Digital Marketing Investment
Before investing in digital marketing, you must know how expensive it can get. This blog attempts to explain the cost of digital marketing in 2022. Investing in digital marketing is a smart move in 2022. This is the age of digital marketing, and you simply cannot ignore its importance. There is no straight-forward answer to “what is the cost of digital marketing”. Many factors play a deciding role here – your budget, demographic target, the scope of marketing, and the channels of marketing that you choose. However, the general rule of thumb is that a small business should allocate approximately 10% to 20% of its revenue for digital marketing.
While it’s almost impossible to come up with a figure, certain estimates hold for all businesses. A small business will spend a lot less on marketing as compared to a large business. The best way to understand digital marketing costs is to break down the aspects of digital marketing into –
- Social Media Marketing, and
What is the Cost of Digital Marketing?
Before we get into the details, let’s first look at the general expenditure that you may have to bear for:
- Social Media Advertising, Posting & Engagement Campaigns ~ $1500 – $4000+ per month
- SEO ~ $800-$5500+ per month
- PPC Campaigns ~ $1000-$5,000+ per month
Now that we have laid down the general range of costs of digital marketing for the three most important channels, let’s now discuss them in detail.
Cost of SEO Services
Search engine optimization is the backbone of digital marketing. If you want to gain any traction in this competitive market, you must invest in SEO. The good news is that SEO is one of the most affordable channels in digital marketing.
How much you invest in SEO will depend on your goals. What we will aim to provide you here are some ballpark figures.
There are three ways to go about SEO:
First Option: You hire an SEO expert (a freelancer) and pay about $80 to $150 per hour for their services. Hiring a freelancer can be tricky but cost-effective. Some freelancers do shady work (including using cheap tricks) that can jeopardize your online presence – so understand their approach before signing any deal.
Second Option: you hire a digital marketing agency and pay them about $750 to $4500+ per month. Hiring an agency with a dedicated SEO wing will mean that every search engine optimization need will be taken care of. Keep in mind that SEO is not a one-day or a month’s job. It takes at least six months to show results. This means your budget should allow you to sustain a long-term digital marketing investment.
Third Option: You hire for a one-off campaign. If you don’t want to commit for the long term, then a one-time SEO campaign will be easy on the pocket. Such a campaign can cost you anything between $1000 to $8000. The downside is that you will have to pay extra for any additional work that needs to be done once the assigned project is over. It should also be noted: You probably won’t see much of an improvement in your SEO rankings for any competitive keywords if you opt for this option.
Cost of Social Media Campaigns
Though you can use social media platforms free of cost, building and sustaining a campaign doesn’t happen free of cost. If you want to create a memorable and effective campaign on various social media platforms, you will need to invest.
Advertising campaigns on social media must be properly planned and executed. In it must go hours of research and planning. If you want to reach the right people, in the right area – you need to know how to do it. That’s only possible when you hire a digital marketing agency.
In rough estimates for a complete social media campaigns (content, ads, etc) can cost you anything between $1,500 to $4,000+ per month.
Cost of Advertising on Facebook
To advertise on Facebook, you will have to pay the platform every time a user clicks on your link or ad. It will approximately cost you about $.50 to $2 for each click. According to the Cost Per Thousand Views or Cost Per Mille (CPM) calculations, you will have to pay every time your ad is seen by 1000 users. If we are to keep this in mind, the average cost for a small business advertising on Facebook turns out to be $11 for a single CPM campaign.
However, if you want more visibility and better rankings than your competitors, you must pay more for the clicks. Think of it as an auction – the highest bidder gets the prize.
Cost of Advertising on Twitter
Much like how advertising works on Facebook, you pay to appear on people’s feeds (even if they are not following you). You pay each time a user clicks, retweets, or replies to this “sponsored” tweet. On average, this can cost you about $1.35 per click.
On Twitter, you can promote your business in two ways. You can pay for each follower that you gain after promoting your entire brand (this can cost you about $2 – $4 per follower) or pay for a hashtag to encourage users to tweet about your business. But this is expensive and can cost you $1000+ per day!
Cost of PPC Advertising
Pay-per-click advertising is the most relevant form of advertising in the digital space. Here too you must bid with a higher amount to improve your visibility on search engines. You can seek visibility for your websites, links, or adverts. Though it’s much like social media advertising, here the difference lies in where the ads are placed. Here you seek for your ad to get more traction on the search engine results page (SERP).
According to WebFX, any average small and medium-sized business spends about $10,000 on PPC campaigns per month. This is generally about 5% to 25% of their monthly advertising budget.
It is an undeniable fact that you must invest in digital marketing campaigns to reach out to your new-age customers. This means that a portion of your monthly advertising budget must be allotted for the digital space. Since we are talking about investing your hard-earned money, you must do it right. Digital campaigns have become much more complicated and diverse. A lot of research, data analysis, market study, and adequate knowledge of different platforms are necessary to even get started.
What you need is a trustworthy digital marketing agency to help you navigate the rough waters. This is where Cyrusson Inc. comes into the picture. We are a boutique digital marketing agency having experience in all aspects of digital marketing, right from social media marketing, PPC ads, branding, content management, and more. If you want an all-encompassing campaign, trust us to meet your requirements. We have worked with scores of small and medium-sized businesses and have helped them get noticed, improve sales, and beat their competitors in the webspace.
If you too are looking for the best marketing agency in 2022, call us or book a call today! Let’s talk about how we can work together to achieve your goals.