What is a realistic digital marketing budget? Your marketing budget really depends on the size of your business, the industry it’s in, and saturation (by your competitors) within the targeted digital space. On the small end it could be as little as $100 per month. On the higher end, and depending on how much your company wants to "move the needle," a small- to medium-sized company could spend $2,000 to $10,000 per month.
In very general terms, for a company just getting into digital marketing, putting 20% of your revenue towards marketing can go a long way. If you hire a digital marketing firm, they can handle a company’s entire digital marketing program, or they can focus on specific portions of a digital marketing plan. The scope of work—as well as specifics like your location, industry, and existing digital marketing assets—will determine the price you pay.
Hiring a marketing firm is a big decision for small business owners. Take stock of your resources (both time and money) as you decide whether to contract or DIY. Below are a few helpful questions to ask yourself if you are considering doing it yourself:
- Do I have the time to train and supervise a person to work on my digital marketing?
- Do I have the time to learn an entire field of expertise with its constant changes?
- Am I willing to devote myself to keeping up with these changes in SEO, SEM, and website design, much less learn the dozens of specialized tools and channels?
- Would DIY take me away from my core leadership and business-building activities?
However you decide to handle your digital marketing, budgeting and planning correctly are necessary starting points. For more help, send us a note at email@example.com.