What amount should I be prepared to spend on online marketing for it to be effective?
You’ve covered all your bases: your business is booming. There is a high demand for the product or service you’re offering. You’re ready to tap into the biggest, most plentiful marketing resource available: online marketing, After drafting up a budget, hiring a website designer, hiring a content writer, outlining everything you need, and paying everyone involved, your business as a magnificently designed and eloquently written website that will attract customers from all over the globe.
But you’re just getting started: now it’s time for internet marketing! You’re going to have the global-ready online world at your fingertips when they see your site. You are ready to open the doors for online marketing and reap the rich rewards so often promised of it.
Nothing comes without a price, though. In order to reap all of those great rewards with online marketing, you’ll need to be prepared for your website to be marketed effectively.
What you’re probably thinking now is, what amount should I be prepared to spend on online marketing for it to be effective?
If you haven’t yet, you need to draft up a budget for your business’ online marketing costs, so you are prepared to be paying for it just as you would any form of marketing. The amount that you need to set aside will vary based on the size of your business and the types of marketing that you’re interested in. DO you want to take advantage of social marketing as well as SEO and other types of marketing that ensure your website is well-viewed? Do you want to constantly be updating your site with the latest news about your industry, such as in blog or press release form? How interactive do you want your website to be? Do you want to host giveaways and promotions on your website, which will take extra maintenance than just setting up the website once?
In order to fully prepare, you’ll want to decide which marketing funds your internet marketing funds are coming out of, and why. Some companies include internet marketing in their B2B plans, while others designate internet marketing as part of their consumer company marketing budget. For the purposes of this discussion, let’s focus on the later: setting up part of your consumer company marketing budget for internet marketing. On average, businesses will often set aside approximately 2.3% of their consumer company marketing budget for internet marketing. This means that for a company with annual revenue of $500,000, the amount set aside for internet marketing would be about $11,500. Keep these numbers in mind when you are looking over your own budget and planning how you want to approach the costs of internet marketing. Rest assured, though, that even though it may seem foreign and overwhelming, internet marketing will be well worth the investment you put into it in the long run.