How Much Does Digital Marketing Cost?
This is one of the most commonly asked questions by entrepreneurs and businessmen who comprehend the value of digital marketing in today’s world and want to utilize the same for the growth of their businesses. In this post, we’ll try to give an insightful answer to this question in a meaningful way.
There is no doubt that digital marketing has become an essential part of any business’s marketing strategy. Whether you own a restaurant or an engineering consulting firm, the far-reaching effects of digital marketing can’t be overlooked.
As cost remains the driving force behind every decision, one question is quite obvious – How does digital marketing actually cost? The question which seems quite easy may need an answer that includes a number of things. In this post, we have tried to simplify the complexity of the same so that you can make a sound decision and embrace digital marketing positively.
Before we move further, it is necessary to understand that digital marketing is not just a term that refers to the use of digital channels for the marketing of your products. Instead, it is a wide-ranging phenomenon that consists of a number of tools, platforms, methodologies and elements that work together to present a synchronized roadmap to business success.
So, the first and foremost notion is that that answer relies on a number of aspects related to your business or industrial sector, such as your existing business position, market value, product category, prevailing competition in the industry, your budget and eventual objectives.
Do keep in mind that every digital marketing price list is different, based on the marketing agency you hire. The given digital marketing costs here are based on a mix of usual research and our own pricing.
What does digital marketing mean?
Digital marketing simply refers to make the use online marketing & advertising strategies to make your business grow. These strategies leverage digital channels like search engines, email, social media and other websites to connect with existing and prospective customers.
How much you should spend to avail digital marketing services?
In most of the cases, businesses hire digital marketing agencies that look after the associated activities. These agencies have their own pricing structure regarding the digital marketing services they offer. You may find cheap to costly price structure and it is all up to you how you take things forward.
This is because cheap services don’t always sub-standard quality and expensive doesn’t promise outstanding quality output. So, it is better to set a reasonable digital marketing budget. Defining a lower price range may not help you get what you want.
While lots of factors affect digital marketing expenses and budget, gives the size of your company and the scale of your project, the average marketing budget for small business ranges from ₹ 30,000 to ₹100,000 per year for SMBs. Keep in mind that digital marketing is an ongoing process, so your budget may surge as you grow.
Now, let’s look at each digital marketing element as how it could affect your digital marketing cost.
SEO refers to Search Engine Optimization.
Your can expect to get business through web only if your business is visible to your prospective customers. This is where Search Engine Optimization plays a role. With SEO, you can increase your website’s search engine rankings and reach out to more customers and increase your business leads.
Whether you’re a new entrant in the market or an established market player, SEO is not only necessary but an essential part of your overall marketing strategy.
A SEO strategy is developed on the basis of the keywords you want to target. The higher the number of targeted keywords, the more cost you would have to pay. This is because a SEO package is based on the number of target keywords.
At Rank On, we have three packages – Bronze, Silver and Gold that have Up to 10 keywords, 20 keywords and 30 keywords respectively. The charges of these packages are:
Bronze – ₹ 15000
Silver – ₹ 25000
Gold – ₹ 40000
For more details on SEO services, do read this, https://www.rankontechnologies.com/seo-services/
If you want to get quick traffic to your website even if it costs you some extra money, PPC is the best way forward. Using this digital marketing technique, you can advertise your business to your target audience and get great sales leads and revenue.
In other words, PPC can be referred as Google Ads that you see on search results page. This technique is really good for new businesses who want to get awesome traction in the beginning and also for established players that want to make the best use of available channels or want to run a campaign for a specific period of time such as Monsoon Dhamaka, New Year Sale, Free Gift offer etc.
When it comes to choose a PPC package, there are primarily three things that decide the cost – AD groups, ad copies, and number of keywords. The higher these figures, the more the package will cost you. The concept is simple – the more money you put in, the sweeter your ads would be.
Rank On has primarily three PPC packages for its clients – Bronze, Silver, and Gold
Bronze – ₹ 10500
Silver – ₹ 17500
Gold – ₹ 25000
Social Media Marketing (SMO)
Just like SEO, Social Media Optimization plays a significant role when it comes to drive business in today’s competitive words. SMO becomes more worthy for businesses that want to make a direct connect with their customers. From announcing new updates to answering customer’s questions directly, social media has come a long way in maintaining a personal connect with the audience.
In any digital marketing strategy, SMO remains an inherent part and companies set aside a separate budget for this. The most commonly utilized platforms for SMO are Facebook, Instagram, Pinterest, LinkedIn, Twitter, and YouTube.
Now, in regard to the cost, it is level of support you need that determines the final cost. For example, there are various things like Timeline Design, YouTube Background Design, Video Testimonials and others that affect the cost.
At RankOn, we provide a wide range of SMO packages for our clients to meet their diverse digital marketing needs. Our bronze package is capped at ₹ 1500 per month, Silver Package at ₹ 25000 and Gold at ₹ 40000 per month and includes everything you need to maintain a dynamic presence on social media.
The more active you want business presence on social media channels, the bigger marketing budget you should keep aside.
Now, after finishing the digital marketing elements, it’s time to look at several other factors that affect your digital marketing spends.
Your target audience
Among all the factors, this holds the most significance. Here the audience is judged on the basis of gender and demographics. For example, the cost of running search ads vary on the basis of the people you want to target at. So, don’t get surprise if you notice that running a particular ad in two different regions costs you differently.
Yes, the results you expect out of a campaign decides how much you’re going to spend on digital marketing. For example, if you want quick and effective results, you may need to push in more amount on paid digital marketing which means more digital marketing costs. On the other side, if you’re not in a hurry to get results, you can choose a regular SEO and SMO plan and continue witnessing gradual results.
Business stage – Initial or Established
No two industrial sectors are same and so as their marketing budgets for digital channels. For example, if you’re a FMCD where maintaining a healthy customer relationship is key to success, you need to allocate more funds for the same. On the other side, if you’re a B2B product supplier where offline connect holds the key, there seems no logic to spend heavily on digital marketing.
Apart from this, you spending capability is what drives you to embrace digital marketing up to a certain level.
Local or National Business
This factor is quite understandable. The more regions you want to reach out to, the more marketing budgets you would need. For a local business, an average marketing budget for small business is enough whereas if your business is present nationwide, a small business marketing budget may not be enough.
Though there are several factors that affect the digital marketing cost like the agency you choose to work with, any additional service you buy, the complexity of your business and others, the above-mentioned factors are the most important ones and must be taken into account while deciding a reasonable digital marketing budget.