How Much Does Social Media Marketing Cost in 2023?

If you’re a business owner and your brand is online, surely, you’ve seen the impact of the most popular social media platforms, like Facebook, Twitter, YouTube, TikTok, and Instagram. Harnessing the potential of a carefully crafted social media marketing strategy the right way can give your business the leverage it needs to achieve your goals – whether it’s reaching a target audience, generating more leads, or improving your bottom line.
However, before embarking on a social media campaign, it is important that you’re aware of how much it costs to do social media marketing.

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Comparing Social Media Advertising Costs In The Philippines

Depending on the social media platform for your campaign, the costs of social media advertising can also greatly vary. We’ll go through the most popular social media platforms for businesses today and capture estimated figures for their advertising services.

Facebook Ads Cost

The global average cost per click (CPC) for Facebook Ads across all industries is 1.86 USD or a CPC of 109 PHP. The average cost per thousand impressions (CPM) is 13.57 USD or a CPM of 800 PHP.

What makes Facebook advertising so effective is the size of its population and targeting capabilities. You can target your ads to people based on their location, demographics, interests, and even the types of devices they use. And with a larger audience plus the correct targeting, you can reach a wider pool of potential customers.

If your business is selling a product or service that is available across the country, you can use Facebook’s geo-targeting feature to target people in specific regions. For example, if you’re selling a product that is only available in Metro Manila, Cebu, and Davao, you can target your ads to people who live in these specific locations.

You can also target your ads to people based on their interests. Take, for example, you own a business selling hair care products for hair fall or dandruff. With Facebook targeting, your ads get shown to people who have expressed an interest in buying shampoos, conditioners, and serums for their hair and scalp problems.

Visit our blog on Facebook ads cost to find out everything you need to know about advertising on the world’s largest social media platform.

Instagram Ads Cost

The average cost per click (CPC) for Instagram Ads is 0.50 to 0.75 USD or a CPC of 30 to 45 PHP. The average cost per thousand impressions (CPM) is 7.91 USD or a CPM of 465 PHP.

Like Facebook, Instagram also offers targeting options that allow you to target your ads to specific groups of people, with factors such as time of day that can also impact the cost to advertise.

Using Insta for your social media ad campaign is a strategic move; consider if your target buyers are more than willing to engage ads on the ‘Gram as opposed to FB, as Instagram appeals more to the visual and aesthetic market.

TikTok Ads Cost

TikTok, the relatively new social media app on the block, is quite the craze in the country. And advertising on the platform follows a different format when compared to FB or IG. TikTok ads’ cost starts at 10 USD or a CPM of 586 PHP, and the platform also requires you to pay a minimum cost of 500 USD or 29,300 PHP per campaign.

As it offers a unique way to reach your target audience through its short-form videos, which are typically between 15 and 60 seconds long, you can use TikTok to promote your brand, product, or services in a creative and fun way, such as reviews or how-tos.

You can also target your ads on TikTok to specific groups of people, such as those who have viewed similar videos or those who follow similar accounts, which increases the possibility that your ads are shown to people who are more likely to be interested in your product or service.

YouTube Ads Cost

The average cost per view (CPV) for YouTube Ads is 0.010 to 0.030 USD, or a CPV of 0.59 to 1.76 PHP, which can also vary depending on audience targeting, ad placement, the quality and length of the video, and the industry of your business or channel niche. Meanwhile, the average cost per thousand impressions (CPM) is 10 to 30 USD, or a CPM of 586 to 1,760 PHP.

Why advertise with YouTube?

Like TikTok, YouTube offers advertising options that allow you to reach your target audience mainly through the use of videos. Here are the primary YouTube ad formats your business can leverage if it’s the social media platform for you:

  • Display ads
  • Overlay ads
  • Skippable pre-roll or in-stream video ads
  • Bumper ads

Twitter Ads Cost

Calculating the costs of advertising on Twitter is also different, as the pricing is largely dependent on the type of ad that you’re running for your social media campaign.

Here are the three types of Twitter ads and their average costs:

  • A promoted tweet costs around 0.50-2.00 USD per action or a CPA of 30-117 PHP.
  • A promoted account costs around 2-4 USD per follow or a CPF of 117-234 PHP.
  • A promoted trend can cost around 200,000 USD per day or a CPT of 11.7 million PHP.

Given the specialized advertising options on the blue bird’s platform, there are also different factors that go into the costs of Twitter ads, such as:

  • Ad quality score
  • Competition
  • Billable actions
  • Bidding type

So, why use Twitter for your campaign? Well, with millions of users, brands can capitalize on the platform’s wide reach and short-form content to promote, engage, and communicate with their existing customers and target audience. The platform’s powerful use of hashtags can help improve your campaign strategy as well, allowing your brand to go viral when done correctly.

LinkedIn Ads Cost

The average cost per click (CPC) for LinkedIn Ads is 5.26 USD or a CPC of 308 PHP. Meanwhile, the average cost per thousand impressions (CPM) is 7 USD or a CPM of 410 PHP. And lastly, the average cost per send (CPS) is around 0.80 USD or a CPS of 47 PHP.

“What is CPS?” you may ask. CPS refers to one of LinkedIn ads’ three bidding options, which is used when your business uses InMail to advertise. From sponsored ads to text ads and the sponsored InMail ad type options, you can reach your target audience, generate leads, boost conversions, or build your authority.

Here are the factors that can influence the cost of your ads include:

  • Your target audience
  • Ad bid
  • Ad relevancy score

As the platform for professional networking, LinkedIn Ads is perfect for businesses that are targeting a B2B audience or those that want to drive conversions. Create engaging, relevant, and eye-catching ads to lower your ad costs to get more mileage for your marketing or advertising budget on this platform.

By doing your research, exercising the best practices, and innovating the online space with valuable content, you can be sure that your social media marketing budget allows your business to harvest the fruits of all your hard work. No matter what your decision is, we hope that this guide has helped you better understand the costs of social media marketing and how to maximize your budget.

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