Key Social Media Considerations for Budgeting Season

As budget season approaches, it's crucial to ensure that the social media strategy is set up for success in the upcoming year. Whether you’re partnering with a social media agency or managing execution in-house, here are key considerations to guide your budget planning process and to maximize your ROI:

1. Set Clear Goals

Establishing clear, measurable goals in a written and fully vetted social media strategic plan is the foundation of any effective social media strategy. Focus on metrics such as engagement rate, reach, impressions, conversions, bookings, and follower growth.

• Metrics to Track: Engagement rate, direct clicks, reach, impressions, clicks, conversions, bookings, and follower growth.

• How to Evaluate: Compare your performance against industry benchmarks, your competitive set, and last year’s data. Create a detailed social media strategic plan outlining tactics, goals, metrics, and KPI’s. Ensure that your social media goals align with overall business objectives to drive meaningful results.

  
  

2. Determine the Budget Allocation

Allocating your budget appropriately is crucial to achieving your social media goals. Consider what percentage of your total marketing budget should be dedicated to social media, keeping your desired results and objectives in mind.

• Metrics to Track: Percentage of total marketing budget allocated to social media.

• How to Evaluate: Make sure that your budget supports your goals and offers a strong ROI. Review historical performance to decide whether increases or re-allocations are necessary.

  
  

3. Content Strategy and Production Costs

Your content strategy is the lifeblood of your social media presence. Determine whether your social media agency charges extra for content creation or if content trips are included in the package. Content needs to include lifestyle photography, video, and changes by season.

• Metrics to Track: Content engagement (likes, shares, comments), video views, and cost for content production such as models, photographers, and videographers.

• How to Evaluate: Assess the effectiveness of different content types (e.g., video vs. static images). Evaluate the cost-benefit ratio for each piece of content to ensure that you’re getting the best value for your investment. Also consider that frequent content updates including seasonal changes, are necessary for any social media and digital marketing efforts in order to stay relevant and authentic.

  
  

4. Advertising Spend

Paid advertising is an integral part of amplifying your social media efforts. It's essential to monitor how your ad spend translates into tangible results like room bookings or event reservations.

• Metrics to Track: Cost per click (CPC) and return on ad spend (ROAS).

• How to Evaluate: Regularly check the performance of your paid campaigns. Are your ads leading to meaningful conversions? If not, reassess and adjust your strategy accordingly.

  
  

5. Vetting a Social Media Agency

• Why It Matters: Selecting the right agency is crucial to achieving your goals. Ensure that they have experience in the hospitality industry and understand operations in addition to monitoring and have a proven track record of delivering results.

• What to Look For:

  • Industry Experience: Agencies with a portfolio of successful hotel execution strategy and campaigns.

  • Client Testimonials and Case Studies: Look for evidence of past successes.

  • Transparency: Clear communication on pricing, deliverables, and detailed reporting.

  • Customization and Flexibility: Ability to tailor strategies to your hotel’s unique needs rather than offering a one-size-fits-all approach.

    
    

6. Reporting and Analytics

• Why It Matters: Regular, detailed reporting allows you to track progress and adjust strategies in real time.

• What to Include:

  • Reporting Frequency: How often will you receive reports? (Weekly, monthly, etc.)

  • Data Insights: What specific metrics will be included? Ensure reports cover all KPIs relevant to your goals (engagement, direct clicks, net follower growth, impressions, best performing posts, performance vs. competitors).

  • Actionable Insights: Reports should not just present data but also provide actionable recommendations for improvement.

Final Thoughts

Budget season is your opportunity to refine and optimize your written social media detailed plan and strategy. By setting clear goals, allocating your budget wisely, and evaluating the effectiveness of your content, execution and advertising efforts, you’ll be well-positioned for success in the coming year.

If you would appreciate support in evaluating your current strategy or developing a plan for the future, our team is here to help. Let’s work together to ensure your social media efforts drive the results that your hotel deserves.