You hear so often people talking about their marketing budget! But that means you have a limit on the amount of money you spend on marketing. Marketing is all about bringing in more business (and hence more money!). So why limit the amount of money you bring in by limiting your spend?
It is essential to think of marketing spend in terms of investment rather than cost. You should see a return on that investment. If not, don’t carry on with that particular form of marketing.
The same is true on social media. Yes, for the most part, it’s free. So the cost here is your time. So often I have conversations with people who don’t want to spend time on social media or at least limit it to very minimal time. But say you won one new client for every 5 minutes you spent on Twitter. Wouldn’t you be spending more and more time on there?!
Time spent on social media is an investment not a cost. Just as money spent on other forms of marketing is. Just make sure you’re measuring the return so that those methods that work best are given more of your time and money and are not restricted by budget! And don’t waste time on there! Wasted time is definitely a BIG cost! Do it right!