Do you now have your own business, capitalized by great companies like Clean Venture Fund, among other funding options? That’s awesome! Now it’s time to head on to the next steps, which are to invest in digital marketing strategies to increase sales and brand awareness.
But before you do so, you might be wondering: How much is digital marketing, exactly? Knowing how much digital marketing services are can help you create a fair budget and have you know that you are paying correctly for services. Read on to learn about how much you should spend on digital marketing!
About Digital Marketing
Digital marketing helps grow your business with online ad and marketing strategies. Such strategies concentrate on digital technologies, ranging from social media marketing to search engine optimization (SEO) and many more!
How Much Should My Budget Be?
Regardless of how big or small your business is, it’s crucial to research how much to allocate for digital marketing.
You can find various digital marketing agencies that offer different prices, and if you come across those that claim the cheapest rates, watch out! Remember, you get what you pay for, so these extremely affordable services may not give you the results you need and expect.
This is why setting a reasonable budget for digital marketing is important. Various factors would influence your budget, such as your company’s size down to the project’s scope.
On average, a fair budget can range from as low as $30,000 to as high as $145,000 a year. Take note that digital marketing will be an ongoing strategy, so the budget may change the more your business grows.
Budget for Small Businesses
If you are a small business and $30,000 a year can be quite daunting! Don’t worry, as $30,000 is the average budget for bigger businesses and smaller ones will incur way fewer expenses.
The general rule of thumb for a small business is that you allocate 10-20% of your revenue to the marketing budget. Check out these average monthly costs for the following digital marketing services for small to medium-sized organizations:
- SEO Agencies cost $750-$1,500 monthly
- Social media campaigns cost $4,000-$7,000 monthly
- PPC Campaigns would cost $9,000-$10,000 monthly
- Social media advertising can cost between $4,000-$7,000 monthly
Smaller and/or starting businesses can do their digital marketing strategies on their own, though it does take a lot of time, research, and effort. If you can allocate a fair budget based on these prices, you may want to consider working with an agency or established freelancer to do the work for you.
With the right strategy and team, your business would be able to skyrocket and you can experience an increase in brand awareness, engagement, and most importantly, sales and a wider market!
Wrapping It Up
Digital marketing strategies can be quite pricey, but it is a worthwhile investment that gives positive results when done right. Be sure to work with the right agencies and/or freelancers to help you reach your business goals today.