Digital Marketing Benefits and Cost Analysis
Business owners usually like to see the big picture of things. In this blog, we’ll talk about digital marketing benefits and a cost analysis associated with digital marketing services.
Typically, digital marketing services range from $1,500-$5,000 per month. This all depends upon how much content will be developed for your business and how quickly you want your business to grow.
Digital Marketing Services
In order to properly assess digital marketing benefits, we’ll need to explore the services that are typically performed. Your business needs to include the following into your business marketing strategy:
- Digital Marketing Strategy and Planning
- Web Design & Development
- Web Updates & Maintenance and Security
- Keyword Research and Competitive Analysis
- SEO – Search Engine Optimization
- Landing Pages and Dedicated Forms
- Creative Content Development – blogs, graphics and video
- Online Reputation Management
- Email Marketing
- Social Media Marketing
- Social Media Advertising
- Pay Per Click Advertising – Google Ads, etc.
- Lead Generation and Lead Tracking
- Marketing Automation with CRM and Visitor ID
Do you really need ALL of this for your business?
Yes… you do. When you commit to integrated marketing, meaning digital and traditional marketing services blended together to serve the greater goal…you will grow your business and win more customers.
Digital Marketing Team
Hiring, managing, and paying for a full-time marketing staff is expensive and will take up a lot of your time. Marketing professional’s average salary ranges from $48,760-$61,042 depending on their specialty. Most business owners can hire someone in-house for less than $40,000 per year (plus taxes, benefits, etc.). However, this new hire will not have access to the strategy, system, processes and technology to help you accomplish your business goals.
Employees will rely on you for oversight and direction… defeating the purpose behind why you hired them in the first place.
DIY – I can do it cheaper myself
A recent Entrepreneur article explains how businesses can practice digital marketing for just $15 dollars a week. By focusing on the four following components, you can achieve your online marketing goals:
- Retargeting advertisements
- Bing Advertising
- Facebook Advertising
- Blogger outreach
Blogger outreach is free; but, it takes time and effort to write. Regardless of whether you do it yourself or hire a freelance writer, you must be consistent and create fresh, relevant content on a weekly basis.
But all of that great content is pointless, if that blog is not on a well-positioned and mobile-responsive website, with quality SEO keywords, and a solid push to getting your blog traffic.
Bottom line… just because YOU saw it, doesn’t mean your target market did.
Cost Analysis and How to Determine ROI?
There are many directions you can go in depending on your goals and your budget. With digital marketing, you can build a following on social media, establish thought-leadership in your industry, increase sales, create brand awareness, build trust with your audience, and develop a good reputation among consumers.
Take for example, online reviews… a really bad review could cost your business hundreds if not thousands of dollars.
A well positioned website, with quality content and targeted keywords, will help your business bring in a lot of traffic, organically. Your position and good ranking will take business AWAY from your competition.
Why is this important? Good traffic bring quality leads. Quality leads will convert to sales. Thereby optimizing your digital marketing benefits into ROI.
Monthly Digital Marketing Spend
Assume your monthly budget is $3,000 per month. With this budget, we split the services by top of the funnel and bottom of the funnel.
The top of the funnel are the tangibles or work product:
- Website with SEO
- 4-6 blogs
- Graphics and Video
- Daily social media posts
- Emails and e-newsletters
The bottom of the funnel include:
- Analytics including keyword values assigned to your website
- Lead Generation – phone calls and forms capturing leads and /or product sales with an e-commerce site
- Visitor ID and Lead Tracking to improve your sales’ team functions
- Marketing Automation – workflow matrix with emails, landing pages, etc. already created by your digital marketing agency to lead your prospects down the path you want them to experience. This way they’ll convert from a lead to a sale.
- CRM – to organize your sales process and manage the system
Next Steps to Determine Digital Marketing Benefits for Your Business
There are 2 options – DIY your digital marketing or outsource digital marketing to an agency like Beholder. Consider your strengths and abilities. Are you able to do everything required to build and maintain your business’s marketing properly? Will you have the time to commit to it? Explore your options.
Schedule a call with Beholder and let’s talk about your business goals. Be honest about your budget, your frustrations, and what you’d like to accomplish.