A social media management pricing guide for 2024

Social media management is one of the most treasured and in-demand skills in the digital economy. Every person and every business wants to gain more followers, engagement, leads, and organic traffic.

But, the big issue is that only some have the knowledge or experience required to unlock these benefits and reap the rewards. That’s where you come in!

Lots of brands handle all their social media marketing in-house. But, outsourcing this work comes with some huge advantages that are impossible to ignore. When brands outsource their social media management, they get access to a broad level of expertise across different areas of social media marketing, like content creation, paid campaigns, or, best of all, growing an organic and loyal community.

Of course, other social media specialists focus solely on more technical tasks, such as tracking relevant metrics or helping clients develop the strategies they need to succeed online. If this sounds like the sort of service you’d like to provide, one of the first things you need to figure out is how to determine your social media management pricing rates.

Thankfully, Copilot has your back. In this comprehensive article, we’ll explore the different pricing models that you can use for your social media management service before showing how to package your services so that you can build recurring and predictable monthly revenue.

There’s no time to waste, so let’s dive right in.

An overview of social media management pricing

Any venture you make comes with a bit of risk. Mitigating these downsides requires careful thought and planning. One of the most important parts of launching your service involves getting your prices right.

There are a few different ways to think about pricing. Sure, you can look at your competitors and see what they charge. However, unless you have a good grasp of their costs, you’re pricing in the dark.

As such, it’s essential to remember that the prices included below are a rough guide. Rent, staff, software subscriptions, utilities, taxes, and more need to come out of the prices you charge for your services. So, always ensure you factor these outgoings into your final price. Too many entrepreneurs have gone to the wall because their margins were too tight or they didn’t foresee certain expenses.

So, let’s take an overview of social media management pricing so you can figure out how much you need to charge.

Different social media management services

One of the best and most common ways to determine pricing is to calculate costs and add a profit margin. However, that requires clearly defining each service. Many social media management companies package their services modularly, meaning their clients will only pay for the services they need.

In this section, we’ll explore the services your social media management business might provide and establish some typical prices for each one. Once you understand the typical prices that other social media management providers charge, you can start to fine-tune your own prices.

Social media management

Social media management is an umbrella term for a variety of different services, most of which we’ll include below.

A few different factors determine what you can charge for your social media management service. For starters, your experience and track record are important. Additionally, the services you provide also affect your pricing.

• Hourly price: $40 to $200 per hour.
• Monthly price: Basic packages are between $500 and $5,000, while more advanced and complex social media management agencies can charge around $20,000 per month. However, when you work in the costs of big social media campaigns, these costs can escalate quickly.

Social media community building and maintenance

Social media community building and maintenance is a key part of brand awareness and customer retention. While some brands handle this work in-house, it’s common for businesses of every size to hire specialist agencies.

The scope of work here can vary wildly. Some social media community building involves engaging with customers, responding to DMs, and addressing any problems that might arise. Other projects are more complex and can even take on tasks like running social media campaigns.

• Hourly price: $20 to $150, depending on scope of work and experience.
• Monthly price: $3,000 to $10,000, depending on the quantity of work and agency experience and specialty.

Social media campaigns

Some businesses prefer to hire social media managers on a project basis. In effect, this involves targeted campaigns with clear objectives, such as brand awareness, leads, conversions, web traffic, and so on.

• Hourly price: Social media campaign management can cost between $20 and $200 per hour, depending on experience and track record.
• Monthly price: Monthly prices for running social media campaigns can be anything between $500 and $5000, depending on the campaign size and goals.

It’s important to note that the costs shared above do not include the cost of paid advertisement on social media channels. These charges are in addition to your hourly or monthly prices, so don’t forget to make that crystal clear to your clients.

Social media content creation

Another popular niche for social media management involves creating content. There are a couple of ways you can provide this service. For example, you could create content on behalf of the brand, or you can act as an intermediary between the brand and content creators.

Another thing to remember here is that the quality and volume of your content will dictate what you can charge. Thought leadership, heavy research, and authority building will cost more than other types of work.

• Hourly price: Prices for content creation start at around $40 per hour but rise based on experience, quality, and content format.
• Monthly price: A basic social media content creation retainer might cost as little as $500, while a more complex and varied content schedule with a mix of blogs, videos, images, and so on can go for around $5,000.

Social media analytics and reporting

One of the best things about social media marketing is that it’s pretty easy to measure. With the right approach, you can track quantifiable KPIs such as followers, likes, and shares. You can also get a grasp on more intangible measurements, such as brand awareness, customer sentiment, and even consumer satisfaction.

Social media analytics and reporting service providers offer brands a way to understand the impact of their campaigns.

• Hourly price: Basic analytics and reporting can cost anywhere between $20 and $150 per hour, depending on experience, quality, and the scope of what is being tracked.
• Monthly price: Outsourcing social media analytics and reporting can cost anywhere between $500 and $2000 per month, depending on the number of accounts and KPIs that must be tracked.

Social media strategy

Social media strategists are responsible for planning, developing, and implementing a brand’s social media strategy. These professionals research brands, target audiences, and trends and determine goals, platforms, content formats, and more.

• Hourly price: The median price for a social media strategist is around $30. However, experts with a proven track record can charge far more.
• Monthly price: The average monthly cost of a social media strategist is somewhere between $3000 and $5000. Again, high-profile agencies will charge far more for their expertise and experience.

Social media management pricing models

Now that you know the typical ranges for social media management pricing models, it’s time to think about how to charge your clients. Here are the four most commonly used models in the industry.

Hourly pricing

Hourly pricing is pretty common in the social media management space. You can determine your hourly rate based on experience, reputation, and the services you require.

The big plus here is that this model offers flexibility for you and your client. It’s particularly suitable for smaller projects or clients who need sporadic help. Additionally, it makes billing and invoicing fairly simple.

However, there are some downsides to consider. For starters, depending on what work needs to be done each month, costs can be quite unpredictable. What’s more, some clients might scrutinize what work is being done each hour.

Retainer

The retainer model is also popular among social media management services. The client pays a fixed monthly fee in exchange for a predetermined set of services.

The upside of these arrangements is transparency, predictable pricing, and the potential development of long-term relationships. When these partnerships are locked in, planning and strategy naturally follow because you get a better feel for how to sell your client’s brand.

Of course, there are some downsides to consider, too. For starters, retainers lack the flexibility of hourly billing. If the scope or volume of work changes, it can be difficult to adjust accordingly. However, offering different service packages can solve these issues.

Project-based

Project-based models are used frequently within the social media management space. This approach involves charging based on a one-off project, such as a social media campaign, a product launch, an audit, and so forth.

While the project-based model gives you and your client clarity on the budget and scope of work, in some cases, it can hinder relationship building. However, some social media management firms use the project-based model alongside retainers or monthly subscription charges. For example, you can have a retainer for regular social media work and charge for ad-hoc projects that fall outside that remit.

Aside from that, any social media management agency that uses project-based models must carefully outline the scope of work, expectations, and related KPIs during their proposal. This process makes sure you and your client are on the same page.

Performance-based

The performance-based pricing model is a great idea for established social media management agencies. It hinges on the idea that your business gets paid for the results it produces. For example, you might enter into a contract with a client with the goal of increasing web traffic, generating leads, or growing social media followers.

The plus side here is that you and your client's objectives are tightly aligned. Their success becomes your success. On top of that, your clients will be less interested in your process and more focused on the results that you bring.

However, there are complications that come with this approach. While metrics are easy to establish, they can be more difficult to measure. For example, attributing sales and leads to particular campaigns is a contentious issue that could cause disagreement. Additionally, performance-based pricing does not provide predictable revenue.

Productizing your social media services

Once you’ve figured out the services you want to offer, it’s time to think about how to market them to your potential clients. The productized business model allows you to package your expertise and offerings into standardized and clearly defined products with set pricing and deliverables.

The big advantage here is that your clients know exactly what to expect from your service. If we think about the various services listed above, you can package each one separately and encourage your clients to mix and match based on their needs. Alternatively, you can also use a tiered pricing model that starts with a basic service and adds more advanced options as needed.

Here is an example to illustrate what we mean.

Starter Package: $1500 per month

Target audience: Startups, entrepreneurs, and small businesses.

Package includes:

• Creation and optimization of social media accounts on two platforms.
• Four posts per week.
• Daily monitoring and responses for social media accounts.
• Monthly report on basic metrics.

Growth Package: $3000 per month

Target audience: Established businesses that want to grow their social media presence, engagement, and growth.

Package includes:

• Everything in the Starter tier.
• Eight posts with a variety of formats, such as video, reels, and images.
• Custom graphic design for each post.
• Basic social media ad campaigns.
• In-depth reports and analytics that include audience data.

Enterprise Package: $6000 per month

Target audience: Larger businesses that want to drive brand awareness, leads, sales, and authority on social media.

Package includes:

• Everything that is in the Growth tier.
• Twelve posts, including podcasts and high-quality videos.
• High-converting copywriting.
• Collaboration with relevant social media influencers.
• Dedicated social media manager.
• Broad, multi-platform social media campaigns and paid ads.
• Proactive reputation management and social media listening.
• Detailed monthly reports.
• Quarterly social media strategy reviews.

These theoretical packages give you an idea of how you can productize your services. Of course, how you break down your packages depends on the service that your agency offers.

If you need some more inspiration, check out these 16 examples of productized services.

Run your social media business on Copilot

Most marketing teams don’t have the time or the budget to build their own bespoke software. In the past, they communicated and collaborated with clients via email or messaging platforms. The problem with that approach is that communication becomes messy, and it’s all too easy to miss some crucial details.

Client portals like Copilot solve the communication issue by building a hub where you and your clients can meet, message, and collaborate.

However, these portals are about much more than unifying your communication channels. They also allow teams to send proposals and contracts, share files and documents, report on progress, and even bill clients.

Here is a quick breakdown of how Copilot can help you run your social media management agency.

• Automate proposals, contracts, and onboarding to get client relationships off on the right foot.
• Streamline collaboration and communication via a client portal that includes messages and document sharing.
• Transparent project management that allows clients to provide feedback and keep on top of progress.
• Integrate project management tools to help social media managers stay on top of KPIs and deliverables.
• Use the Billing app to sell subscriptions, productized, or one-off projects.

If you want to see how Copilot can help get your social media management business off the ground, sign up for a 14-day trial today.

Frequently Asked Questions (FAQ)

How much should I charge for social media management?

It depends on the scope of work, the size of the client, and your experience and location. Social media management freelancers charge anywhere between $20 to $300 per hour, with monthly retainers starting at $500.

What is the average budget for social media management for a small business?

According to analysis from The Content Factory, the industry average was between $4,000-$7,000 per month.

Should I bill for social media ad campaigns separately?

Yes, your services as a social media manager should be billed separately from the costs of running campaigns.

What are the best tools for social media management?

It depends on your objectives. If you want a tool for managing your clients, choose Copilot. However, if you want to integrate things like publishing, social listening, or KPI tracking, platforms like Sprout Social, Hootsuite, and HubSpot are good choices.

What are the four pricing strategies for launching a social media management agency?

While we’ve shared the four best pricing models for your social media management agency, they are distinct from the pricing strategies you can use to launch your business.

The four pricing strategies are:

• Premium pricing: Price above your competitors to signal a high-quality service and attract premium clients.
• Economy pricing: Set a lower price to attract a higher volume of clients looking for a bargain.
• Penetration pricing: Set a low initial price to capture market share before gradually raising prices.
• Skimming pricing: If your product or service is unique or innovative, you can set a low entry price and increase it as competitors enter the market.