With social media being an important part of any brand marketing efforts, social media managers are in high demand. This has also made the position quite a lucrative one. How much do social media managers make and how can they earn more in this market? Read on to find out.
On average, social media managers charge small businesses $200 to $1,000\month. Larger companies pay around $800 to $10,000\month. The wide swing depends on the duties that are to be performed by the manager. Full account management is the the most expensive as they are expected to do it all.
SOCIAL MEDIA MANAGEMENT IS HARD
— eve barlow (@Eve_Barlow) September 29, 2015
Taking these rates into account, starting social media managers can expect an annual income of around $45,260-$52,613. A manager whose career has matured can earn between $67,750 and $94,250. These estimates vary depending on the scale and, for freelancers, the number of projects they are handling.
The numbers above should give you a pretty good idea of where your income should be. If you’re not making at least $40,000 per year you are either not charging enough, or you are underperforming. Either way, and even if your income is on the higher end, you can improve your earnings. One of the first ways to go about this is to set standards for your follower numbers.
Im not saying that all i want is followers but I would like some more😂😂😁
— TheUnicornDreamer (@AlissaUnicorn16) June 18, 2017
Every business that has ever gone on social media craves additional followers. Negotiate with the company whose social media you are managing and work on an incentive-based follower goal payment scheme. Depending upon the social platform you manage you can also look to our services to boost your numbers and improve your pay:
Not only will using these services help you in a performance-based setting, they will also actually help your client thanks to the social proof they afford you. Your bank account will grow, the company’s bank account will grow, and everyone wins.
And effective way to attract more clients is to showcase your management skills on your social media pages. Clients will take you seriously if your own social media is successful.
Build on this further by doing some free or volunteer work from time to time. Your goal here is to get recommendations in exchange for the work. Choose “passion projects” to be sure that you will put in the same effort as you would with paid work. These projects are those that you would be most interested in and may include the likes of promoting any causes that you support. Such passion projects can turn into clients if they like your work enough and end up hiring you.
Apart from your social media pages, such as a well established LinkedIn presence, you should have a good website. It will serve as your professional hub as well as a place where you can showcase your skills.
You might be tempted to ask for a higher base salary when you begin negotiating with potential clients. This isn’t a bad idea but it can affect how you negotiate the other terms of the contract. Instead, experienced social media managers actually go for a lower salary base. From there, they negotiate a structured commission system based on follower and engagement growth.
This commission setup might not look so lucrative at first glance because growth in follower numbers and engagement might be slow. You can make it workable by using Devumi’s various services to support the campaign. You may particularly want to take advantage of:
Negotiate performance as a metric upon which your commissions grow. It can either be directly related to the services above, or an offshoot such as follower growth or link clicks. Either way, you will be able to earn as much as you would like with these techniques.
Much of the income social media managers earn come from major contracts. But, to maximize their earnings from the profession, they should consider longer-term income generators. These are known as side projects that serve as a steady income stream while you are in-between contracts. Examples of such side projects include:
Giving referral bonuses isn’t exactly an income generator by itself. But, it is a great way to attract more clients for side projects. Send this out as a “Thank you” gift to your existing customers. They will then be more than happy to recommend you to other clients in hopes of getting further discounts.
Free content will always catch the attention of potential clients. The idea here is to provide your clients with valuable content they can actually make use of. The content could include free ebooks and webinars.
— Shea Bennett (@Sheamus) August 25, 2014
The content, of course, should be in line with what you have on offer. At the expiration of the free content deal, you can then pitch paid services to your potential clients.
Many clients are always on the lookout for opportunities to learn a thing or two about social media marketing. Tap into this market by organizing paid training sessions or workshops.
— Neal Schaffer (@NealSchaffer) June 25, 2015
Offer the sessions to both your existing client base as well as other interested parties at a nominal fee. To ensure all slots filled, you can conduct a short free seminar as a prelude to the main workshop. Get attendees to sign up for the latter by hinting at what great lessons are to come in the next session.
Social media managers should maintain their presence both online and offline. This helps them keep clients coming for both their main and side projects. Keep your social media accounts active by regularly publishing fresh content. You would also want to join online networking events to get more contacts. Do the same with offline events. Don’t forget to promote your website and social media accounts while you are at it.
How much do social media managers make? As it turns out, quite a lot. To earn those big bucks you need to:
Do all of what you have just read and you will soon start earning more than you thought possible.