I will be re-launching my personal blog soon. It's a blog that offers an appealing content to the audience but I am the sole writer on it. Is it worth investing money and promoting it on social media?
If your goal is to build a community around the blog, I would focus on creating a strategy on spreading the word.
Start by visiting other blogs that are similar and participate and comment in conversations. Offer to write guest blogs and receive link back and credits.
Start a podcast that you can use with the Blog, this is something I would spend some money on and set up. Itunes is a great search engine and will help market the Blog very effectively.
It definitely is worth. If you go through my personal blog www.startupise.com I did heavy promotions for initial 2 months and wrote regular posts.
Today it has grown to be a huge community and has international authors contributing. It certainly helps you build your brand value and get a lot of consulting offers.
Only if by "paying" you really meant to say "investing".
In other words - IF you've developed a business model where the blog content either IS the "product" or LEADS TO the purchase of a "product"...
You know the lifetime value of a customer and have built a sales funnel...
You have calculated a reasonable Cost of Acquisition of a Customer...
You have also determined a reasonable Return on Investment...
You know your market well enough to know that they are active / engaged in a specific social media channel that you can afford to (based on conversion metrics) advertise / promote on...
It might be worth giving it a try (with the understanding that it might not generate any ROI and then you'll need to execute a Plan B).
If you would like assistance with any or all of the above let's set up a call.
In any case, I wish you massive success!