Social Media Marketing is Not Free!

I have heard many businesses say that “social media marketing is free”, but that’s not true! There is this little elephant in the room called “opportunity cost”. Opportunity cost is the cost of an alternative that must be forgone in order to pursue a certain action. In other words, these are the benefits you could have received by taking an alternative action.

This concept is not exclusively applied to social media marketing. It also applies to businesses that allocate resources to Pay Per Click advertising, Search Engine Optimization, or even Web Analytical reporting.