Getting started with digital marketing can be quite confusing and sometimes frustrating to deal with. Every digital marketing campaign you plan to run will require some sort of budget and knowing the cost of the digital activities you plan to implement is vital to success. Whether you have a small business or a large enterprise you can’t be profitable in today’s time if you go by all the traditional ways of marketing your business alone, you need to leverage digital to supplement whatever activities you decide to run. Marketing channels like search, social media marketing, Content marketing, and leveraging marketing automation tools have become very relevant and a requirement when marketing to consumers.
But knowing how much these common digital marketing tools and systems cost is quite a task and could help you create an effective digital marketing plan
In this competitive environment, to grow your business and be sustainable at the same time you need to adopt and implement digital marketing strategies and work with the right digital marketing managers
You can choose any of the marketing agencies in Ghana based on your requirements but here is the main question that comes ups, How much do digital marketing services cost? Digital marketing is a vast ocean of many different digital channels
Don’t worry! In this article, I will be explaining to you how to pay the right amount for any digital marketing services.
Digital marketing is the act of marketing with digital channels and this type of marketing includes strategies and systems to create value in the marketplace, you can not develop a digital marketing strategy that gets results if you don’t have an issue with how much it will cost
How Much Does Digital Marketing CostThere is a lot of variation when it comes to the cost of digital marketing services. The price will depend on the size and scope of your project, as well as the experience and expertise of the service provider.
In general, you can expect to pay anywhere from $500 to $5,000 per month for basic digital marketing services. If you need more comprehensive services, such as website design or online advertising, you may have to pay more.
The cost of any type of digital marketing campaign depends on various factors such as marketing budget, your targets, and which marketing channel you are going to use.
Factors that determine your marketing expenses:
The size of your business: The larger your company, the more customers you’ll have to reach and the more digital marketing channels you’ll need to use. This means that you’ll need to spend more on marketing. By going deeper into social media marketing and leveraging almost the social channels available your targets are on. Marketing as a way of reaching more customers is largely influenced by your company size, the talents, and other resources available
Your industry: Some industries are more competitive than others and require more marketing to stand out. For example, businesses in the fashion industry tend to spend more on marketing than businesses in the accounting industry. This is mostly the issue because in fashion you need to show almost all your dresses, designs, or creation and they normally run a video marketing campaign or leverage the use of visuals which will require more ad sets and more budget while the accounting industry does something totally
Your target market: If you’re targeting a large market, you’ll need to spend more on marketing than if you’re targeting a niche market.
Your marketing goals: The more ambitious your marketing goals, the more you’ll need to spend on marketing to achieve them. To be successful, key digital marketing requires you to set smart goals.
Your budget: Obviously, the more money you have to spend on marketing, the more you can do. But even if you have a limited budget, there are ways to stretch your dollars and get the most bang for your buck. Most people think marketing is advertising and that’s all there is to it
#1 Your Niche Market:
In Digital Marketing, your niche plays a vital role. Every niche or market has its own conversion rates.
The conversion rate is the percentage of visitors that take action on your website and turn into paying customers. The higher the conversion rate, the better.
And one of the main reasons why conversion rates vary by niche or market is because different markets have different buyers. And each market has its own language.
For example, someone buying a car will search for different keywords than someone buying a house. And when they find your website, they’ll expect to see content written in their language – not yours.
The same goes for Facebook ads. If you create an ad for your business that talks about how you help people “save money on their car insurance”, it might work great in the car insurance niche. But it probably won’t work so well in the home insurance niche. Why? Because people in the home insurance niche don’t use the same language as people in the car insurance niche.
An educational landing page may have a 2.6% conversion rate and on the other hand, a vacation booking page can have up to a 7.8% conversion rate while both the market has spent the same amount on their marketing campaigns.
The lower the conversion the higher the cost of the overall marketing will be.
Higher conversion rates mean, more sales might be coming in and thus will increase the return on ad spend ROAS
#2 Your location:
Your location could affect the price for both organic SEO and PPC. Normally every country or region has its own prices of marketing and that depends on the competition present there.
If you are targeting a country where the marketing prices are average then you expect an average conversion or can say a better conversion than a country where there are high marketing prices.
The form of marketing deployed in a location can also be determined by the cost and the other way round. For emails, if you are promoting your product or service, leveraging search engine marketing or Facebook Ads, you might end up spending more or less due to your location and the competition present.
#3 Competition in the market:
The competitiveness of your market can likewise influence the cost. As far as we can tell, a few business sectors don’t commonplace in a similar degree of digital marketing efforts as others.
The benefit of digital marketing is influenced greatly by how well a market’s competition is and that in the long run will affect your marketing cost.
On the other hand, competition in the market could also influence whether you use traditional marketing or use digital marketing For example, if all of your competitors are using digital marketing and you don’t, you may be at a disadvantage. Online marketing tactics are easy to copy by competition but difficult to know how much it will cost to implement
To show up as number 1 for your city, chances are you won’t observe numerous other sewing organizations investing critical marketing amounts of energy.
Most brands decide to beat the competition so they could spend less by leveraging not much-used channels like email marketing, which is one of the channels with less cost. Many people confuse email marketing with sending spammy emails to their followers but once implemented effectively, one can actually see a great ROI
#4 Duration of campaigns:
On the off chance that you really want to drive results rapidly, paid advertisements may be the quickest method for accomplishing results.
There are a few distinct approaches to approach paid advertisements, for example, Google AdWords, Facebook Ads, and LinkedIn Ads. Every one of these stages has its own particular points of interest and disservices, so it’s essential to pick the stage that is best for your business.
Google AdWords is incredible for driving activity to your site rapidly, yet it can be costly on the off chance that you don’t know how to utilize it viably. Facebook Ads can be extremely powerful for focused on promoting, however, it requires some investment and exertion to set up an effective battle. LinkedIn Ads is incredible for B2B organizations, yet it tends to be more costly than different stages.
You would in a real sense be paying for site visitors. Driving site visitors through promotions can happen quicker than further developing natural web search tool results.
For example an effective social media marketing campaign should last between 3 to 6 months and you will spend on various segments like ad cost, creatives, content etc
#5 Type of marketing campaign:
In Digital Marketing, the type of campaign also matters a lot. There are different kinds of objectives for every new campaign and each time there’s a different price. The approach to marketing you decide on will influence how you create a digital marketing strategy to support your plan and this will affect the budget you spend on your campaign
The price for the campaign with just website link clicks is far lesser and cheaper than a campaign created for website conversions. Advertisers can choose the option of website link clicks as they are looking forward to driving more traffic to their website.
The video views campaign is used by advertisers who create a video on YouTube in order to promote their product or service. Such ads can be placed either on YouTube or anywhere else on the internet where Google AdWords has a network of publishers.
The price for this campaign is decided according to the number of views you need for your promotional video. In addition, advertisers can also get the benefit of choosing a target audience based on demographics and interests. The price for this campaign will include the cost per view and the total amount would depend upon how many people watch your video.
The type of digital marketing campaign you run could include, affiliate marketing, mobile marketing, marketing automation, email marketing campaign, influencer marketing
So, depending on your campaign type, prices also vary and you get different results.
#6 Your marketing budget:
Now that you have done the research and arranged all the necessary details for marketing, it’s time for allocating the budget.
By doing some marketing research and running some test campaigns to collect data you can take budget into the equation.
Depending upon which sales channel, target audience, type of campaign, and location is working for you, the budget is allocated.
It is important to note that the cost of running an effective campaign is not the same for every business. The budget depends upon the type and size of your business, your location, target audience, sales channel, and the number of campaigns you want to run.
Additionally, it all depends on what revenue you are looking to generate from your campaigns. If you are looking to increase revenue by 30%, then you will need to spend more than if you are looking to increase revenue by 10%.
Digital Marketing Campaigns – Types and Examples
There are six types of digital marketing campaigns: Brand Awareness, Prospecting, Engagement, Re-Engagement, Loyalty, and Advocacy.
When deciding which digital marketing campaign will work best for your business, consider these six types of campaigns: Brand Awareness Campaigns, Prospecting Campaigns, Engagement Campaigns, Re-Engagement Campaigns, Loyalty Campaigns, or Advocacy Campaigns.
Many experts say that one should spend at least 20% of the revenue on their online marketing efforts and that at least 50-70% should go digital and shared across different digital channels like search engine optimization, social media marketing, email marketing, social media marketing, content marketing, etc
#7 Talents / skill sets available:
Marketing has always been a creative work, Talents in creativity can change the game of marketing.
In digital marketing, Talents or specific marketing skill sets can be very helpful.
Some examples of helpful talents and skill sets in digital marketing include the ability to use data and analytics to inform marketing decisions, the ability to create and execute effective digital marketing campaigns, and the ability to effectively manage a brand’s online presence. Additionally, having strong writing and communication skills can be beneficial in creating compelling marketing content.
For example, if a digital marketer can create an ad creative that is eye-catching and bring conversions then with very less ad spent one can get huge returns.
This might require the digital marketer to deploy various marketing tactics and might not require or not require the help of other skill sets on board, all of these will contribute to the cost of the digital campaign. Good digital marketers use all other digital channels that their targets are using
#8 Marketing tools and resources available
Online marketing campaigns and marketing plans can not be executed effectively without leveraging marketing tools and marketing software.
There are many different types of marketing tools and software available, each with its own specific purpose. Some common examples include social media management platforms, email marketing platforms, content management systems, and customer relationship management (CRM) software.
The most effective marketing campaigns will make use of a variety of different tools and software in order to reach the widest audience possible and to achieve the desired results.
For example, if you want to implement a social media marketing campaign, you need tools that you could you use for social media postings, as well if you are implementing a pay-per-click campaign in google, you need to understand digital ads and know Google Ad manager very well, that might require a good digital marketer to fit this marketing role with expertise in Digital ads
How Much a Marketing Agencies Charge?
Not every business does its digital marketing in-house. You don’t need to, there are multiple digital marketing agencies in Ghana and Africa that you can choose from to grow your business.
There are some questions that these marketing agencies ask business owners or managers to bring the best results to their business.
We have curated some of the common questions that will also help you to plan your own marketing budget.
#1 What are your marketing goals?
Your goals should clearly elaborate on what you need and this will help a marketer form ideas of what services will be needed. Internet marketing comes in a wide spectrum of services from SEO, to PPC management, social media, and email campaigns.
To have an effective digital marketing campaign that can sell your products and services very well, your marketing goals need to be smart and make sense
Your goals for the business will decide the flow of marketing and its expense.
#2 What makes your business stand out?
To more readily advance your business on the web, an advertiser has to have quite a bit of knowledge about your business and thus do you. Realizing what makes your business stick out, or your one-of-a-kind selling position(U.S.P.), will better assist you with finding success disconnected as well as on the web.
#3 What are you doing offline?
Entrepreneurs realize that you need to adjust your online marketing with offline marketing and conventional marketing funnels and strategies.
In the event that nothing is happening with your customary marketing efforts, it can twofold the responsibility and cost of your web marketing efforts to acquire a similar impact.
However, the digital marketing channel or technique you use might have less or no effect on your offline marketing activities
#4 Who is your competition and what are they doing?
Every digital media strategy should come with a thorough look at the competitors. By analyzing the competitors, a digital marketing specialist could give you an idea of just what will be needed to be truly competitive in your field.
And this leveraging of the right digital marketing tactic will ensure you spend more or less to get the right results needed
A law firm in Ghana, for example, will have much more competition and marketing efforts needed in order to stay competitive with the other lawyers in town than say an attorney in the middle of Africa.
#5 What platforms are your customers on?
Digital marketing is not limited to just one online channel, your customers are available on almost every online channel but in different proportions.
If you have customers who are just on search then search ads work the best.
It is important to know which platform your customers are most available to so you know which type of marketing to implement.
Marketing agencies in Ghana can boost digital advertising just by knowing the past data or preferred sales channels of their targets and this will influence their ad cost and their marketing planning
#6 How are you going to measure success?
Marketing success is usually measured by sales earned. You need to let your marketing team know what your sales goals are and keep them updated with this data every step of the way. Interpreting data is a huge part of a marketer’s job and can take hours or days from which to create a plan. The more time and effort put into analyzing the data, the higher the costs incurred, but these are also relative to your higher sales income!
No doubt digital marketing uses have become an important aspect of any business. If you are a small business owner or a large enterprise, and you need digital marketing services so you are researching how much the entire activity could cost for you, this article answers that and helps you to plan and optimize your digital marketing budget. Asking the question, How Much Does Digital Marketing Cost is typically a normal stage in the planning phase
Leveraging the right digital marketing techniques might mean you cut through the budget constrain and spend more to take over the competition or might mean you implement organic marketing or growth marketing activities to cut down your ad cost.
Getting the fundamentals of digital marketing is a key digital resource that will influence your overall budget, many digital managers lack the basic and hence makes mistakes that triples their ad spend in their campaigns
Usually, digital marketing agency charges range from $2000 to $12000 per month. This price range can vary from place to place and also depends on your goals too.
The breakdown of the average charges is mentioned below:
- Search engine optimization (SEO) : $1,000 – $5,000 / month
- Pay-per-click (PPC) advertising: $5,000 – $10,000 / month or 5-20% of monthly ad spend
- Email marketing: $100 – $5,000 / month or $0.1 – $0.5 / email
- Social media marketing: $500 – $20,000 / month
- Website Design: $2,000 – $100k / website
- Content marketing: $1,000 – $10,000 / month
- Website copywriting: $25 – $25,000 / page
You can choose the service which suits your requirements and is economically good for your budget and the growth of the company
Digital marketing creates value in the marketplace and when implement well, this form of marketing may explode your sales.
If you are new to digital marketing and you need some help to implement a good digital marketing campaign, PARAGON Digital Marketing can help you. Many Digital marketing agencies in Ghana focus on awareness and top of the funnel but we are concerned with helping you drive the bottom by generating leads and converting sales
Marketing that involves the lead generation and sales conversion is what you might need and not brand marketing that gets you likes and comments but no sales. We use all other digital marketing channels that increase sales.
Marketing today can be very confusing by using digital media and ensuring you leverage digital communication channels to reach your audience, you don’t need to download another marketing plan template, talk to use
Advertising delivered through digital channels requires top talents to manage and we are proud to say we have the right skillsets in-house to get you sales results. Marketing is another profit center, not a cost center and we are here to help you with anything within digital marketing