Excited to use digital marketing for your business, but not sure how much to pay for it? We get it, that answer depends on several factors unique to your business, like your budget and marketing goals.
That's why we've created this blog post to explore the average cost of digital marketing in 2021 and help you prepare for the year ahead.
What is digital marketing?
The main goal of digital marketing is simple: grow your business through online advertising and strategies. These strategies revolve around digital technologies, from search engine optimization to social media marketing and more.
Your business is unique, so a one-size-fits-all approach to digital marketing won't work. Several factors that will determine your investment:
● Size of the company
● SMART goals
● Marketing budget
If you have a small or medium-sized business, plan to spend about 10-15% of revenue on digital marketing. This estimate is supported by a study showing that the average percentage of revenue that companies spend on digital marketing is 11.2%.
Digital marketing pricing models
When it comes to digital marketing, one of the most important factors is your service provider's pricing model.
Agencies, consultants, and freelancers all agree that they typically offer one of the following models:
With the monthly digital marketing package pricing model, your business pays a monthly fee to retain your service provider. You will often see this pricing model when working with an online marketing company.
Typically, a monthly digital marketing plan will cost between $ 1,500 and $ 6,000 per month for an SMB.
With the hourly online marketing pricing form, your business pays an hourly rate to your service provider. In most cases, consultants or freelancers will charge an hourly rate, although some agencies will charge an hourly rate for requests outside of their service contract.
Typically, hourly digital marketing rates range from $ 12 to over $ 500 per hour depending on specialty.
With the project-based pricing model, your business pays a flat fee to complete a project, such as developing and launching a marketing campaign for a new product. You can work with consultants and agencies on project-based initiatives.
Project-based digital marketing typically costs between $ 1,000 and $ 3,500 per project.
Online marketing costs vary and depend on factors unique to your business, especially when it comes to project-based or hourly work.
To get started
The key executives in your organization must recognize that a content marketing strategy is crucial to their success on the Internet, and they must understand that they, too,
will have to participate. Once the top has been purchased, you can get the rest of the staff involved. There is a place for everyone to help create content and reach their audience at every stage of the journey.
Assembling an internal team would require hiring people for each of these roles ... also involving new seven-figure salary and benefits packages that you'll need to fund.
Saving costs in your small or medium business and working with a researched team will guide the growth of your business.
Common Elements In A Digital Marketing Package
● Technical Audits: A digital marketing audit is simply an inspection of all the practices, strategies, and outcomes of what a business has been doing to establish and improve its online presence.
● On-Page Optimization: On-page SEO is the practice of optimizing web pages for specific keywords in order to improve search visibility and traffic. It involves aligning page-specific elements like title tags, headings, content, and internal links with keywords.
● Off-Page Optimization: Offpage optimization refers to all the measures that can be taken outside of the actual website in order to improve its position in search rankings. These are measures that help create as many high-quality backlinks (incoming links) as possible.
● Local Search Optimization: Local search optimization refers to the practice of optimizing a website for search engine activity related to a small geographical area like a state or city.
● Website Optimization: This is the process of using tools, advanced strategies, and experiments to improve the performance of your website, further drive more traffic, increase conversions, and grow revenue.
● Pay Per Click Ads (PPC): This is an online advertising model in which an advertiser pays a publisher every time an advertisement link is “clicked” on.
● Social Media Marketing: Refers to the use of social media platforms to connect with your audience to build your brand, increase sales, and drive website traffic.
● Online Reputation Management: the practice of crafting strategies that shape or influence the public perception of an organization, individual or other entity on the Internet
● Content Marketing: Creation and distribution of digital marketing collateral with the goal of increasing brand awareness, improving search engine rankings, and generating audience interest.
● Video Marketing: Social video marketing is a component of an integrated marketing communications plan designed to increase audience engagement through social activity around a given video.
● Blog Optimization: Blog optimization is the road to take if you want to hit the bullseye on Google's various ranking factors. And, because ranking factors for your posts/web pages are based on the relevancy and ease-of-use they provide to your audience.
● Customer Support: is the support you offer your customers — both before and after they buy and use your products or services — that helps them have an easy and enjoyable experience with you.
This year gives us a chance for people and businesses to bounce back even stronger. Now more than ever is the time to collaborate with each other to create meaningful efforts that drive real change. Let’s connect.