You’ve launched your company and are now ready to expand your brand online. However, you continue to wonder, “How much should I pay for digital marketing?” For a small business owner, it’s a competitive world out there, and even though you want to engage in digital marketing, you’re not sure how much. The question is straightforward, but the solution can be hard due to the numerous variables to consider.

We can assure you that you will not obtain a precise figure for how much you should pay for digital marketing by reading this. You see, without identifying your digital marketing needs, goals, and objectives, it’s hard to place an exact figure on it.

These factors will determine the specific services you need, whether you hire in-house or outsource, as well as the amount of time and energy you spend on each project and the resources you employ. The final amount you pay should justify the criteria you need to fulfil your marketing objectives and, as a result, have a larger return on investment.

These factors will determine the specific services you need, whether you hire in-house or outsource, as well as the amount of time and energy you spend on each project and the resources you employ. The final amount you pay should justify the criteria you need to fulfil your marketing objectives and, as a result, have a larger return on investment. We’ll walk you through various aspects to consider when determining your business’s marketing goals and objectives in this article, so you can have a better understanding of how much you should spend on digital marketing.

 What are you looking for?

As previously stated, determining exactly what you want from your digital marketing activities is critical. Digital marketing covers a wide range of components, and it may not be required to incorporate them all at this time. The bigger the cost, the more components you believe are essential in your marketing plan. Below are just a handful of examples you can include in your digital marketing strategy:

 Web design and development – A mobile-optimized website that is user-friendly, speedy, and easy to access is a must. It’s how people in the digital world view your brand. As a result, having an online presence is a necessary component of any digital marketing plan.

Social Media Management – This has shown to be one of the most effective strategies to get your business noticed and grow a loyal following. Everything from content production and copywriting to community administration and analytics is covered.

Search Engine Optimisation –  Search engine optimisation (SEO) assists you in increasing and improving the amount and value of traffic to your website via search engines. This can be accomplished through rigorous keyword research and the creation of relevant blog material.

Paid advertising To guarantee that your postings reach the correct audience, you’ll need to consider paid techniques as part of your digital marketing strategy. It’s not enough to post naturally. Paid marketing is preferred above organic promotion by the various digital marketing platforms because it is how they make money. This is an important issue to consider when planning your marketing budget.

Graphic design – If you don’t have a strong brand presence with eye-catching brand guidelines that are relevant to your small business, your digital marketing plan is likely to fail. All of your marketing platforms should have the same look and feel as your brand. A skilled graphic designer can assist you in accomplishing this.

If you’ve gone through the above and determined that you need all of these tools, be prepared to increase your digital marketing budget slightly, as this is just the tip of the iceberg of aspects to include in your marketing approach.

If you’re still set on employing an entire in-house digital marketing team or outsourcing, the next step is to explore recruiting a complete in-house digital marketing staff. Hiring a whole in-house team might have a significant financial impact. And as small business owners, we understand that this is a sensitive topic.

Consider outsourcing

If you want to get your digital marketing off the ground but don’t want to hire a complete in-house team, outsourcing is a good option.

Compared to hiring an internal team, outsourcing your digital marketing can save you a lot of money. This is owing to the fact that your overhead costs are almost non-existent. Office space, furniture, stationery, upkeep, monthly salaries, HR, insurance, and employee taxes are all meaningless expenses. You will save a lot of money by not having to offer software, programmes, and resources for every in-house employee if you hire an outsourced digital marketing team.

An outsourced marketing team can assist your company in growing sustainably and can deliver the same skill set as an in-house marketing team without the long-term commitment.

Choose how you pay

You don’t have to pay for your digital marketing in a certain way. You have a variety of options to pick from depending on your company’s demands. Here are a few examples:

Hourly based – Within a set amount of hours agreed upon by both parties, you get to pick and choose which services you require. You’re also not compelled to pay monthly salary; instead, you’ll pay an hourly fee for the duration of the project. This is an ideal choice for projects that need to be refreshed, maintained, or adjusted, and it’s simple to track and stay within budget.

Project-based – This is a one-time price based on expertise that is quoted for the duration of a project. This is useful when a job must be done within a specific time range or all at once. An email marketing campaign, website design and development, and other similar projects are examples of this type of project.

Retainer-based – Once you’ve tested the waters and formed a relationship with your digital marketing manager, retainer-based fees are a great way to go. This is typically employed if you have a steady flow of work that has to be completed every month, but you aren’t committed to hiring an entire internal marketing team or don’t have the budget for one. When you have a relatively healthy budget and want to build your firm quickly, the retainer-based alternative is ideal.

Customised pricing – Your digital marketing agency can discuss a customised pricing structure to meet your marketing demands and objectives. It can be decided on based on time, budget, and required deliverables.

In-house – Hiring a complete internal marketing staff is by far the most expensive of all the digital marketing solutions. However, if you believe that your small business has a pressing need for this and has the financial resources to do so, this may be the ideal alternative for you!

For your entire return on investment, your digital marketing should make sense. Knowing exactly what you require from your marketing objectives will assist you in determining which structure to use and how much you should spend on digital marketing. Consult with your outsourced digital firm about the appropriate package for your goals and objectives.

Get in contact with FBS Digital today to find out more about social media services: 0204 526 5195 or e-mail us on hello@finchleybusiness.co.uk