@coreybuller HI Corey. This is a great question and a very difficult one to get right.

I charge a monthly fee for my services for Facebook and Twitter account managment and for that the business owner gets:

• Development of a strategy and plan before anything starts;
• Creating posts (the number will vary on the content they have to share and what I work out in the plan, but I usually like to be able to post at least once a day on Facebook and at least 3 times a time on Twitter);
• Monitoring and responding to any comments or posts left by fans and followers;
• Analysis and a report each month to show you how the two networking site are tracking so you can evaluate the job I am doing.

I also offer a comprehensive strategy plan for those who want to get started but manage it themselves, which has a one-off cost.

I guess what I am saying is don’t limit yourself to one type of payment system – match the payment to the type of work.

It might be better if you give us a better understanding of what you are offering.

Hope that helps a little.

Russell Allert

Russell and Laura you have helped me to determine a starting point for my considerations in these areas. By it’s nature this kind of venue becomes very difficult to type or price. The Social nature of it makes it more doable though. I’m sure that companies are beginning to see that more often now, the customer must be related to and not just sold. Does anyone agree?

@durkbarton – You said, “The customer must be related to and not just sold. Does anyone agree?”

Most definitely, Durk! There are a whole lot of social media companies out there who only sell, sell, sell. They don’t care about their customers. They don’t communicate with their customers.

So much of what social media professionals do is help our clients develop their brand story and coach them how to tell that story in ways that will resonate with their audience. In order to do that, you must have an ongoing amiable, give-and-take relationship with your client.

Corey – I think your pricing strategy depends on your objectives. Certainly you want to cover your costs and make a profit but IMHO most clients don’t care how much time and money it takes us to deliver the services. They’re only interested in a positive return on their investment whether that is measured by incremental sales or some other conversion metric.

I want to differentiate my company from the competition so I tend to price on a pay-for-performance or blended basis. That’s tough to do early on because you need to know your clients’ industry as well as the technical and behavioral aspects of internet marketing in general, and SMM in particular.

My advice is try something, fail fast, and as others have said, demonstrate superior customer service to your clients. They’ll reward you with referrals and long term relationships.

@karenolenick great link – thanks for sharing that.  For what it is worth my current rates are on the lower end of that list.  

Generally for ongoing services I charge a flat monthly rate with a cap on hours.  I’ve found that to work best for both the client and also for the final output.  

@charlynshelton-socialmediainterpreter Love the idea of money back guarantees. We use these when pricing our workshops and have yet to give a refund. 

Do you feel that it has earned you more business?

@russellallert, as someone just establishing myself in this field, what an excellent post. May your opportunities increase tenfold for giving such valuable information to establish a professional’s guidelines in SMM.

@karenolenick Karen, you give a standard that is what I’ve been looking for! My eternal gratitude! I owe you an image! http://www.facebook.com/VisualEnlightenment is my page, if you’re interested!

@coreybulle: when it comes to pricing, a common business model for Social Media tools laying out a basic membership (weekly, monthly, etc..) with specific additional fee for extra services/features.

I’ll be glad to discuss this further if you’re still in need of advice!

Martin