Reading Time: 9 min.
We’re Busting 3 Myths Behind Digital Marketing Investment Costs!
David J. Schwartz once said, ‘Do what you fear, and fear disappears.’ I’m inclined to wholeheartedly agree with that notion, especially when it comes to digital marketing costs and making investments. Although we’ve all seen and felt the sting of rising prices, staying competitive and continuing marketing within your industry is the only way to maintain steady business growth.
Undoubtedly, people today still search for products and services online, and in ghoulishly large amounts. So, if you’re not playing the game and investing in internet marketing for your business, you’re bound to lose and fall far behind the competition.
In truth, digital marketing costs can be just as affordable for small businesses as they are for larger corporations. Yet, we must first understand that cost isn’t just about how much you pay to invest in services but, more importantly, how and where you focus your investment!
Online marketing price fears stem from common myths and misconceptions.
Perhaps you’ve heard or have believed one of the following statements— ‘Digital marketing costs too much!’ ‘It’s only beneficial for large corporations; my small business doesn’t need it.’ Or ‘SEO/search engine optimization doesn’t work.’ In essence, these statements are nothing more than common myths and misconceptions about the necessity and genuine benefits of incorporating digital marketing into your business. Moreover, these fallacies can be detrimental to our overall understanding of the effectiveness of online marketing.
This article digs deeper into actual costs and debunks the top three myths about digital marketing.
Freely skip to the remaining sub-topics of interest at your convenience.
- #1 Digital Marketing Isn’t Affordable
- #2 A Business Only Needs a Website
- #3 SEO and Email Marketing Aren’t Necessary
- Don’t Get Spooked, Get Smart!
Myth #1: Digital Marketing Isn’t Affordable, and It’s Only for Large Companies!
In some cases, ignorance can be bliss. Yet, in this instance, it is misery because businesses eventually suffer from missed opportunities to expand and grow. And when deciding if digital marketing is right for your organization, we believe that knowledge is still power. So, rather than accepting these assumptions about digital marketing costs, it’s always best to inquire from two or three reliable sources to learn the truth and confirm your unique business needs.
Learn the truth about cost and affordability.
If you’re still wondering how much it costs, let’s first explore some general numbers and find out. In a recent two-part blog, we discussed the costs of building and maintaining a website in detail. And in those articles, we explained that website costs VARY, which makes it affordable for any business- large or small. As a result, we learned that the same truth regarding overall internet marketing costs also applies.
For instance, on average, most professional marketing firms will charge between $80 and $200/hour for digital marketing services and planning1. And a typical small to mid-sized business will generally require a minimum of 20 hours/month of online marketing and advertising. Therefore, if an agency charged $100/hr. for 20 hours of service, that would be roughly $2000/month, for example.
However, just as service charges will vary from agency to agency, so will the required hours and types of needed services. For instance, services and hours will be contingent upon the kind of industry, geographic location of the business, your budget, targeted audience, and direct competitor activity. And to make a realistic decision about your digital marketing needs and costs, you’ll want to consider each variable to confirm which services will work best for your business.
The truth about company size.
All businesses, great and small, can utilize and benefit from some kind of digital marketing strategy! Size isn’t the issue, but your chosen marketing tools and how well you use them matter! So, having two, twenty, or two-hundred employees will not affect whether you can incorporate online marketing.
Regardless of your company size, and even if you’re a start-up, you can experience a substantial ROI when you use internet marketing correctly with help from an experienced marketing partner. When you integrate the appropriate strategy with your current budget, you will see tangible results over time. We follow a ‘Recommended Spend Guideline’ proportionate to your company size and the type of services you desire. For instance, we recommend investing 8% of your company’s revenue toward digital marketing.
Myth #2: My business only needs a website. And with that, I won’t need to do any more online marketing!
There are still small business owners out there who think their website is the “end-all” to a digital marketing strategy. But the truth is, just having a website isn’t enough to market your business! And as people steadily come to your site the first few months after its launch, the moment you stop marketing, they’ll only be visiting it for a tiny bit longer. In truth, a website will only get customers to your site, but internet marketing will keep them coming back and finding your business online!
And without it over time, your site ends up buried somewhere in cyberspace. This cycle occurs as thousands of new sites and fresh digital marketing content pile in daily to attract and vie for your customers’ attention. In truth, marketing gives consumers a reason to stay fascinated and connected to your online products, services, and industry resource information.
Here’s the truth about why you need to continue marketing your business after you have a website.
If you don’t have a solid internet marketing plan (IMPACT) in place, eventually, customers won’t find your site online. So, once you’ve created that fantastic website, you’ll need to continue integrating marketing strategies and tools like email automation, SEO, consistent content marketing (BLOGS, DEFINITELY BLOGS), SMM, and even digital ads— if your budget allows.
Essentially, ongoing marketing efforts are necessary for continued business growth and sustainability. They accomplish two vital things for your company:
- Help keep your existing customers happy enough to “spread the word” about you.
- And keep potential customers finding your business online while searching for your product and service solutions.
Oops! I just remembered that there’s also Myth #2-A!
Regarding websites, some companies also believe if they simply push content out online, it’ll be enough to satisfy and justify their presence. Yet this belief is far from the truth! Yes, we must put content out for online visitors, but more is needed. Consequently, we must consider other factors when developing that all-important content marketing strategy.
- It’s an ONGOING process. Content marketing isn’t like Ron Popeil’s Showtime Rotisserie Oven, where you can ‘Set it and forget it.’ Instead, your strategy must include frequently putting fresh and relevant content on your website via email marketing and social media postings.
- It must be appealing. Your content must also consistently attract, connect, and add value to the solutions your current and potential customers need. In other words, content marketing is only effective for your business if your targeted audience finds it helpful and insightful to them.
- Quality, NOT Quantity, is what matters. The primary misconception behind this myth is that business owners emphasize content quantity, not quality! For example, you could publish 50 low-quality content posts and not see the significant return or engagement you’d hoped. Yet, if you put out ten high-quality and engaging posts that also added value, you’d significantly increase audience responses and keep them coming back!
So, regarding content marketing, only publishing high-quality content consistently is what can help yield the positive results your business desires.
Myth #3: Email marketing and SEO no longer work and aren’t necessary.
This myth is another common one that business owners and start-up companies continue to believe. Although tactics like “word of mouth” and referral marketing remain effective in a digital marketing strategy, they can only go so far. Without emails and SEO tools, those who initially spread the word about a business will eventually not have anything more to discuss or share! In truth, digital marketing did not replace emails; instead, it enhanced its effectiveness! In fact, here’s a quick question for you: ‘When was the last time you marketed with MailChimp2?’
Email marketing is still one of the most effective strategies for increasing revenue sales for growing businesses! And overwhelming email statistics do not lie. They only keep confirming that prospects and potential customers stay heavily engaged with emails from the businesses they admire most! Moreover, the SEO best practice stats that companies integrate are what help customers confirm their online presence! For example:
Email Marketing Automation Stats
- Today, marketing automation still has a $36 ROI rate.
- Over 36% of emails are opened globally with a Smartphone.
- Roughly, 46% of customers prefer email correspondence with online businesses.
- The average email opening rate is 18%, across all sectors. And of those who click-through, the click to open rate is 14.1%!
- As we’ve mentioned before, about 68% of online experiences begin with a search engine.
- Google holds a whopping 91.94% of the total current (SEM) search engine market share.
So, without a doubt, SEO and email marketing automation are far from being dead and ineffective!
It’s time to stop being spooked by myths and get smart about investing in digital marketing strategy for your business!
You can do more than just survive with internet marketing; you can thrive with the right outsourced marketing partner! And truthfully, digital marketing remains the quintessential venue for establishing, conducting, maintaining, and connecting your business to people online! And over the years, it has proven itself highly effective for any company, great or small, willing to put time, money, and effort into it.
We’re here to help you kick things off right, and developing a solid IMPACT marketing plan is the first step! Contact us online to schedule a convenient time to discuss your marketing needs, or call 281-203-0529.
However, if you prefer to determine your business’s current online status first, take our FREE Marketing Assessment below. Then, we’ll take it from there and connect with you.