Now that most businesses have all accepted the need for some kind of social media effort, budgeting for the new marketing tool is what is in question. The cost for your social media strategy and ongoing campaign efforts will be determined by how much you can do in-house and what services and/or tools you’ll need to purchase or outsource.

Some key questions to ask are outlined in Mack Collier’s post “How Much does Social Media cost companies in 2011.” He mentions determining what your goals are for using social media. Many businesses are participating in social media without clear goals set in mind. Your goals may just be to create a brand following or promote products. Others are using social media as another tool for customer service.

A few things to keep in mind when determining your direction and budgeting for social media:

1. Do we have the expertise already? If not, do we hire a consultant to help us lay the foundation for our social media strategy and then continue the effort in-house?
2. Do we hire a subject matter expert and keep them on board permanently (as this will be a constant effort, not just a 3-month plan with an end date)?
3. Do we have the tools necessary to track and report results from the social media strategy?
4. What kind of training is out there to become subject matter experts?

 Whether you decide to keep social media tasks in-house or outsource your needs, there will be a cost associated to your social media efforts. Are you prepared to justify those costs with a plan and the intended results?