There are three aspects to the costs involved in Digital Marketing:
1. Time is money
Whether you are paying people in-house to carry out Digital Marketing tasks or your outsource to an agency like ourselves. There are pros ad cons to to both and every business is different.
We believe it’s all down to the skills and resources you have in-house first and foremost.
For example, if you have someone in-house with good Marketing knowledge and well practised with social media and copywriting, then it would be best for these tasks to be carried out in-house.
The benefits of in-house Digital Marketing is that the people involved should have day to day understanding of the business and it’s customers.
The downside is that, you would have to have at least 4 people to be able to carry out all the various aspects of Digital Marketing.
The costs involved in this would be far far greater than outsourcing. We typically charge any thing between £300 to £3000pm, this is far less than having full time members of staff dedicated to Digital Marketing. Not only is it less expensive but being experts at the forefront of the industry, we will be far more effective with our time.
If you have a budget of £10k pm + any advertising budget, then Having your Digital Marketing fulfilled by an in-house team, would be possible.
2. Advertising can sometimes need a bottomless pit of money
The costs of advertising will always depend on your business goals and budget available.
Digital Marketing Advertising is pretty varied and an industry of it’s own. Facebook and Google are the main players when it comes to advertising platforms. The tools and data they give you access to are incredibly powerful and complex.
Advertising can be used to increase Brand Awareness, Website Traffic and Leads/Sales.
To ensure you obtain a profitable return from your advertising spend, you must be constantly on top of the various technicalities of each platform. Not only do you require technical knowledge of each advertising platform, but you require incredible creativity to ensure your message is understood and resonate with your target persona.
You have to bear in mind that there are lots of competition out there and you need to perform better than them. If not, you can potentially waste a lot of money.
We manage advertising budgets totalling many many thousands of pounds per month and work hard to continually improve the ROI. Depending on the product or service you are marketing, the ROI can vary. For example we have managed campaigns in very competitive and restricted markets such as prescription drugs and improved ROI from X2 to X3 ad spend.
3. Software options are endless and costs add up
Now to the small but essential spend, you will need software to manage all aspects of your Digital Marketing effectively. Here are just a few examples for different aspects of Digital Marketing:
- SEO – Moz from 99$ pm
- Email Marketing – Mailchimp prices vary based upon size of database e.g. $75pm for 5000 email addresses
- Social Media – Hootsuite from $25pm
- Content – Buzzsumo from $79pm
However many if these these costs wouldn’t be applicable to you, if you used an agency.
To summarise, outsourcing to a Digital Marketing Agency is certainly the most cost effective way to carry out ongoing Digital Marketing for SME’s. However we always eager to work with those within the business to create the most effective partnership long term.