The Online Marketing Costs You Should Know
Online marketing has a cost whether you do it yourself, hire staff to do it or choose to outsource the work. If you fail to understand the costs, your business will suffer.
Social Media Marketing
Each of the major social media sites is free to join and set up but you need to first strategize how to use each of them to get a decent ROI on the time or money that will be invested on each platform.
Without a good strategy, you may harm your business’s brand and reputation. If you manage not to harm them, you may find that the sites are nothing more than a time sink which is costing you money.
You DO value YOUR time don’t you?
If you choose to hire a social media specialist to work for you in-house, expect to pay $50,000 to $75,000 a year or more and even then you’ll need to know the right questions to ask to ensure they know how to engage your social media contacts to get them interested enough to to enter your sales funnel.
Social media consultants typically spend $10,000 to $30,000 or more to learn their trade then they pay additional fees to be in mastermind groups, to pay for continuing education and to work with a Mentor so they stay on top of the ever changing social media landscape.
These professionals will often charge about $500 per month per social site they help you build and you need to be on different sites depending on your industry and target market. These are usually a must for most industries:
- Pinterest is a must for a growing number of industries
Google is the most popular search engine in the world and they are gradually merging all their products under the Google+ label so that’s a must. YouTube is owned by Google and it’s the second largest search engine in the world with Facebook being the third most used search engine.
Search Engine Marketing
Search engine marketing is a term that usually means pay-per-click advertising, search engine optimization (SEO) or both.
The SEO world has changed drastically in 2012. Almost all of the books and courses published prior to April only give part of the picture and some of them actually give information that could now hurt your chances of ranking well.
Local search is the focus now more than a desktop search so a local site that doesn’t have everything in place to look good on smartphones, tablets and mobile laptops will suffer from lost business.
The printed Yellow Pages are going away so your customer either needs a smartphone, a laptop, a desktop computer or something like the Yellow Book to find you online.
Approximately one half the phones being sold in the United States are smartphones and the most popular search engine in the world (Google) owns a cell phone manufacturer and creates an operating system for cell phones. This tells me they believe the world is going mobile.
The quality of your website and social signals both play into how well you rank in the search engines.
Your website quality is subjective but many believe that Google uses your site’s bounce rate as one factor used in determining the quality of your site.
The ultimate social signal is customer reviews on third party sites.
Google looks at reviews on sites such as Yelp, Insider Pages, City Search and many more to gauge your authority in your local market.
Social bookmarks, tweets, Google+ shares and other social activities both on your site and on other sites can help you.
Quality text content and videos on your site can help reduce your bounce rate which can be a signal that you are a trusted source of information.
Depending on your niche, reputation marketing plus local SEO could cost you anywhere from $1,000 to $10,000 per month after the initial setup fee. If you stop paying once your desired rank is achieved, your competitors can usually overtake you.
Most search professionals that do local search using Google+ Local will only work with one business in any given niche within a geographical area because they would be competing with themselves for the top spot and one or both customers would be unhappy.
Many will work with any and all businesses when it comes to reputation because that is unique to each business. With that being said, if you create a 5 star reputation locally but don’t have a high placement in Google+ Local, you are probably missing potential customers from mobile searches.
Since the percentage of mobile searches done locally is increasing almost daily AND the conversion from search to a buying action is higher, you’ll want to be found at the top of the search.
Like any other medium, video marketing requires a strategy if you want it to be successful.
Do-it-yourself videos require a time investment even if you have everything needed to shoot, edit, produce and publish the video on YouTube and other video sharing sites.
Depending on the type of video you want, the length of your video and more, you could be spending anywhere from $97 and up in time money or both to get the video finished.
If you have the right online marketing skills, you know that videos can rank on Google as well as on YouTube and the other video sharing sites if they are promoted as they deserve.
A fully optimized video that has been structured for search and lead generation can be a long term source of highly targeted and presold prospects.
Promotion of one video on one video sharing site can cost you $50 to $200 or more depending on how competitive the niche is so many choose only to promote the videos placed on YouTube which gets about 40% of all video views anyway.
While the platforms presented above are free to all, properly setting them up and maximizing them for the highest possible ROI requires time, money and specialized online marketing skills that are constantly being evaluated and updated.
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