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How To Set Your Social Media Management Pricing?

Social Media Management Pricing: How Much Do Companies Charge In Nigeria?

Social Media Management Pricing: What Are the Costs In Nigeria In 2022?

Social Media Management Pricing : How Much Do Companies Charge In Nigeria?

How much do social media management companies charge? How much should I charge for my social media management services? How to come up with a social media management pricing?

How much do social media management companies charge? What price should I charge for my social media management services? How to come up with a social media management pricing?

This is a very simple question, but with an interwoven answer. It’s very hard to just propose a particular price and use it as a minimum or maximum standard for charging clients. It is not easy to come up with a social media management pricing.

And in fact, this question is asked not only by new social media managers but also experienced agency managers. Even seasoned social media consultants are yet to figure this out.

To be honest, the question is not easy to answer on a general scale. But on an individual or more specific scale, it can.

Seeing as you can know the amount to charge for social media management in Nigeria, continue reading this post to arrive at the best price.

I am a freelance social media manager. What price should I charge for my social media management services?

The first step to knowing how much to charge for social media management is to know the activities attached to it.

By knowing the various services involved in social media management, you are already halfway to knowing how much to charge for social media management.

What Do Social Media Management Services Include?

Social Media Management Pricing: How Much Do Companies Charge In Nigeria?

Your job as a social media manager or social media management agency in Nigeria requires you to get some things done. 

Your job as a social media manager or social media management agency in Nigeria requires you to get some things done. 

While there are many of them, here are the top 5 social media management services expected from you in 2022.

1. Channel-specific Social Media Services

As you know, there are many social media platforms available to Nigerians in 2022. 

And each of these social media channels is very different from the others. But they also have some similarities too.

Facebook is usually a hit. It’s the social media platform that people mostly use for campaigns. This also should not come as a surprise, as Facebook has over 1 billion users.

With that large number of users, Facebook will be the most popular social media platform in the world in 2022.

There are also other social media platforms, and some of them are listed below.

  • Instagram
  • Twitter
  • Pinterest
  • LinkedIn
  • Google+
  • Snapchat and a few others

To determine the social media network that is worth more of your focus, you should consider the client and the nature of his/her business.

For instance, a B2B company will most certainly benefit from LinkedIn more than another company that targets final consumers.

2. Social Media Strategy Planning

A social media content strategy is very important. Although, some businesses just choose a social media platform and they start posting content there. But they will observe only a little progress.

Without a good social media strategy, a business cannot project very far. 

Having a great social media strategy is so important that it helps companies to target the right audience. This is done with the right keyword research and the message. That way, potential customers will be willing to buy.

And that’s where your job as a social media manager comes into play. To begin a social media content strategy, you have to plan out an editorial calendar.

An editorial calendar is what a brand, business or company will use to arrive at the various social media management goals that they have set.

3. Social Media Account (And Profile) Creation And Branding

Being a freelance social media manager, or a social media management agency in Nigeria, one of the things that a client will expect to do is account creation.

Account profile creation and branding services help brands and companies to get introduced to social media users with a profile that reflects who they are.

This does not only make them stand out from the rest of the crowd. It also makes it easier for potential customers to spot them on different social media platforms.

That way, potential customers will have a clue on what they will get if they engage.

As a freelance social media manager or social media management agency, your job requires you to help brands create profiles on the right social media networks.

You should also link them with SEO-friendly profiles. That way, they will be more discoverable.

4. Social Media Content Creation

Most of your clients will require content to post on their social media networks.

Many types of content can be used on more than one social media channel. However, they need to be tailored for social media.

For instance, there are some sizes best suited for images on different social media platforms. There are also rules and practices to take note of.

In general, social media content should be engaging while also encouraging your target audience to share the post.

5. Social Media Consultation And Education

Although most of your clients (if not all) are already familiar with popular social media platforms. However, they have been using it only for personal and not business purposes.

Using social media networks for business and formal purposes is different from when it is being used for personal reasons.

Your job as a social media manager or social media management company in Nigeria includes teaching your clients how to manage themselves on social media.

There are some words, phrases and terminologies that should not be used when having a conversation with customers. 

Many clients (and employers) lack the appropriate language to use when discussing business stuff with potential customers.

And your job requires you to address this issue.

Different Ways To Charge For Your Social Media Management Services

How much do social media management companies charge? How much should I charge for my social media management services? How to come up with a social media management pricing?

Before you arrive at a price, you need to know the different available ways through which you can charge for social media management services.

1. Hourly

Hourly rates are best suited for freelancers. As a freelance social media manager, you can conclude with your client.

For instance, you can have an agreement concerning the total number of hours that you will work daily, weekly or monthly.

In Nigeria, a fresh freelance social media manager can start with ₦2,000 per hour. This can (and should) be increased as time goes on.

Advantages Of Charging Clients Per Hour

  • Charging your clients per hour means that you know how much time it will take you to complete the gig.
  • You can easily charge more money for extra work

Disadvantages Of Charging Clients Per Hour

  • You will not get any bonus if you are very fast
  • It will be difficult to scale your business when charging per hour

Working and earning hourly can be sometimes funny. You know that because you will want to take illegal advantage of the situation.

Imagine spending 3 hours on a job that you could complete in 1 hour. Why? Because you will make more money each passing hour. And that will want to make you stall, making you less professional.

2. Monthly

This is the type of pricing done by most social media managers that work in a physical office, or those with fixed clients and fixed amounts of income.

If you are a freelance social media manager, you can also upgrade to monthly pricing once you create that successful workflow with your clients.

The monthly pricing system is such that you get paid per month when you provide your social media management services.

Advantages Of Charging Clients Per Month

  • You won’t have the need to find new clients all the time
  • Also, you can boast of a reliable monthly source of income
  • Charging your clients per month will make payments easy for them, since it is scheduled to be paid on specific days in the calendar
  • Monthly pricing makes it easy for you to work with other clients

Disadvantages Of Charging Clients Per Month

  • You won’t be paid for extra work, edits, revisions and corrections even if the client ask for it many times than normal
  • The monthly pricing system can seem too costly for new clients

3. Project-based

This is usually the best pricing option for both social media managers and social media management firms.

The project-based pricing method is recommended for long-term projects, contracts, campaigns and promotions.

Your client can prefer this method of pricing if he/she intends to begin the work with your help and run it his/herself as time goes on.

You can also charge these types of clients per hour once you know the number of hours you require to finish the task.

Advantages Of Charging Clients Per Project

  • It’s more easy than charging per hour
  • It’s also more flexible

Disadvantages Of Charging Clients Per Project

  • The time it would take to complete the project depends on you. This is a great responsibility
  • You will have to do the job at the clients’ pace. This can be very tough for you if you are not used to working under pressure

4. Package-based

Package-based pricing is always the best and most efficient pricing method for social media management agencies in Nigeria.

In this type of pricing, you will create different pricing packages, with each having more features than the preceding one.

Then, you can set the subscription to be monthly, 3 months, 6 months or yearly.

You may be thinking that why should you not have just one all-encompassing package, since a client will eventually subscribe to only one pricing package.

Well, you should know that each client has a different need. Some of the features in a pricing package might not be needed for the running of his/her social media account.

We should also talk about custom pricing packages. This type of package-based pricing is available only on demand.

Here, a new client, (usually agencies and companies that need social media management) will list the features that they want and in what quality they need them.

Once you receive the list, you will go through it and calculate how much you will charge them.

Advantages Of Charging Clients Through Pricing Packages

  • You will receive a regular flow of revenue from individual clients, businesses and companies
  • Proposals will be straight to the point, and the client will know at once whether or not to work with you
  • You will know the features and services expected of you right from the start. And the client will only be able to give you a task that corresponds to the social media management package subscribed to
  • It’s very easy and efficient to scale

Disadvantages Of Charging Clients Through Pricing Packages

  • It’s very hard to come up with a social media management pricing package

At a point in time, you can consider a pricing package too expensive for the features it has. And sometimes, you may suddenly think that you are cheating yourself.

How To Set Your Social Media Management Pricing?

How To Set Your Social Media Management Pricing?

The amount you charge for social media management, either hourly, monthly, project-based or package-based will still have to depend on some things.

1. Know What You Are Worth

The first step involved in deciding a price for your social media management services is knowing your worth.

That is why you will see experienced and popular social media management agencies in Nigeria charging ₦200,000 for a gig that others will do at ₦70,000.

If you don’t know your worth, ask yourself the following questions and answer them yourself. That way, you will know where you stand in the Nigerian social media management market.

  • How much experience do I have in the social media management industry?
  • What certifications and education do I have in social media management?
  • Do I have skills that make me very professional?
  • Which rich, successful, popular company or brand have I worked for? Are they big names?

2. Research Your Close Competitors

Researching your close competitors is one of the most efficient ways to arrive at your own social media management pricing.

We are not saying that you should go to your close competitor’s website and start copying their pricing plan to use as your own.

Although doing that is not illegal, it will make you look unprofessional to potential clients.

What you should do is take a look at the things they consider before deciding their price, the features, their money-back guarantee and of course the terms and conditions.

3. Take A Look At Your Current Pricing Plan

After you have researched your close competitors and gained a thing or two from them, you should take a look at your pricing plan (if you have one).

If you have a pricing plan at that moment, ask yourself the questions below.

  • Am I cheating myself?
  • Do I overrate my services? Am I really worth this amount?
  • How do potential clients respond when  they first lay their eyes on my social media management pricing plan?
  • Do my clients consider my pricing plan more or less costly compared to my competitors?

4. Take Note Of Your Own Expenses

Yes. The cost of running your social media management agency matters. Because that’s what determines your profit in the long run.

Consider:

  • The amount spent on office equipment, bandwidth, utilities, maintenance and related costs
  • Also the amount spent on your social media management tools, CRM software, SEO tools and other software applications
  • Salaries, insurance and bonuses of your employees/team members
  • The licensing fees, taxes, legal fees and other fees
  • Also the average amount being spent on advertisements, brand promotion and recognition, and other related expenses

5. Think Of What That Client Actually Need

Most times, the clients with which you arrived at the best results should be considered whenever you are creating or updating your social media management pricing packages.

Ask yourself the questions below.

  • Who are my highest-paying clients?
  • Which features did they need most from me?
  • Which special service did I perform for a client that resulted in me getting more sales leads and growth?

6. Create Your Pricing Package

If you follow the 5 steps above correctly, then by now you should be able to create your social media management pricing package now.

Remember, be honest with yourself, but also consider the pocket size of most of your possible clients.

7. Test It On Clients And Observe How They Respond

It’s time to let the world see your pricing packages.

If you are not sure of how clients will feel, you can first show it to potential clients.

You should also be able to defend your pricing packages. If any client challenges your pricing, let them know what each plan entails and the particular one that suits them best.

Depending on the response from potential clients, you can release the new pricing plans to your regular already-existing clients.

Other Things To Take Note Of When Creating Your Social Media Management Pricing Packages

Other Things To Take Note Of When Creating Your Social Media Management Pricing Packages

Apart from the things we have talked about, there are also some things you should do, and those you should note when creating your social media management packages, or calculating how much to charge a particular client.

Things To Do When Setting Your Social Media Management Pricing

  • Always be confident of your expertise
  • Be sure to prepare your pricing ahead of time
  • Always ask for advance payment before you start work for a particular client
  • Make your proposals with all suitable packages
  • Be sure to make your pricing structure simple
  • Always send a follow-up email after a sales call
  • Always execute a contract with the scope of work included

Things To Not Do When Setting Your Social Media Management Pricing

  • Do not let the client decide your fees
  • Don’t give social media consultation for free
  • Never offer your social media management services for free, except during offers and promo
  • Never agree verbally to a project during a meeting
  • Don’t be hesitant to tell your clients about extra charges
  • Do not take clients who are impractically demanding from the start
  • Never accept a contract that you are not familiar with

Frequently Asked Questions On Social Media Management Pricing

Other Things To Take Note Of When Creating Your Social Media Management Pricing Packages

Have any questions concerning social media management pricing? You can give us a call at Prolanz Digitals.

Prolanz Digital Agency is Nigeria’s leading and top digital marketing company. We have been around for the past 7 years, helping various businesses and companies rise to their peak.

In the meantime, you can go through some of the frequently asked questions from our potential clients.

How Much Should I Pay Someone To Manage My Social Media Accounts In Nigeria?

Since it’s only social media management, and not necessarily social media marketing, then it should not cost much.

If such a person is required to have a physical office presence and be at work during working hours, then you should not pay less than ₦100,000.

But if it’s a freelance social media manager that works from home, you can start your negotiation from ₦80,000 upward.

How Much Should A Business Pay A Social Media Manager In Nigeria?

Hiring the best and most competent social media agency in Nigeria should not cost you a fortune.

The amount that Social Media Managers in Nigeria charge every month varies based on many factors. However, a good social media management agency should not charge less than  ₦200,000 per month.

How Much Does The Average Nigerian Social Media Manager Charge?

This can vary based on a lot of things. If your social media manager charges you per hour, you can pay at the rate of ₦2,000.

But if it’s monthly, a salary of ₦85,000 to ₦120,000 will suffice.

How Much Do Social Media Consultants Charge In Nigeria?

This is a very funny and tricky question that you know the answer to.

This is because most social media management and consultancy companies in Nigeria charge their clients based on reputation only.

That’s why you can see a new social media management brand charge ₦5,000 for a one-hour consultancy.

And another very popular and famous company charges ₦50,000 for the same one-hour consultancy.

But normally, social media management agencies should not charge more than ₦20,000 for one-hour consultancy.

Social Media Management Pricing: The Bottom Line

Social Media Management Pricing: The Bottom Line

Creating a perfect social media management pricing package can seem hard. Especially if you don’t know your worth.

Because of this, it’s very crucial to be aware of the value you provide to your clients. Knowing your worth gives you that extra confidence you need. And it will go a long way to help you during negotiations.

And remember, your goal is to create a pricing plan that serves the needs of your clients, while also covering the cost of running your social media management agency.

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