Marketing is an essential function of any business that wants to draw new customers. Whether B2B or B2C (or both), you must promote your business so people know you exist. Obviously, to do so effectively, you need a marketing budget. Today’s marketing is way more complicated than back in the day before the Internet existed. Therefore, it is crucial for small business owners to carefully plan and research what marketing options will be most effective, both with cost and results, and set aside funds in a marketing budget.
But How Much Does Marketing Cost?
That depends.
For a local business, you should consider print as well as digital. For an online or consulting business, the Internet holds a lot of choices that may work for you.
Let’s look at all the Aspects of Your Marketing Budget:
Website:
First, you need awebsite. Your website should be a24/7 functioning salespersonfor you. It needs to be branded properly with calls-to-action to capture leads and most importantly, optimized for search engines (SEO). Yes, there are free and do-it-yourself (DIY) platforms out there, and they are a good place to start if you’re on a tight budget. However, keep in mind that you will more than likely outgrow it as your business grows and you need more functionality. What could possibly go wrong if you try to build your own website?Click here to find out.
Your website also is the center of your wholeonline image. You should also have an“About” pagethat tells who you are, why you do what you do, etc. This goes towards building credibility. People buy from whom they know and trust. Transparency is key for a potential customer considering purchasing your products or services.
Budget for a Website:
Depending on what you need it to do, ie, shopping cart or booking system, it may cost from $5,000 – $10,000+.
A very simple, well-done website with 5-10 pages could run you from $1200-5000.
Do your homework before you hire someone. Google them, read reviews, and look at other websites they’ve done. Just because they say they can build a WordPress site, doesn’t mean they know everything about WordPress and follow best practices. Furthermore, just because they are listed on a web hosting company’s site, doesn’t mean they know what they’re doing.
Social media needs to be integrated into the website. Check out their social media accounts. Are they active? How many followers do they have? What do they blog about? Does it seem like they know what they’re talking about?
Understand the difference between a web designer and a web developer.
The difference may be obvious at first — the designer is more creative and the developer is more technical. You really need both. The designer is the person that’s going to look at the aesthetics — does it look good to the visitor? Is it pleasing to the eye? Is it attractive to your target market? This person will also be in charge of basic functionality — navigation/menu, calls-to-action (CTAs), etc.
The developer covers the back end — security, backups, and the technology behind the functionality. The designer tells the developer where to put the CTA. The developer makes sure it works like it’s supposed to. For example, an ecommerce store will need a shopping cart and a payment gateway. All have to be secure and working smoothly.
These are two aspects that must be considered. Sometimes you can get the designer and the developer in one person. Most times, they are part of a team.
Whoever you hire, must be knowledgeable / expertson…
- Whateverplatformyou’re using,ie. WordPress, Shopify, Etsy, etc. Ask for samples. Contact the company and ask if they were happy with the designer/developer. ask…
- How many websites have you created on this platform?
- How long have you worked with this platform?
- Are you aware of all the recent changes/updates, etc.?
- The technical aspects of search engine optimization(More onSEObelow). Every page must be optimized following Google’s specifications. The site must also passGoogle’s Page Speed Testto load fast enough on a mobile device. Otherwise, Google will demote you on theirsearch results page.You will need good SEO Copywriting.
- Your potentialcustomer’s buying journey. The UX, or user experience, is critical. A bad UX will cost you sales! The designer/developer must consider the User Interface (UI) when building your site.
Copywriting
This is a combination of skill and talent. The right words on a webpage can lead the visitor to what you want them to do or it can make them leave your website forever. Good copywriting is written for the human reader with the search engine in mind.
Get quotes from at least 3 designers/developers. The more complex and complicated your website needs to be, the more expensive it will get. For instance, a friend told me that a nonprofit organization got a quote for a new WordPress website at $10,000. They negotiated it down to $5,000.
If you are thinking about doing it yourself, which you certainly can —the question is should you?Read this first….
Domains
This is your web address or URL.Domain namescost about$12/year.You don’t need to buy all the versions.Try to get the .com.This is NOT your trademark! That you have to register with your state or national agency.
Hosting
Hosting is next.This is where your website files are going to sit. Shop around.Compare apples to apples. One company is cheaper for the first year, but more when renewal time comes around. Another gives you 25,000 visitors per month while another only gives you 10,000. That’s something you need to think about. Typical costs are around$10.00/mand you pay annually. You can usually save if you buy 3-5 years’ worth. I recommend LightningBase (affiliate link). They only do WordPress, have great tech support & websites load quickly.
Website Security
The last thing you want is to discover that your site has been hacked. It has to be rebuilt. Major headache! It will behoove you to find someone to manage your website, protect your site, and clean it up if it gets hacked. If you don’t do this, you risk your website being hacked, infected with malware, or being held for ransom. Cybercrime is on the rise. Security is crucial. You may think that you’re too small to be hacked. Not so!
Hackers use bots to crawl the web looking for websites with vulnerabilities. If your site isn’t protected properly, if it isn’t updated with all the latest security and platform updates, it’s vulnerable. I know. My site was hacked twice in 2014 and I lost a lot of content that I had to recreate. Not fun. After the second time, I hired someone to redo it and protect it. Protection, usually billed monthly is$49/m.I recommend OnSiteWP (affiliate link WordPress Only)
A good website maintenance company will not only protect your site, they will…
- Run regular malware scans
- Report on a monthly basis
- Set up daily backups, so that if you are hit or something else happens, your content is not lost.
Likewise, if you are on an ecommerce site like Shopify or Etsy, they should cover all the backups and security. Always check to see what is in the services they provide.
Your website must be up, and running, and ready for prime time BEFORE you start any campaigns orpromotions anywhere. You may want to do some “coming soon” teasers. That’s part of the planning process.
SEO (Search Engine Optimization):
You want to be found when someone is searching for what you have to offer. Yes, you can hire someone to do yourSEO, but you can do it yourself withkeyword research, regularblogging,and being active onsocial media. However, if you want to outsource this, figure on anything from$350 – $500upfront fee for optimizing your site, and then an ongoing fee of$100 – $500or more a month for monitoring and blogging. See social media below…
Graphics:
Sure you can use free tools likeCanvato create graphics, if you are so inclined, but you may want to have your logo and social media cover graphicsprofessionally done. Depending on the designer, they can charge from $50 – $100/hr and based on how many redos, can cost from$200 – $1000+.
You want to have quality graphics as these portray your online image.
You’re also going to need graphics for promotions. Canva can help you there, too.
Market Research and Planning:
Because there are so many marketing channels, you need to determine your target market niche(s). This requires some research. You can do it yourself by searching online for the information you need on your specific target(s), the economic overviews of your particular industry, and your competition. Then based on the research, develop both strategic and tactical marketing plans. Hiring this out will cost anywhere from $500 to $1000 depending on the type of business it is.
Social Media Marketing:
You don’t have to be on ALL the networks. Just the ones your target market frequents the most (you’ll learn this from your research) and where you’ll get the most exposure and SEO. You can learn how to do this all yourself, but know that it takes more work upfront to build a following and search for your target market on the networks. You also need to produce content. (See the next section).
Just posting willy-nilly on Facebook or Instagram is not social media marketing. That’s a waste of time. If you hire someone to do it for you, plan on spending from $500 – $750 upfront for setups and ongoing from $500 – $1500 a month, again, depending on your business and target(s). Furthermore, if you think that you can trust your social media marketing to a high-schooler, college student, or intern, think again. First, they don’t last very long. They’re inexperienced and they don’t know marketing. Naturally, before you start any social media campaign, you need a marketing plan. Otherwise, you’ll be lost. Any agency who doesn’t offer a marketing play is just stealing your money.
Just because they know how to post on Facebook and Instagram doesn’t mean that they know how to MARKET a business on Facebook and Instagram. There’s a big difference. Plus, this is YOUR BUSINESS, YOUR LIVELIHOOD. You’re going to trust an inexperienced person? That’s foolish.
There are many free online tools for scheduling and automating, but keep in mind that as with learning any new software program, there is a learning curve. I recommend Sendible (affiliate link). It will take you more time at first until you get used to it. The majority of these free tools have upgraded versions with more features. They can cost from$10 – $50+a month or$50 – $400+a year.Compare and try them before buying.Make sure they do what you need them to do. Read reviews.
Blogging, Videos, and Other Content:
Google wants fresh relevantcontentwritten for the human reader.Video marketingis also hot and fairly easy to do. Pictures and podcasts are also good content. Much of these you can do yourself, but again,it’s time-consuming.Furthermore, they need to begood qualityas these reflect your company’simage.
Blogging
A good content marketer/bloggerwill cost around$50-100 per post(300-500+ words) and you need to have a fresh post at least once a week,2-3 times a week is optimal.Make sure when you hire a content writer that the articles are unique and have never been published before on the web. To be sure, ask them to send you a sample. Then, copy the first paragraph and paste it into the Google search box. How many times does it come up? If it’s once or twice and it’s under the same company’s websites or social media, then it’s OK. If you see it come up more than 5 times on different business’ websites, then they are mass-produced and you don’t want that.
See, Google gives authority to the first time an article is published. That’s why you always want to publish the article first on your website, then share it on social media, duplicate it on LinkedIn, or otherwise repurpose it.
Consequently, if you do hire someone to blog for you, make sure that they are creatingoriginal content.Put that in a written agreement.
To Outsource or Not to Outsource?
Videos
Depending on the extent of the type of video marketing you want to be done, a short, professional, 2-minute video can go for$100 – $400. Longer, more complex productions will, of course, cost more. YouTube is owned by Google and it’s the second-largest search engine. Make sure your channel is optimized.
Podcasting
Doingpodcastsrequires some sort of recording, hosting, and distribution system which may also have a cost. Podcasting also takes planning and maybe even having other people involved.Check out this article for more info on podcasting.
Print and Direct Mail:
You may want to use some old-fashioned print and direct mail advertising. Especially for local businesses, these may be an effective option. Postcards are the most affordable. Depending on how many you are sending, printing, and the paper stock they can cost from$250 – $2000.You also need to buy a list and that cost will vary with how many names and what contact information you want. Shop around.And, no, you can’t buy email lists. It’s against the law. Build your email list organically with a lead-capturing offer on your website and draw them in with good content. Here is more info onemail marketing automation.
Paid Online Advertising:
If you want to get more instant exposure, especially for a local business, you might want to invest in some Pay-Per-Click (PPC) ads on Google, on the Social Media Networks as well as on blogs and sites that your target frequents. Again, based on your research, you’ll determine which networks are best for reaching your target market.
With PPC, you don’t get charged unless someone clicks on your ad. You have to pay upfront, say, $25 for one week, and on most networks like Facebook, Instagram, LinkedIn, Twitter, and Pinterest, you can target people by location, age, gender, and even likes and interests. Moreover, having a strategy on what you want to accomplish with the ad beforehand increases your chances for success. What’s nice is that you can track it and the networks have comprehensive reporting systems.
So, for budgeting purposes, set at least $25/week to start. Any less than that won’t give you the reach you need. Yes, you can hire an agency to place your ads for you, but there is a cost..
Putting Your Marketing Budget Together
By now you’re probably thinking, “Why do I want to get into business?” Well, I highly recommend working with a FREE business mentor If you’re in the U.S. there’s an SBDC office near you. Yes, some things are still free! The SBA also has tools and offers assistance in getting funding so you can put all this in a business plan that makes sense. Yes, you need one of those, too!
One thing you must remember…
Put Your Best Foot Forward — Always!
This is no time to be lazy or to think — “it’s good enough”. Use quality content, graphics, and videos. Proofread your website pages, blogs, ads, and even your social media posts.
There’s a lot of competition out there. And not just your direct competitors, but competing for people’s attention online. Prepare, plan and be patient. It doesn’t work overnight.
I can help you determine which is the best route for your particular business. Let’s do a free 15-minute Zoom chat!
If you want to go the DIY route — if you don’t have a marketing budget, figure you have to invest some sweat equity. I wrote my ebook, The Blueprint: Strategies for Effective Social Media and Digital Marketing just for you. It’s a step-by-step guide to digital marketing.
