You came here for answers, so let’s start with some statistics. Digital marketing should take up at least 20 hours per month for a typical business in a typical industry. If the business is in a competitive industry, such as law or dentistry, it will almost certainly need to increase its marketing budget for costs.
If they operate in a highly competitive geographic area, they will almost certainly need to devote more marketing resources than businesses in smaller towns. If you want to rank for many states, regions, the whole country, or even the world, you’ll need a lot more time.
Suppose your present website is in poor condition or you are a startup. If this is the case, you will most likely need to spend more money on marketing than someone whose current ranking is on the second page but wants to move to the first.
Facts and Figures
For digital marketing, most agencies charge between $80 and $200 per hour. If we assume a 20-hour-per-month marketing effort at $100 per hour, an average service will cost around $2,000 per month.
Companies often allocate between $500 and $50,000 per month to digital marketing. Some marketing organizations may provide services for less than $500 per month. However, what can someone accomplish in 5 hours per month? Probably not enough to bring your website to the first page of Google unless you are not actually in a very competitive industry or you operate in a very small area.
The majority of businesses of small and medium size will pay between $2,000 and $6,000 per month. More ambitious businesses, on the other hand, spend between $10,000 and $20,000 each month on marketing. Furthermore, larger companies frequently spend well over $100,000 each month on web marketing.
Expenses for Digital Marketing – Determined by Many Factors
The following elements contribute to the vast range of digital marketing fees/expenses:
- Your specific niche or market.
- Your current location.
- How competitive the environment it is.
- Your target date for obtaining results.
- Where your current rankings are in search engines.
- How well your website converts right now.
How the market you’re in affects the price
The market you are in determines the amount an ad network will cost you as well as conversion rates. A typical bail bonds company, for example, will pay an average of $58 per click on Google Ads. A pest treatment company, on the other hand, will pay only $38 per click. A bail bond company would have to spend more than 50% more on advertising to attract 1000 clicks each month.
Different conversion rates apply to different markets. Higher education landing pages, for example, convert at 2.6 percent, whereas vocational studies landing pages convert at 6.1 percent. Therefore, a higher education provider would have to draw over 134 percent more traffic to their website to acquire the same number of conversions per month.
The impact of your location on price
Both organic SEO and PPC pricing may change because of your location. Injury legal firms in New York City often encounter more competition than those in Cheyenne, Wyoming. The increase in competition may raise the cost of a click, and the increase in the number of law firms vying for the top spot in search engines may make attaining the goal more difficult.
Price and how competitive your market is
Some markets do not require the same level of digital marketing effort as others. For instance, if you want your knitting website to be the most popular in your city, chances are you won’t find many other knitting companies competing with you. On the other hand, Mesothelioma digital marketing is one of the most competitive.
The impact of time on cost
If you need to get results immediately, paid advertisements can be the best option. You’d be actually paying for website traffic.Ads can drive more traffic to a website faster than boosting organic search engine results. Furthermore, dedicating more time to an endeavor will result in faster results and, therefore, will come at a higher price.
The impact of your current search engine results on price
Are you currently ranking for the keywords you want to be found for? Do you want to go to page 1 or page 10? Your present search engine ranking will serve as a starting point and influence the amount of effort required to reach #1. If you aren’t yet ranking for a keyword, you may need to create better content or improve your current website.
How well your website currently converts visitors will affect the price
Do visitors to your website become paying customers? Increasing the number of visitors to a website that does not convert them into customers is a waste of ad dollars and SEO resources. Therefore, before focusing on increasing traffic to your website, you may need to spend time upgrading your existing website so that visitors become clients.
If you need assistance with your digital marketing strategies and budget, contact us at Bad Rhino!