“The world is turning, I hope it don’t turn away.”
Neil Young may have offered this sentiment all the way back in the 1970s on his hit record, On The Beach, but this fear is more relevant now than ever. The world is changing fast, and those who fail to keep up with the changing tides could be left behind.
This is certainly true in the world of business. Consumer habits have changed dramatically with the popularization of smartphones. There are many consumers who are reported to be on their phones almost all the time.
Failure to launch a proper digital marketing campaign these days certainly means you could get left in the dust when it comes to these individuals. But if you’ve never run an online campaign before, you might be uncertain about what the cost of digital marketing really is.
Read on and we’ll walk you through everything you need to know.
The Cost of Digital Marketing
Unfortunately, there’s no easy way to answer the question of how much a proper digital marketing campaign might cost. There are so many factors involved to getting to an accurate answer, to offer a general number would be downright misleading.
The questions you want to ask yourself when trying to gauge a digital marketing budget should focus on your industry and your goals.
How competitive is your field? How new is your business? How much of your target audience is online?
These factors can impact the costs of digital marketing in various ways. An established brand with a wealth of loyal customers in place, as you might imagine, will need to spend less on digital marketing than a brand new start-up might.
It’s also worth mentioning that the quality of your campaign matters. Skimping out on the bottom line might produce online content that wasn’t even worth paying for in the first place. However, there’s a wide variety of services out there.
Understanding Payment Models
The cost of digital marketing will also depend on how you approach the project itself. The most affordable option, of course, would be to do all of the work on your own, paying no one. As you might imagine, this might not produce the best results.
You could hire a company, such as media shark, or work in conjunction with them to help lower your rates. These will all have an impact on your final price.
When you work with a company, you should also inquire about what their payment model is. A digital media company might charge by the hour or they might ask for a lump sum. Understanding these models in relation to the work that needs to be done is essential.
While most companies tend to spend somewhere around 40% of their total marketing budget on online campaigns, this might vary depending on what line of business you’re in.
Getting the Word Out Online
If you’re looking to get the word out about your business, you won’t be able to do so without embracing the power of the web. The above information on the cost of digital marketing can help you to understand what is needed to do this task.
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