What to Charge for Social Media Management Packages
Setting your prices is arguably the most challenging part of starting your social media management biz. There are so many different factors to consider when choosing one of the most important aspect of your new business - so it is so understandable why this is a FAQ! This blog is here to answer all those pricing questions for you!
Firstly, we recommend offering a package rate for everything you are doing so your client knows the deliverables they can expect and it isn't "defining" you by your hourly rate (because we know that there is so much more in the game than just our hours!). There are other ways to price yourself, such as a monthly fee, retainer, or hourly rate if packages aren't for you. Those won't be specifically covered in this article, but choose what you feel would work best for you!
Here's how to get started on your package pricing:
1.) Map it out
Start by mapping out everything that you would include in the packages, focusing on one package at a time! Consider this the brain dump / outline of all your services you'd like to offer. It's a great starting point to help you decide specifically what you want to include and what you don't! This is also an important step for defining your services for your customer, so they know exactly what they will be getting out of this partnership.
2.) Timing Tasks
For each task/service offered within that package, know how long it takes for you to complete each one. If you have to, do a trial run and time how long it takes you to complete the different tasks! This amount of time will vary so much depending on your familiarity with the brand, the type of content, your personal style and approach. So, during this step make sure to think about every detail (long-form vs short-form content, video content vs photo or text content, engagement on an account with 1k followers vs 20k followers).
One question we get a lot lately is if SMMs should charge different amounts for photo posts versus video posts (such as a TikTok or Reel), and the best answer is it truly depends on if there is a different in the amount of time it takes you to complete both posts. I know for me personally, it takes a longer to create video content than photo content by a significant amount, and it also varies depending on type of content! So, definitely acknowledge if there is a time difference between all the factors and select an average if needed, or separate these services as an add-on!
3.) Add in your buffer time
'Expect the unexpected' certainly applies to social media management! There is ALWAYS something unexpected that pops-up in our field. Whether it's a tech issue, new trend on the rise, or customer question - there will be things that take more of our time out than just what's listed in the package. For this time, be sure to add in a few hours for communication and revisions to give yourself some wiggle room.
4.) Choose your rate!
Keep in mind that your rate needs to cover your hours AND your expenses (tools, apps, software). You should also factor in your niche/industry, experience, education, certifications, and other qualifications that make you the specialized SMM you are!
A great starting point for selecting your rate is industry research. Go on your fave job hunting site (Indeed, Glassdoor, LinkedIn, etc.) and look at the social media management jobs within your specific niche with your experience and education level. Most of them will include a pay range that can relate to yours! After you selected a rate that's best for you, add in your hours for your tasks, a few hours for buffer time, and you will have your package price!
5.) Express your prices to the customer and stick with them!
Definitely be up front about your pricing with your customers. It might even be helpful to say that the pricing is based on average or a starting price if you are unsure about how their specific needs will fit into your packaging in the proposal stage. Don't be afraid to give price increases as the needs or market changes (by letting them know of course!). Of course, there might be a few people that will ask for discounts or ask for you to comprise on your pricing for them. If they really respect your worth and you strongly believe that your pricing is an accurate representation about the work you'd put in, be confident in your prices and stick with them!
And just like that, you can get to raking in the $$! This is a difficult and sometimes lengthy process of starting up your social media agency, so don't be afraid to ask us or your network questions.
Tune into our blog next week for more SMM pricing tips!
