As more and more small businesses have embraced inbound marketing, there has been a massive increase in the demand for inbound marketing services. In just a few short years, the Internet and consumer trends have drastically changed the way companies need to promote themselves, and many are seeking solid and reliable advice. Nevertheless, the first question is almost always, “How much does inbound marketing cost?” Regardless, in many respects, this is like breaking your leg and asking the doctor how much it will cost to fix it. Essentially, it is always going to cost you more if not addressing the issue.
Inbound marketing is a significantly different approach compared to traditional marketing strategies. Rather than reaching out with blanket advertising and marketing campaigns, a company works to attract potential customers to them using the useful, informative and entertaining content. The goal is not to just draw those who need a product or service today, but also to build an audience that includes those who look like your ideal customer but are not yet ready to buy. Inbound marketing captures and holds the attention of this target audience, builds a relationship and trust, and then makes your company the obvious choice when the customer is ready. Consequently, not capturing and nurturing these prospects early translates into lost sales.
So, how much should you pay for inbound marketing services? For most small businesses, a good target is between 10 and 15 percent of your overall marketing budget. The costs are generally broken down into two broad categories: project management and content creation. Project management can include services such as buyer persona development, strategic planning, administration, and data analysis. Content creation is the construction of effective social media posts, blog articles, infographics, video content, e-books, and more. How much each business can expect to pay for each of these services, will be based on the company’s individual needs.
So, if inbound marketing is so effective, why only 10 to 15 percent? Obviously, this is a generalized recommendation, Yet, inbound marketing works best when it is part of a holistic marketing strategy. For instance, pay-per-click and email campaigns can improve outcomes and enhance the return on inbound marketing content. Still, most companies will need mailers, print advertising, and other traditional marketing techniques if for no other reason than to attract prospects to your social media channels and the website.
Do you have questions? What haven’t we covered yet that is important to you? If you would like to talk about the cost of inbound marketing, or a related topic, please contact us.