The cost of an excellent digital marketing strategy can vary widely depending on the specific tactics and tools used, as well as the size and scope of the campaign. A small business with a limited budget may be able to get started with a few hundred dollars per month, while a larger enterprise may need to invest tens of thousands of dollars or more.
Some common digital marketing tactics and their approximate costs include:
- Social media advertising: The cost of advertising can vary widely depending on the platform and targeting options used. On average, businesses can expect to spend anywhere from a few dollars to a few hundred dollars daily on social media advertising.
- Pay-per-click advertising: The cost of pay-per-click advertising can vary widely depending on the keywords used and the competition. On average, businesses can expect to spend anywhere from a few cents to a few dollars per click.
- Content marketing: The cost of content marketing can vary widely depending on the type of content created and the resources used to create it. On average, businesses can expect to spend anywhere from a few hundred dollars to a few thousand dollars per month on content marketing.
- Search engine optimization: The cost of search engine optimization can vary widely depending on the project’s scope and the resources used. On average, businesses can expect to spend anywhere from a few hundred dollars to a few thousand dollars per month on SEO.
As for the ROI, it can be challenging to determine a digital marketing campaign’s return on investment (ROI), as many factors, such as the business model, industry, and target audience, can influence it. However, a well-planned and executed digital marketing strategy can yield substantial ROI. For example, a study by the Content Marketing Institute found that content marketing generates three times as many leads as traditional outbound marketing but costs 62% less. The ROI can be seen in the form of increased website traffic, improved customer engagement, increased sales, and so on.
It’s important to remember that digital marketing is ongoing and requires a consistent budget to see results. It’s also essential to have a clear strategy and goals before starting a digital marketing campaign and track the metrics regularly to see if the drive is meeting the goals and if the budget is well spent.