Not only is digital marketing an up-and-coming field as way that people shop is moving towards the internet more and more, if your organisation is operating on a shoe-string budget digital marketing is also a good marketing option for you as it’s very cost effective. Here’s why.
The costs associated with digital marketing
There are a number of components to digital marketing. These are:
Here are some of the costs that are associated with each.
Search Engine Optimisation
In late 2011, MOZ conducted a survey of over 600 agencies. This survey was in order to understand variations in SEO services pricing models. Although this survey is now eight years old – and MOZ itself admits the survey isn’t perfectly scientific – the results does provide a solid general understanding of how most agencies figure out the pricing for this type of work.
- Pricing which is project based is by far the most popular model. Around 70% of the agencies surveyed said it’s their most commonly used scheme.
- Monthly retainer pricing models, in particular the monthly rate, vary radically from agency to agency.
- It’s been found that quite a lot of agencies offer clients project-based, retainer-based and hourly based pricing models. This is so that they can fit in with the diverse needs and budget of clients. It is a competitive marketplace. Thus it appears that some agencies are very willing to adjust their systems to retain clients.
Social Media Marketing
Social media is free to set up. However, if you want to make the most of this marketing avenue you need to invest time and effort is needed. For business owners, that’s a big commitment. This is why more and more businesses are turning to either outsourcing their social media or employing social media managers.
So the question is whether to go it alone, outsource it or hire someone internally to do social media for you. The right answer very much depends on your situation. This means that you need to examine your overall marketing budget, your target audience and your goals.
However, realistically speaking creating a comprehensive strategy for social media marketing – in addition to outsourcing all work for all channels – (with a minimum of two social networks) – can cost anywhere in the region of R5 000 upwards depending what your needs are. (This is on a monthly basis.)
The cost of content marketing differs significantly from agency to agency. The range of services, amount and type of content, staffing model and other factors all help shape the price.
Pay Per Click Advertising
Unfortunately, there’s not a clear-cut answer to the question of how much PPC advertising – specifically Google Ads – costs. However, here are some guidelines:
- Google Ads is built on an auction structure. This rewards businesses, who have high-quality ad campaigns, with lower costs and better ad placement.
- Exercise tight control over how your Google Ads budget is spent by using tactics like ad scheduling, geotargeting, and device targeting.
- It’s estimated that the typical cost per click in Google Ads is between $1 and $2. (In rand terms, this equates to R14 – 28 there abouts.) The average CPC on the Display Network is under $1.
- The most expensive keywords on Google Ads and Bing Ads cost $50 (about R700) or more per click. These are usually extremely competitive keywords. They are active in industries that have high customer lifetime values.
If you don’t want to pay for someone else to do your digital marketing, why not upskill yourself so that you can perform this vital function for your business yourself? The Digital School of Marketing’s Digital Marketing Course is the perfect vehicle for your to achieve this goal. Read more here.