What is Digital Marketing and How Much Does It Cost?
Digital marketing is the advertising, promotion, and marketing of goods and services using digital channels mostly displayed on the internet. Popular channels are email Marketing, Pay-Per-Click Advertising (PPC), Search Engine Optimization (SEO), Display Advertising, and Social Media Marketing. The goal of Digital marketing is to provide online visibility for businesses that sell to highly-targeted-audiences. These audiences are customers or leads immediately ready to purchase goods and services sold.
Finding customers ready to purchase goods and services you sell is very expensive. Hiring an Agency or consultant can cost up to $200/hour, $10,000 to complete a single campaign, and recurring costs ranging from $3000 to $10,000 a month or more to run a campaign. After such a substantial investment, there is no guarantee of reaching the right audience that will increase sales and grow a business. The key is to get it right or go down a costly Rabbit Hole that could put you out of business. This article discusses what a business needs to know to avoid going down the Digital Marketing Rabbit hole.
Targeting the Right Customers: Avoid Paying to Learn at All Costs
All too often, businesses not familiar with Digital Marketing end up paying thousands of dollars and investing months navigating the learning curve. Before taking this route, AllBizOps recommends completing an Industry and Market Analysis that will help identify your target market, potential income, customers ready to purchase, their geographic location, and what competitors are doing to be successful. The analysis will provide a list of keywords that are ideal for reaching your target customers.
The initial list should not be more than 50 keywords. Next, start a blog on the website and post content, relevant to marketing goals, using the keywords identified in the Market Analysis. Track organic traffic on the site and optimize keywords that bring in new customers. Semrush, MOZ, and Google are excellent tools for optimizing keywords, however using these tools, without knowing target markets and keywords that convert, can be costly and a waste of time.
At this point, costs for Digital Marketing should be minimal, and a business has learned which target customers are interested in making a purchase. Start email campaigns based on website visits to learn more about customers.
Next, start a Pay-Per-Click PPC advertising campaign using the well-defined arsenal of keywords and target markets already identified. Optimize keywords for cost and relevance to the PPC advertisement.
Pros and Cons of Hiring a Digital Marketing Expert
The internet is flooded with Digital Marketing services, all claiming to rocket a business to growth and success. Many will genuinely help and are very expensive. Mostly all Digital Marketing services sell a marketing process using data provided from Google or Bing.
Services take money up-front and do not guarantee their work. Assuming a business understands their Target Markets and customers, Digital Marketing services can be an excellent resource for companies that decide to outsource this type of work. Excellent providers can work with businesses and offer the expertise that can be very effective for business growth.
How Long Before You See a Return on Investment (ROI)
A business just starting Digital Marketing, with no internet presence, can expect a Return on Investment within six to eighteen months. SEO ROI can be seen in about six months, followed by SEM ROI between twelve to eighteen months. Businesses that already have an online presence, with average ranking, can expect to see ROI within six months. Algorithms are continually changing and must be tracked to keep up with change.
B2B online purchasing continues to be a high growth industry. Suppliers need to use Digital Marketing channels to identify highly-targeted-customers, ready to purchase goods and services. Businesses that are not familiar with Digital Marketing risk paying thousands of dollars and investing months learning how to sell online effectively. Spending thousands of dollars into Digital Marketing will not guarantee an effective ROI.
AllBizOps recommends taking a low-risk approach starting with completing a Market Research Analysis that will identify targeted customers willing to purchase supplier goods and services. The analysis will identify the keywords used for SEO content marketing. AllBizOps recommends using keyword optimization before moving forward with Pay-Per-Click PPC advertising and more expensive Digital Marketing options and channels.