When you’re first developing an online marketing strategy, the concept of “cost vs. benefit” can be a tough sell. After all, you’re trying to reach as many people as possible, and the more people you reach, the more you’ll make. But if your only goal is to make as much money as you can, then the equation quickly changes. In fact, it can change so quickly that you might wonder whether or not it’s still worth it to pursue an online marketing strategy at all.
Let’s consider the question from the opposite perspective for a moment. How much should you spend on marketing? That is, how much should you allocate to pay for online marketing services and how much should you set aside for your own costs? It is, of course, impossible to give a single answer to this question. The answer will depend on several factors, including your goals, existing budgets, and the nature of your product.
Consider The Product You’re Promoting
We’ve all been there. We’ve seen a product that seems like a great fit for our niche, but we don’t have the money to buy it. So we make a quick search on the internet and find a provider who will sell it to us at a discounted price. While this might be a short-term solution, remember that you might be promoting a product that you won’t enjoy using once you’ve promoted it. You should try to find a solution that doesn’t leave you constantly in search of cheaper alternatives. This is not an effective long-term strategy.
Take health supplements as an example. Everyone knows that they can help you lose weight and improve overall health. However, not all products of this type are made equal. Some contain only a fraction of the ingredients that the manufacturer claims they do, while others are simply placebos. The best solution is to find a reputable company who deals in the industry you’re promoting and make sure that they offer a money-back guarantee. You don’t want to promote a product that you haven’t tried and tested out yourself.
Consider Your Goals
Like the previous point, this one is also impossible to answer without first considering your goals. What do you hope to gain from all of this? Are you looking to gain credibility as an expert in your industry? Do you want to attract a specific audience and grow your blog? Do you want to become the go-to source for your topic? Think about what you hope to achieve and how much you’re willing to spend to get there.
For example, if your top priority is to gain credibility as an expert in your industry, then you might want to consider paying for expert opinions rather than using free platforms such as Google. If your goal is to become the most popular blog in your industry, then you could try using a free blog platform such as WordPress or Blogger, and then focusing on attracting followers through guest posting or engaging with people on social media.
Another thing to consider is your existing budgets. What are your financial limitations? What is your budget for online marketing? Bear in mind that you can never have enough money to cover all of your marketing needs. There will always be expenses that you didn’t budget for, such as web hosting fees or a redesign that you need to pay for out of your own pocket. Review your existing budgets and consider how much you can afford to spend on this particular initiative. This should not be a decision that is made lightly. There will always be cheaper and easier options that you could choose, but you’ll have to decide whether or not the benefits of the strategy you’re choosing outweigh the costs.
The Type Of Content You’re Producing
What is the nature of the content you’re producing? Are you writing an ebook? Do you have a product to sell? Or are you just looking to establish yourself as an authoritative voice in your industry? The answer to this question will have a massive impact on how much you should be spending on online marketing strategies. If you’re just starting out and don’t have a lot of money to spend yet, then you might want to consider producing video content for free.
Producing video content is a lot cheaper than you’d think. You can buy a high-quality microphone for less than $100, video editing software is free, and all you need to do is find the right places to post the videos (i.e. online communities that correspond with your niche).
Now, if you’re looking to establish yourself as an authoritative voice in your industry and want to put together a quick video to introduce yourself, that might cost you a bit more than just buying a microphone. But for the most part, video content is a lot cheaper than you’d think.
The Time You Have To Spend On Marketing
Another factor to consider is how much time you have to spend on marketing. Remember, you can never have enough time to market your product or service. This is particularly important if you’re considering pursuing a digital marketing strategy. Even if you’re using free tools and generating lots of traffic, you’ll still have to spend time engaging with those people and building a relationship with them. If you don’t have a lot of time to dedicate to this aspect of your business, then you might want to consider cheaper digital marketing services or tools that can get the job done for you.
It’s also important to consider how much time you have to spend on marketing. If you have a fully-fledged marketing department at your disposal, you might want to consider hiring an outside agency or freelancer to take care of your online marketing needs for you. Hiring someone to do SEO, content curation, social media management, and email marketing for you can get pricey, particularly if you want to do it on a regular basis. But having someone take care of all of this for you frees you up to focus on what you do best.
Consider The Size Of Your Audience
A big part of your online marketing strategy will depend on the size of your audience. Regardless of whether or not you want to pursue an authoritative or expert stance in your community, the first step is to determine just how many people you’re reaching out to. What is your target audience? Is it just your existing customers? Or do you want to attract new potential customers to your blog or website?
If you want to attract new customers to your blog or website, then you might want to consider purchasing ads on expensive platforms such as Google AdWords or Amazon’s Ads platform. These are the kinds of ads that attract organic traffic- that is, traffic that comes from websites or blogs that you’ve signed up to be displayed on.
But if you want to pursue an authoritative or expert stance in your industry, then you might want to consider free blogging platforms and social media. These are places where your existing customers can engage with you, establish you as an expert in your industry, and perhaps even become advocates for your products or services.
To put it simply: There is no one-size-fits-all approach when it comes to online marketing. Every business is different, and the numbers will vary from business to business. Take some time to figure out what will work best for you and your industry before going into extensive detail with your digital marketer or agency.