Side Hustle - Making money on Social Media - What To Charge For Social Media Work -

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How much should you charge for social media consulting?
Social media consultants charge rates across the board using a variety of fee structures – from $15/hour to thousands per project. How do you know where you fit in?
Here are a few tips for helping you figure out how to charge and what to charge next time an opportunity comes your way:


What to Charge Per Hour

Social media consultants charge anywhere from $15-$250+ an hour. That's a HUGE spectrum, just like all business services consulting. Take these factors into consideration when figuring out how much YOU should charge per hour:

Work Experience. For most of us (who aren't famous in the digital world), the biggest factor in how much you can charge is your work experience. If you're new to the working world, you might want to stick with $15-$40/hour. If you have five years of professional experience under your belt, transition into the $45-$75 range, and if you have more than five years experience, you can usually get away with charging $80-$100 or more.

As with all consulting work, there's no one-size-fits-all answer to the per-hour question, partly because it also depends on the type of client, the type of work and the project scope. But if you stay within these guidelines, you'll likely be considered fair.
This also applies to whether you've worked specifically in the social media field. Maybe you've been working in an unrelated field for five or 10 years, and now you're looking to make some money on the side as a social media strategist. Your going rate will likely be higher than the just-out-of-college crowd, but still lower than experienced strategists.


Type of client.
You'll also want to consider the type of client and what they can afford. Because remember, you don't have to charge the same amount for each client.
Charge corporate clients more than non-profits, and thriving companies more than struggling individuals! This might sound shady, but it's smart business. Plus, social media consultants often tailor packages and offerings according to the needs of each client, so it's highly unlikely you'll wind up offering the exact same service (with the same content, frequency and effort) to two clients.


Location.
This might affect how much you'd like to make (so you can cover living expenses), but it probably won't affect your actual prices. Why? Because an increasing number of social media consultants work remotely. You'll likely live in a different city or even country than your clients anyhow.

Charging hourly is the easiest way to go, the status quo. You track the hours it takes to work on each project, then bill the client accordingly. The more hours you work, the more money you'll make.

But what if you instead charged per project or a monthly retainer or a combination of the two? Lots of business experts say that's smarter than charging an hourly rate. Why? Because if you don't tie your fees to your (limited) hours, you have the potential to bring in far more income. And if you land recurring work (and put systems into place), you'll become faster over time, and you can use your extra hours to bring in more income. Once you get to the point where you hire people to help you, you can leverage that, too.

So how should you go about charging on a project basis? That's what we'll talk about next.


What to Charge Per Project

Charging per project – which works well if the project is, for example, creating a social media strategy – takes some effort up front; you'll want to figure out how much time and effort you'll spend on the project and how much you need to earn to make it worth it. Here are some tips for doing that:

Know what you want to make.
Even though you're not charging per hour, having some idea of how much you'd like to earn for each hour of your time will help you determine your fee. Initially, it might be difficult to figure how many hours you'll spend, but this will become easier to estimate with each passing project. (Make sure to account for the time and effort it takes you to prepare for each project, especially if it's a one-time training gig or seminar.)

Don't forget your knowledge is just as valuable as your effort. If you're able to complete a project quickly because you've done similar projects so many times before, base your fee on how much your work is worth – how valuable your knowledge is to the client – not how many hours you'll spend on it. Otherwise you might end up undervaluing your work.


Try a monthly retainer for recurring work.
This works well when you're growing an online community for a client. (Think that's bogus? Check out this post on why it sometimes makes sense to outsource social media.) For new clients, I usually charge a one-time set-up fee that covers strategizing and creating social media profiles, then a monthly retainer to maintain the networks and grow quality followings.


Check out what other consultants charge. Want some examples of how much other consultants charge for various social media projects? Mark Collier offers a great post that shows rates for a variety of projects – from creating a social media strategy to updating a blog – based on a survey of consultants who work either independently or as part of an agency. The “Most Charge” category is most helpful, as it shows what most of the people he surveyed charge for each project. For example, most consultants he surveyed charge $1,000-$2,000/month for managing a Facebook page, and $1,000-$3,000/month for writing or editing about two posts/week for a blog.


Remember, you could “build a Twitter following” by simply tweeting once in a while, or you could put quality time and effort into building one strategically, connecting with specific targets and really growing a kick-ass community. Make sure the client knows specifically how you’ll do the latter, so they understand why they’re paying you well.
If you're clueless about how much the client might be willing to pay, try offering tiered packages. The first basic package costs, say, $1,000 a month, the second costs $2,000 and the third comes in at $3,000.

Make sure the cheapest option isn't less than you'll work for though, because plenty of clients will choose Door Number One. And it's in your best interest to also offer a package that's higher than what you think the client will pay, because it makes the other options look more appealing.


Remember: You’re worth what you say you’re worth

This might sound simple, but it's the best piece of consulting advice out there. Especially in a crowded field like social media, where rates fall across the board, you could choose a whole spectrum of rates and still be considered reasonable.

No matter how much you decide to charge, some people will think you're charging too much and others will think you're charging too little. The challenge, then, is figuring out how much you need to earn to make it worth your while, and finding clients who will pay what you decide you're worth.

So pick a price, and own it.
Be confident about how much you're worth, do an amazing job, and you might be surprised by how much clients are willing to pay for your abilities.
 

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Social Media Specialist Salary
Social Media Specialists in the United States can expect only a modest salary, with average pay of just $41K annually. Geographic location is the biggest factor affecting pay for this group, followed by years of experience. Job satisfaction is reported as high by the vast majority of workers. Health benefits are not enjoyed by everyone in this line of work, and one in four lack any coverage at all. Medical benefits are reported by a strong majority and dental coverage is claimed by a majority. Most Social Media Specialists survey respondents are women (74 percent). The data for this synopsis comes from respondents who took the PayScale salary survey.
Job Description for Social Media Specialist
A social media expert is responsible for developing and implementing marketing and customer care strategies through the use of social media. They are also usually responsible for maintaining the employer's public image on the Internet through mediums such as Facebook and Twitter, reaching out to their current/potential customer base and opening a dialogue to better understand public feeling about the company. This professional must also address and help resolve any complaints or criticisms from customers that are posted via social media.
Most companies that utilize social media experts do so as on-site employees who work in the marketing or customer care department, though some businesses allow their social media expert to work from home. In rare instances, an independent contractor may hire out their social media skills on a client-by-client basis. Depending on the company, a social media expert may work in an office environment with other employees who fulfill similar job functions, or they may work from a home office as a telecommuting employee or an independent contractor.

There is no formal education for the position of social media expert, though many employers require potential hires to hold bachelor's degrees in marketing, communications, or a related field. Individuals who work as independent social media experts often have extensive experience working with those mediums, which includes proven track record of success with different clients and campaigns. (Copyright 2017 PayScale.com)

Social Media Specialist Tasks





    • Write, develop, and strategize for online content production and scheduling.
    • Assist with crisis and negative news communications.
    • Develop outreach and partner programs with relevant individuals and communities.
    • Track metrics on audience, content, views, and competitors.
    • Work with teams to identify social media content, topics, and information flow.
Common Career Paths for Social Media Specialist
Social Media SpecialistSocial Media ManagerSocial Media DirectorDigital Marketing ManagerMarketing DirectorDigital StrategistSocial Media StrategistDigital Marketing ManagerSenior Marketing ManagerDirector of Digital MarketingDigital Marketing DirectorMarketing ManagerMarketing Communications ManagerVice President (VP), Marketing

Add this chart to your site:
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Plan your career path. Drag job titles to investigate a particular path and click on a link to see where particular career can lead.
Social Media Specialists who transition into a Digital Marketing Manager role may receive large pay increases as the latter position pays an average $64K per year.
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Popular Skills for Social Media Specialist
Social Media MarketingContent ManagementSocial Media OptimizationMarketing CommunicationsMedia / Public Relations
This chart shows the most popular skills for this job and what effect each skill has on pay.
Survey results imply that Social Media Specialists deploy a substantial tool kit of skills at work. Most notably, skills in Strategic Marketing, Search Engine Optimization, Social Media Optimization, and Copywriting are correlated to pay that is above average. At the other end of the pay range are skills like Adobe Photoshop, Customer Service, and Graphic Design. Most people skilled in Content Management are similarly competent in Marketing Communications.


For Social Media Specialists, New York provides a pay rate that is 33 percent greater than the national average. Social Media Specialists can also look forward to large paychecks in cities like San Francisco (+31 percent), Washington (+24 percent), Seattle (+24 percent), and Atlanta (+11 percent). Social Media Specialists in Miami earn salaries far below the national average by 27 percent, proving that geography overwhelmingly affects the pay scale for those in this field. A couple other locations with smaller-than-average paychecks include Phoenix (10 percent lower) and Philadelphia (2 percent lower).
 
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Promote affiliate products.

No matter what industry you're in, you can find great products to promote on ClickBank. And if that doesn't quite jive with you, you can also become an AmazonAssociate, promote products of your choosing and earn commissions on them -- Amazon has no shortage of products.
Next, instead of spamming links on Twitter and hoping for the best, keep in mind that the most honest and effective way of promoting affiliate products is through reviews. If you personally use a product and like it, and know that your followers serve to benefit from it, then write a long-form review on your blog, and share why you like the product. Don't be afraid to talk about what you like and don't like about it. You can even use video if that's more your style.
Also make sure to disclose your affiliate relationships. This is a legal requirement in most cases, but it's also "best practice." Your readers or viewers will appreciate your honesty.

Create and promote your own information products.

If you already have a blog, and you've demonstrated your expertise on a specific subject over a period of time, there may be an opportunity to create an ebook, audio program or video course and sell it to your audience. Social media is the perfect place to promote such a product.
Platforms like Gumroad, Sellfy and Amazon's KDP program make it easy for you to publish and sell your PDF, MP3 or video file at a price of your choosing -- keeping in mind that all platforms do take a cut, even if it's small.

As with anything, quality is key to creating something people not only want to read, but will pay to read. If you take extra care in creating great information, designing and promoting it well, you will definitely see more sales.

Promote products and services.

There are many opportunities for you to share sponsored posts that promote the products and services of other businesses. This is a very direct way of earning money from social media.
But, if you don't have a sizable following, this may not be much of an opportunity. You also have to beware of over-promoting products for want of money, because if your followers see that you're constantly tweeting about one product or another, not only will they not click on the links, they will also un-follow you.
It's important to mix things up. It's wise to take the time to craft a proper social media posting schedule, to make sure you're adding value to your followers while promoting products. Calls to action should definitely be a part of your social media strategy, but every post can't be a call to action.

Use visual media to promote your crafts.

If you tend to create handmade crafts, art pieces, or even articles of clothing and knitting, there may be an opportunity to showcase your products on social media. Instagram and Pinterest may seem like obvious places to hit, but Facebook, Twitter and Google+ are also great channels for sharing visual media.
If you have an Etsy account, you can direct your followers to check out your products there, and between the different channels, you have the potential to make a good living.

Promote your coaching or consulting services.

Social media is a great place to generate leads for your consulting business. Whether you're a guitar teacher or a life coach, if you have demonstrated expertise in a specific area, you can create more interest for your services by connecting with your target customer on social media.
Coaching sessions can be conducted over Skype, so this is definitely an opportunity to make money without leaving home. Consulting can be lucrative, so remember not to undercut yourself -- charge a fair price for your time and effort.
This strategy can also work in unison with selling information products, as those who want your advice are more likely to be interested in the ebooks and courses you've created.

Join the YouTube Partner Program

Building a popular YouTube channel can be a lot of work. But if you already have a following, or you're determined to build your audience, joining the YouTube Partner Program to make money on advertising might be a path worth exploring.
There are prominent YouTube content creators who have made substantial amounts of money with this program, but they are the exception rather than the rule. It would take a lot of time, strategy and sheer luck to make money on YouTube. However, this is a good thing to keep in mind with advertising in general. Unless you're already getting a lot of views and clicks, you're not going to make a lot of money on them.

Content distribution

Hopefully, you’re already engaged in a content-marketing strategy. If not, you need to start -- because one of social media’s most powerful roles is as an outlet for promoting your published material.
Whenever you publish a new post, use your social media channels to boost that post to the public. This will do a number of things for your brand: You’ll attract more initial traffic to your post, achieve more visibility (especially if that post is shared) and encourage more customer loyalty (especially with consistent updates), all of which can help improve your SEO. Best of all, it only takes a few minutes once your post is live.

Content re-distribution

Content distribution is about making a recent post available to more people, but content re-distribution is about maximizing the value of your older posts. It’s a good idea to keep a running list of your “evergreen” content pieces, and re-post them on an occasional and rotating basis.
This will help keep your social media profiles full of regular updates, and will maximize the long-term value of every evergreen post you produce. The trick is to time and frame your posts so your followers don’t get sick of seeing the same things over and over. What's more, this is​
not a time- or budget-intensive strategy​
.​
Discussion engagement

Discussion can attract more people to your brand and keep them there for the long term. A new discussion in a newsfeed gives unfamiliar users the chance to get involved, while familiar users who engage in the discussion will feel they’re an even stronger part of your community, driving more traffic and conversions down the road.
Your approach to discussion engagement should vary; sometimes, you may happen across an interesting industry-related discussion and throw your own opinions into the mix. Sometimes, you'll come up with a discussion topic of your own and ask your audience about a topic directly.

Influencer marketing

Influencer marketing wins for sheer virtue of its potential. Though there are several potential tactics here, all have the same basic function; you’ll engage an influencer in some way, and tap into his or her pre-existing levels of visibility, earning a better reputation for your brand and possibly gaining some of the celebrity's followers through association.
At 100,000 followers, even a 1 percent gain will mean 1,000 new followers for your brand. Your approach can be as simple or as complexas you want it to be; sometimes, even a basic action like sharing a post or replying to a question will be enough to earn you this visibility.​
Live updates

The social media world is rapidly shifting toward real-time experiences, with platforms and technologies that support such in-the-moment posting capabilities. Your users want to know what’s happening right now, so why not give it to them?
Live updates, in the context of a public forum or special event, can be extraordinarily powerful ways for you to engage with your customers -- updates offer a first-person perspective of your company’s active participation and require only a few minutes of your time per post to keep them in the loop.

Contests

Contests are effective because the promise of a prize or reward leads to more initial engagement, and users will be more likely to share your material, giving it more potential visibility. Sharing is especially powerful when your contest involves some means of user-based content generation, such as a photo submission contest.
 
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