How much should you budget for online marketing?
I started into eCommerce store 10 years ago. Now one of my sites has grown in size to 100,000 products. Even so, the orders coming in don't cover the website expenses.
I have a full-time job during the day and I don't do much marketing besides Facebook or Instagram posts when I find the time.
Marketing & writing are not my strong suit. When I do have time to work on the website, I find myself updating data and adding more products which is what I enjoy doing.
If I want to hire a company familiar with automotive industry to manage my marketing, how much could that cost me? Any recommendations for an agency?
In the techno-age, the millennials, and even boomers going digital, online is your marketing platform, almost entirely! It sounds like you have the same challenge as I do - marketing isn't my forte :) This is a perfect time for you to utilize "interdependence" and bring in someone significant who can help you market your brand/company and take it much further.
As far as budget goes, marketing isn't necessarily a cheap thing, so you can expect to have "marketing" as one of your heartier expenses, but if you get the right people, places, things in order with marketing, it's worth its weight in gold! It can literally make or break you. Unfortunately (or fortunately), it's one of those things you have to open your pocketbook up a little wider for.
I tried Wordstream for a few months. Really costly and didn't do much for me at all. I use Fiverr.com a lot for graphic design and voiceover work but there are lots of people who know what they're doing on there and it's all for $5! (some have package deals or add-on options, but they aren't required). Recently, they've added Fiverr Pro, so you get all the talented crowd in one pool. It makes it SO much easier to find the best people in whatever particular service you're looking for. Prior to the Pro setup, it was more like Russian Roulette, trying to find the right person. Sometimes you'd have to try several different people to find the right one (thankfully only $5 a pop, so not too painful).
Good luck in your search and let me know if you happen to find an awesome marketer. I'm looking for the same thing :)
Online marketing is one of the marketing strategies available. There are other different ways to secure orders through your website e.g. BPO service providers.
Thank you all for the feedback.
I have reached out to few professional companies in the US, I was quoted anywhere from $3,000-$5,000/month with minimum 6 months commitment. I understand these figures when compared to paying rent/utility might seem reasonable, however, there are no guarantees that come with this. If the deal was pay per performance, I don't have a problem paying that much if I can reach $40,000 in sales/month.
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Online marketing is effective for every startup, sme or enterprise. It also costs high in terms of your goal to earn a certain amount of revenue.
My advice is to hire a marketing company with the budget of 30% of your revenue from the store. When you start getting decent results in the first 3-5 months in revenue then you can invest more to promote your products on more channels with more of a budget. There are different options here to find out how much will it cost you: https://www.blurbpointmedia.com/how-much-seo-cost/
And try to focus more on the work you enjoy. The focus is saying no to all the great opportunities except one. Make it your full-time job.
It is not a simple question, but it’s just as important. And it’s a popular thing to be thinking about this time of year: how much should you be spending on digital marketing?
If you spend too little, your message won’t make it to your target audience. If you spend too much, you won’t have the budget you need for other important aspects of your marketing plan.
1. Start with a clear direction.
The first step in any plan is to pick a direction and set your goal. What will be your marketing team’s main focus next year?
2. Analyze past efforts.
What strategies did you spend your money on last year? And of those, which ones were most successful? Which ones were a dud? Which ones showed promise for future tests?
3. Research industry trends.
While you obviously shouldn’t copy your competitors’ marketing strategies, you should know what they’re doing. Also, you need to be up to date on industry trends.
4. Crunch the numbers.
Once you’ve set your goals, analyzed your past campaigns and researched industry trends. It’s time to crunch the numbers.
5. Use your budget to make the biggest impact.
Deciding how much to spend is a good place to start, but you still need to make sure each dollar goes as far as it possibly can.
Good luck with your business! Make this year your best year yet. Digital marketing is becoming more important each year—don’t get left behind. Determine your digital marketing budget for the new year and make it count.
Robert Dale Analyst from Prowritingservice.com.