Is it worth it? Salaries for Social Media Marketers

As I reach the end of my E-Marketing course #sauder464, many of my classmates and I must be wondering if it is worth it? The median salary is around $43,400. Interestingly, the salary increases respective to the number of employees in the business; for those up to 100 employees, salary averages to $40,900 and for those above 1,000 averages to $58,400.

Bellow are some figures and competitive yearly salaries for the vast roles within digital marketing:

  • Internet Marketing Director         → $97,400
  • Digital Strategist                              → $63,800
  • Content Marketing Manager         → $63,600
  • Marketing Manager                         → $62,900
  • Public Relations Manager               → $61,100
  • Online Community Manager         → $47,800
  • Social Media Strategist                   → $46,800
  • Online Marketing Specialist           → $45,600
  • Digital Media Specialist                  → $44,000
  • Social Media Manager                     → $43,800

A career path in social media can certainly promise a nice and lucrative path. It is dutiful to note that entry-level positions start at around $30,000 with median salaries being around $50,000 and $70,000. As seen above, however, as a social media marketer further develops its skills and expertise, it can raise to close to a six figures salary. There certainly is great prospect for social media marketers as more the trend for corporate adoption just keeps growing and higher demand appears.

Nonetheless, there are also some drawbacks and misconceptions about social media. Given the every rising instant connectivity, the job no longer works within the confines of a 9-to-5, and more importantly, that it is not all random, but rather there strategy and analysis involved that drive each tweet, post and social media campaigns.

 

Sources:
10 Top Jobs by Salary for Social Media Pros
I want to be a social media manager, what will my salary be?

Further Readings:
Average Salary for Skill: Social Media Marketing
How Much Should You Pay a Social Media Manager?

Facebook: Innovating Online Revenue Streams

As more consumers move to social networks to consume their media, marketers have followed suit and found ways to start advertising on those platforms. Unlike on traditional channels like newspaper and tv ads, customers could not easily get rid of these ads. On social networks and the internet overall, however, this can be done very easily through various free ad blocking software.This leads to two different options. Marketers could get discouraged and give up on the attempt to engage in conversation with customers, or they could take lead and innovate the playing ground.

Facebook has been working on a new way to advertise to customers in a way that customers want to be engaged with – through an app-like experience! These new format consist of a normal news feed ad that once clicked on, it leads to a personalized blank canvas for marketers to create compelling experiences to customers.

      This include:

    • Ads living within the Facebook app –> this leads to faster load time
    • Blank canvas format –> allows unique customization of content
    • Compatibility for multi-media: full-screen video, carousel photos, and interactive photos

It does seem to be currently missing an in-app e-commerce platform, but can provide a link to an e-commerce landing site, which would provide Facebook with a second tier CPC revenue stream!

Michael Kors, Carrefour Spain, Gatorade and Mr Porter seem to be the pioneers of the service. Experience this new app-like ads experience for the latter two brands bellow!

Further Readings:
Facebook To Outline New Ad Formats for Mobile in Cannes
Apple’s iAd Not Game-Changing, but Will Move Market
Microsoft Builds Its Own iAd for Windows 8 Apps

Understanding Cost Per Thousand (CPM) Web Pricing

Another web pricing measurement besides the Cost-Per-Click (CPC) metric is that of Cost per Thousand (CPM). With the “M” representing the roman numeral for 1,000 (mille), this metric is measured in the basis of impressions. The definition that Facebook provides for…

Cost Per Thousand (CPM) is
“The average cost you’ve paid to have 1,000 impression on your ad.”

The CPM metric is most effective to measure campaigns that seek:
– to elevate brand awareness
– or delivery a specific message

Website publishers particularly favor CPM because marketers pay based on the CPM rate regardless of actual impact or click-through-rate such as making a purchase or installing an app. This certainly makes CPM seem less favorable compared to CPC. Nonetheless, CPM is still a crucial metric for marketers as it can provide key insights and is able to measure other aspects of a campaign’s impact.

For example, Levi was one of the first
brands that utilized Instagram as a social media marketing tool to raise brand awareness. After a nine-day period campaign, Levi reached 7.4 million consumers in the 18 to 34 age range. With 155,000 followers at the time, Levi was able to reach an audience that was 47 times bigger. Using CPM as its metrics, Levi would be able to benchmark the cost for its Instagram campaign versus campaigns that run on other platforms, a feature that CPC cannot directly compare.

To calculate the amount that Levi had to pay Instagram, divide 7.4 million by 1,000 and multiple by the CPM rate.

Further Reading:
– CPM vs CPC: Which Should You Use For Facebook Ads?

Understanding Cost Per Click (CPC) Web Pricing

After the rise of social networks and the deviation from traditional media channels increased, marketers needed to start making changes as to how they advertise and reach their customers. An in order to quantify the impact of these new tactics, metrics needed to be set up. One of these metrics is…

Cost Per Click (CPC) which
“bills by the number of times a visitor clicks on a [particular element] instead of by the number of impressions”Investopedia.com

CPC are most effective for campaigns that:
– work with a set budget allowance
– seek to track and maximize effectiveness

For example Google AdWords allows marketers to place ads with any budget range. Once the budget allowance is reached, the ad is removed from the google searches. Adwords only makes marketers pay for results. If there are no visits or clicks, no fee is charged. CPC ensures that the promotional budget is effectively utilized and spent by only charging for actual clicks, while also gaining some free impressions!

Facebook’s recent updates of its CPC measures on Juy the 8th highlights the benefits of track-ability. Facebook no longer mergers likes, comments, shares and others as part of its CPC measures. CPC payment will only count click on links that direct to another website, on call-to-action buttons to buy or install an app, and among others. This ensure the true impact of the campaigns click-through-rate are captured and eliminates false positive effects of mindless scroll-liking.

Further Reading:
– 5 Pay-Per-Click Mistakes That Can Cost You Money

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