Marketing is a critical piece of doing business. After all, you need to let people know you exist. This awareness is why marketing teams do what they do.
Many Raleigh and Cary companies, especially smaller firms, do not have internal marketing teams, so they outsource the work. Of course, as you consider marketing agencies, you’re going to ask the natural question: how much does this cost?
How Much is a Good Marketing Budget?
The cost of the marketing varies. The services you decide to implement, the size of your company and the marketing company you hire, and their expertise level are just a few factors affecting cost. Various services might be further broken down by how much help you need. For example, a company might charge different levels of pricing for social media marketing based on which platforms are using.
One source shows companies spent an average of 11.4 percent of their annual budget on marketing. However, many business experts suggest that new companies should spend 12 to 20 percent of their gross revenue on marketing. More established companies can scale back and set this number at 6 to 12 percent of their respective gross revenue.
How much of your annual budget you set aside for marketing is up to you. The key is to include marketing as a line item in your budget from the beginning. So many small businesses spend “whatever’s left” on marketing instead, which means they have very little money to grow the business.
Choosing the Right Marketing Services
Another mistake small business owners make is to select marketing services based on their budget. For example, you have a $1,000 per month to market, so you ask, “What can I get for that much?” The question is not “What can I get,” but “What will be most effective?” You can easily spend $1,000 a month or more on various advertisements or other approaches and not see any increase in your incoming leads and calls.
Speak to your potential agency or marketing vendors first about what they suggest for your business. A good firm will base this on research, your industry, and your goals, as well as your budget. The marketing team you employ helps you implement a strategy that best suits your company, and then helps you put this into effect.
Cost of Marketing Services
Again, the cost of marketing services will vary by agency and location. Here are some ranges to get you started.
Basic marketing package with ad campaign - Starts at $279.95 per month
Website Design and Launch with Hosting and Maintenance - $2000 Learn more about website costs.
Brochure - $400
Content Marketing and Social Media Packages - Varies from $125.95 - $499.95
Raleigh and Cary marketing agencies often cost far more than these starting figures. If you’re nervous looking at this list, seek a marketing team that is smaller, like you. Together, you can find a way for both your businesses to grow. Contact us to learn more.