Digital Marketing is a perfect solution for various problems whether it is low reach or less brand awareness, A proper digital marketing strategy can do wonders for your business.
But do you know how much Digital Marketing costs?
No? No problems.
We will help you With our digital marketing pricing guide, so just stay with us till the end of this guide and additionally we will also help you in finding out what your company should pay when working with an agency or a consultant.
Before diving deep into this matter here is the Spoiler, the average cost for digital marketing services ranges from $2500 to $12,000 per month for small-to-midsize businesses (SMBs).
But the price varies from company to company, from work to work so instead of worrying about it you need to connect a well-reputed digital marketing company such as Coin Ideology Digital and then you need to ask about their services and price. However, here is our guide for Digital marketing costs in 2022.
What is digital marketing?
Digital marketing is known with different terms such as online marketing or internet advertising…It is like any other type of marketing, a way to connect with and influence your potential customers through online medium.
Various Marketing efforts such as email marketing, pay-per-click advertising, social media marketing, and even blogging, all are part of Digital Marketing.
Digital Marketing is performed with a very straight forward Goal to grow your business through online marketing and advertising strategies. As you have probably observed that, the digital marketing field has grown rapidly in the past decade. And nowadays businesses want to partner with reliable and experienced digital marketing agencies, like Coin Ideology Digital. But the question is how much should you spend on digital marketing?
The answer depends on various factors which are explained below so go ahead and keep reading to explore the average cost of digital marketing in 2022.
Factors that impact digital marketing Cost
There is an old saying that “The Experience speaks for itself”, and that is true and applicable in this industry too. It’s always beneficial to hire an experienced digital marketing agency.
It is because an agency’s experience indicates not only their understanding and knowledge of digital marketing but also reflects their ability to achieve customer’s business goals.
Their long journey in this field almost confirms that they have the knowledge, well-trained team, resources, and dedication to provide the best solution for all their clients.
Due to the value of their expertise, companies with a good experience often charge a bit more than others for their digital marketing services.
This actually makes sense because that experience has value and a guarantee of the positive result of your digital marketing strategies.
Thus In most cases, an experienced agency is worth the extra investment. However, It doesn’t mean that experienced companies have extreme prices and new ones have low prices. It actually means that there will be a noticeable difference between prices.
Sandford Digital Marketing Services includes search engine optimization (SEO), Pay Per Click (PPC) Advertisement, search engine marketing (SEM), content marketing, campaign marketing, influencer marketing, data-driven marketing, e-commerce marketing, content automation, social media marketing, etc.
The requirement of services based on your business goal, sometimes you have the knowledge you pick services by yourself but sometimes you don’t know which will be beneficial for you and the partnered company chooses for you. Thus it is safe to say that the COst of Digital marketing also depends on the services your business needs to achieve the goals.
Size of Your Company
The size of Your Company often influences digital marketing pricing. If you’re a small-to-midsize business (SMB), your digital marketing costs will always be lower then the budget of an international corporation.
It influences the type of digital marketing agency you want to hire for all your digital marketing needs too. The scale of the agency’s services and their prices often display their target audience, Thus, it’s unlikely you’d partner with a digital marketing agency that is not suitable for you.
For your business, as well as your Internet marketing plan, it will be a wise decision to partner with a digital marketing agency that has experience of working with your specific company size customers.
The Complexity of Your Strategy
The complexity of your strategy influences your digital marketing budget, in most cases. If your strategy includes aggressive digital marketing campaigns, you can expect to have higher digital marketing costs.
It is because an aggressive strategy requires more effort from the digital marketing team. In the case of a PPC campaign, it requires a higher investment because it is a type of paid advertisement.
Again, if your digital marketing strategy includes some sort of integrated set of digital marketing services such as SEO and PPC, along with content marketing and email marketing, all combined, then you need to pay higher digital marketing prices due to the higher number of services.
So the summary of this point is that you’re paying more because you’re buying more.
Services Offered by the Agency
As we said above, if your strategy includes a cluster of digital marketing services such as SEO and PPC, along with content marketing and email marketing, all combined, then you can expect a higher digital marketing price due to the number of services.
But on the other hand, digital marketing prices also depend on the services offered by an agency. For example, it is obvious that a full-service agency will cost higher compared to the agencies that specialize in one or two Digital marketing services.
We would like to mention here that a full-service agency can take care of all the aspects of your digital business that’s why they are preferred by business more.
By partnering with a full-service agency like Coin Ideology Digital, you can easily focus on other important work because we can take care of all your digital marketing needs in one place. That saves time, effort and hassle of working with multiple agencies that have a different type of workflow.
Your Company’s Timeline
It is complicated to explain but let us try, Your partnered company can expedite other marketing services and their result but there are some digital marketing strategies such as SEO that need inflexible timelines because it is a combination of various important SEO strategies.
In case of rapid or expedited services, cost varies a-lot. Some charge a flat rate or hourly fee for their services and on the other hand others adjust their costs on the basis of desired turnaround time.
There are so many factors that influence digital marketing costs, but it is vital to consider the unique selling points (USPs) of each agency too. Agency’s USPs usually don’t affect online marketing costs directly but they do impact your experience as a client.
Partnering with an experienced and reliable agency that provides real and stable results on time to its customers will be considered a wise decision. It offers assurance to your team and company decision-makers that your digital marketing strategy will reach your goals.
It is notable that Good Companies always measure their performance by their client’s results and satisfaction and can charge a bit higher on the basis of their own track record.
How much should a company spend on digital marketing?
Now after explaining the factors that influence the digital marketing cost, the next important question is “how much you should spend on digital marketing?”.
It is important to research how much you should spend on digital marketing because the cost varies in their digital marketing field. There are various companies that offer “cheap” services, but the problem is that they often don’t drive the results you want.
That is why it is important to set a reasonable budget for your digital marketing plan. Don’t go with the cheap services blindly because you’ll get what you pay for, unfortunately.
So the main question is What is a reasonable budget, though?
There are several factors that influence digital marketing budgets some of them are the size of your company and the scope of your project. Meanwhile, the average budget for digital marketing ranges from $30,000 to $145,000 per year for SMBs.
There are some three additional factors (other than factors), you need to take care when researching digital marketing costs, here they are:
- Deliverables: It is an essential factor that you or your business knows what it’s paying for. You need to review an agency’s deliverables before partnering with them. Avoid agencies that are hiding details, it will save you in the long run.
- Price: Some agencies don’t disclose their prices online easily, which sometimes can lead to overpriced quotes and hidden fees. So, Make sure the cost includes all the services your business needs and it also bounded with some sort of time frame so you will be more secure.
- Methods: Some methods seem promising initially but they don’t provide stable and consistent results. Some agencies follow a “one-size-fits-all” marketing method which doesn’t work for all so always make sure to know about the method and their unique USPs before hiring them.
If you are looking for a reliable Digital Marketing Service provider for your business then Coin Ideology Digital will be a wise choice, our business-specific digital marketing strategists have put together successful online marketing campaigns for businesses of all types. And we are dedicated to doing the same for you too.