$250 per hour. (INR 10,000 – INR 16,000)

Expertise required: Curating social media strategy, consulting and problem-solving. 

LinkedIn reports that the average pay for social media managers with 1 to 5 years of experience is $40,000 annually (INR 31,00,000). The median wage increases to $80,000 (64,00,000) for the same role with 6–14 years of experience! However, this also depends on the size and profitability of the company you are managing social media for. 

Although social media consultants and independent contractors don’t receive salaries (and are usually paid based on project size and duration), it can still be beneficial to utilise data from the salary information websites as a starting point for analysing your price structure. 

How Much Should A Digital Marketing Agency Charge? 

A good digital marketing agency will always try to tailor marketing strategies for different businesses. The services may include social media but are not limited to it. As an end-to-end digital marketing agency, you should be able to give your clients an option of marrying social media management with content, SEO, PR and other marketing tactics. 

For social media marketing services provided by a digital agency, the cost will vary depending on the quality and quantity of services offered. More often than not, the price range for social media services from a digital agency will range between $160 to $500 per month (INR 13,000 to INR 40,000). The cost will highly depend on the requirements of the business, the level of experience of the digital marketing agency and the resources rendered to manage social media for the business. 

These rates and charges are valid for the year 2022. If you are a freelancer, full-time employee or a digital marketing agency, bookmark this article to create a well-rounded fee charge plan for your next pitch. 

All the best!