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 :)
Marketing is an essential part of any business, and eCommerce is no different. However, you must leverage your expenses with your revenue and this is where email marketing takes the cake. Shocking as it seems, every $1 spent on email marketing for eCommerce gives $40 return far outstripping banner ads ($2) and keyword ads ($17), according to MarketingProfs.
This means you do not have to spend a lot on automated email (and mobile notification) marketing to get a huge return. That said, to create that perfect email/notification which caters to the tastes and needs of each of your potential customers, and sending each just when they'll read it, is a huge task. You'll need a team of expert engineers and marketers to even scratch the surface of the possibilities in this field. And this will cost you a bomb!
My suggestion is - use an existing marketing automation tool that specializes in eCommerce. One of the best is Snowflake by TargetingMantra. They have helped their clients see over 85% increase in click rate and 27x ROI. For this, you'll have to invest less than 5% of your overall investment. You can check them out here - Targeting Mantra - emails.
My suggestion is to try out their free campaign before you decide to buy credits. See how well it is working for you, how much has your customer loyalty and recency increased, how has your revenue been impacted, and only then proceed for a paid campaign.
Hope this helps.
Excellent question! I actually wrote an article on this at the beginning of the year.
How To Budget for Your Best Online Marketing Campaign (http://bit.ly/2Q1d7De).
Your inbound marketing budget can be determined by several factors including, but not limited to: (1) your market, (2) your products/services, (3) your objectives, and (4) your audience.
The cost of marketing would depend upon your responses to the factors above.
The U.S. Small Business Administration recommends spending 7 to 8 percent of your gross revenue for marketing and advertising if you’re doing less than $5 million a year in sales and your net profit margin—after all expenses—is in the 10 percent to 12 percent range.
Here's a great article by Molly Meyer on nuphoriq on budgeting for online marketing:
If you are looking for just social media management: inexpensive solutions like flock (http://flockmgt.org) will run around $100/mo per platform.
Agency prices for just social media management will start at around $997+/mo.
If you are looking for ROI positive digital marketing services: projects will run on a 90-day R.A.C.E. framework, and you will want to budget at least $2,000/mo for advertising spend in addition to the agency services rendered.
I hope all of this helps you determine a budget for your business! Please feel free to contact me if you need any further information.
Have a wonderful day! Thank you.
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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When it comes to cost to market, you're talking to Youtube's "White Trash Web Developer" lol so I'll be the first to tell you, it is possible to do some amazing game breaking marketing and drive ginormous traffic for entirely free.
However nothing in life is free, if you don't pay in money, you're certainly going to pay with your time. Some sage advice in terms of driving traffic utilizing any method:
Quality over quantity.
As it stands the site I'm driving traffic to is barely bringing in 200 visitors a day. Well, my last niche was an adult video tube and I was pulling 6-10 thousand visitors a day at one point. The site was bringing in about 3,500 a month.
Well, since this new site is targeting SEO and web design clients, I just scooped up a customer with my measly traffic and he just hired me to do a 2,000 dollar keyword/link building campaign. Think that proves my point there.
Budget if you want to use paid ads for Google, you should probably be able to cover at least 500 clicks in Google Adwords, and should only be attempting 4-6 banger longtails and things that are all buyer intent. Be sure to use quotes for all matching keywords and brackets for an exact phrase in exact order.
If you're doing Facebook ads, only do those after you've thoroughly studied audience insights and confirmed your target audience and that they're not a cash only crowd and look like an n00b later on :p.
Facebook ads pretty much across the board are for email capture and brand awareness. Unless your selling like 10 dollar T-shirts that are off the chain funny, you should be prepared to deliver amazing content and have a sales funnel on deck. According to my boy Rand Fishkin MOZ Founder, 6-8 return visits to the crib is the conversion G spot.
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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.