Social media can be a money pit if you are goals unrealistic.
The best way to make social media worth the time and money is to identify realistic goals, reasonable targets, and attainable timelines.
Identify your goal to increase customer loyalty, improve customer service, or increase customer revenue. Once you define your goal, select reasonable targets within an attainable timeframe. After all that planning, create a budget that will not exceed your available cash for company expenses.
Once you have a modest budget, identify your advertising targets using the social media channel of preference and/or Google advertising. You will be able to apply a budget value to a campaign and identify the goal and reach for each advertising initiative. This will tell you how far the budget will take you and should provide enough information to get started.
Maintain modest targets and budgets to start. Measuring the success on modest budgets will give you valuable insight how to grow your next initiative for higher reaching targets and success.
After the advertising campaign is complete, measure the success of the campaign against your targets and your goals. This will provide direction on further initiatives to enhance your return on investment or give you enough information to re-assess your advertising efforts or possibly your social media positioning.