You are looking for an answer. Let’s get started with some numbers, then move backwards to show you how we got there.
An average business should spend at least 20 hours per month on digital marketing. They will need to increase their marketing investment if the company operates in a highly competitive industry such as lawyers or dentists. They will likely spend more on marketing if they operate in highly competitive markets like Raleigh and Charlotte in North Carolina. You will need to spend significantly more time to rank in multiple locations, states, nationally, or internationally.
Your website may be in poor condition, or you are a startup. You will need to spend more on marketing than someone already on the first page.
Digital marketing is usually charged at an hourly rate of between $80 to $200 by most agencies. For an average service, expect to pay $2,000 for 20 hours of marketing work per month at $100 per hour.
Digital marketing is typically a monthly expense for companies that spend between $500 and $50,000. There might be marketing agencies that charge less than $500 per month. However, it is hard to imagine what one can do in five hours a month to get your website on the first page.
The average monthly cost for small and mid-sized businesses is between $2,000 to $6,000 Marketing costs for more ambitious companies can be as high as $10,000 to $20,000 per month.
Larger companies often allocate well over $100,000 each month for online marketing.
Variables That Determine Digital Marketing Pricing
These are the factors that explain why digital marketing pricing is so varied.
- Your niche or market.
- Your location.
- It is very competitive.
- Your timeline for getting results.
- Where are you at the moment in search engine ranking.
- What percentage of your website converts currently.
Price is affected by the market niche you are in
Your niche/market determines the conversion rate and price that an ad network will charge.
A typical bail bonds company would pay $58.48 per click on Google Ads. A pest control company would be paying an average $38.84 per Google Ads click. A bail bond company would need to spend more than 50% in order to get 1000 clicks from Google Ads.
Different markets have different conversion rates. A landing page for higher education converts at 2.6%, while one for vocational studies converts to 6.1%.
Higher education companies would need to attract over 134% more visitors to their site in order to reach the same number of conversions each month.
How your location effects price:
Price for PPC and organic SEO could be affected by your location. A New York City injury law firm will typically face more competition than one from Cheyenne in Wyoming. Higher competition can lead to higher click costs for ad companies. Additionally, it can be more labor-intensive to achieve the goal of ranking #1 in search engines because of the increased number law firms competing to do so.
Price can be affected by how competitive your market is
Price can also be affected by the market’s competitiveness. We have found that some markets do not invest the same amount of digital marketing effort as others.
You can’t expect other knitting companies to invest significant marketing efforts if you have a knitting site that you want to rank number 1.
Digital marketing around Mesothelioma is another option.
What timeline can impact price?
Paid ads are a great way to quickly drive results. Website visitors would be your payment. Increasing organic search engine results can be more effective than driving website visitors via ads.
Also, if you spend more time on a project, it will produce faster results and a higher price.
Price can be affected by your search engine results:
Are you ranking for the search terms that you are trying to rank? Are you currently on page 1? Or page 10? Your current ranking in search engines will be a guideline and determine the effort required to reach #1. You might need to create content or improve your existing website if you don’t rank for the search term.
Price will be determined by how well your website converts visitors.
Is your website converting visitors to paying customers? A website that doesn’t convert visitors into customers can result in a loss of SEO budget and a wasteful use of advertising dollars. Before you can improve traffic to your website, it is worth spending time improving the content of your site.