This question originally appeared on CoFoundersLab: How much should people pay for social media management?
Answer from Logan Wallace, Founder of E-Commerce Automation
I handle email automation for clients and offer social media management as well. Social media management is not my main offering, but many clients ask for this service and I need to provide it for them.
I had no problem charging $1,500 a month and a $500 set-up fee for social media management. The price you decide to charge will depend on the value you're providing to your clients’ businesses. Most business owners don't want social media management to generate direct revenue. Instead, they want to use social media to build relationships with their customers.
I've seen other marketing companies charge up to $3,000 a month, and it’s not uncommon for these fees to go up to $10,000 for corporate clients.
Don't be afraid to charge what your services are worth. Most people will hire you because they don't want to deal with social media and management or the attendant time commitment. Most business owners don’t have a coherent strategy for their social media channels. That’s where you need to play.
If you’re starting a digital marketing business and want to offer social media services, the best advice I can give is to specialize in a certain market and avoid a very general social media consultancy for any industry. Think: "Social Media Management for Surgeons" or "Social Media Management for Limo Services,” for example. This way you know more about the industry you’re catering to than other social media managers who are generalists. You’re an expert in this field and you can market yourself to clients as one. Most business owners will pick the specialist over the generalist, just as most people will choose an orthodontist over a general dentist to install braces.
If you’re a specialist, you’ll know how to onboard your clients quicker because you know their industry requirements and challenges. And because potential clients will trust your expertise in their industry, you’ll eventually be able to quickly acquire them.
How much should people pay for social media management? originally appeared on CoFoundersLab — the place to connect, meet, and collaborate with like-minded entrepreneurs.