How much do you spent on social media marketing?

Spending in terms of time and not in terms of "Absolute money."

Is there a tried and true percentage of one's marketing budget that is best spent on social media marketing? We're planning on putting our funds mainly towards influencers, but waiting till after we launch to start this.

It varies from business to business. For me $500-$750 works fine. I strongly believe in "not putting all my eggs in one basket"