Present-day marketers and businesses are already aware that consumers, in today’s world, are not solely dependent on marketing to know about products or services but use it as an educational tool to their advantage as well. Inbound marketing works for both ends by leveraging desirable content that is engaging and, at the same time, provides solutions to the issues of the consumer while improving the online presence of the brand. Inbound marketing is equal to knowledge, and knowledge is power, and to have this power is everything.
In relation to the cost implications of inbound marketing, it is along the lines of any other marketing strategy – inbound marketing doesn’t differ much. Important elements that comprise the ideal package of a successful inbound marketing campaign include experts on board, digital tools, state-of-the-art training, and an array of strategies in your bag. Ideally, as you sow, you reap.
To simply summarize, the more a company is investing in a robust inbound marketing action plan, the more the company has access to valuable resources to achieve its KPIs. The better the content churned out by a brand, the higher the user engagement, conversions, and attraction of potential customers. When it comes to inbound marketing, being frugal and not investing the right resources can affect your brand adversely. A complete inbound marketing package consists of various approaches bundled together under one stream. In this article, we will be covering the various costs involved with inbound marketing and how the cost stands in comparison to outbound marketing strategy.
The Cost Factor
In general terms, inbound marketing costs anywhere between $4k-15k a month. The cost varies and relies heavily on if you are looking for an in-house expert to do the planning for you or if you are going to an agency that is going to take care of everything. Yes, it is expensive, but is it worth it? Absolutely!
A good investment would be investing in a well-experienced agency that will take the time to understand what your goals and deadlines are and propose a plan appropriately. If you are looking at an in-house team of experts to hand the whole inbound marketing contingency, it is important to first come up with a budget plan and allocate the necessary resource aside before starting anything. Now to understand where the money goes in inbound marketing, we have listed a breakdown of the major strategies that comprise the main package.
Written content is one of the most integral parts of an inbound content marketing strategy. An in-house content team can be a costly affair, but it is worth your resources and time. Hiring a content strategist can be of great advantage as they are industry experts and would know how to make big bucks with various content marketing approaches. All these would cost your company around $30k-50k+ per year per person. Outsourcing all your content or some content may also help you cut costs if you have trusted and quality sources. This can typically cost between $5k-10k a month.
Different inbound content formats include blog posts which are regular, website content, white papers, eBooks, email marketing, and CTAs. Understanding what works best for your brand and hiring or outsourcing the appropriate expert can be beneficial both cost-wise and quality-wise in the longer run.
Multimedia-based content is the strategy that attracts the most customers, and rightfully so. An in-house graphic design team can cost up to 30k-80k per month per head. Now this team is typically in charge of graphic design for posters, posts, educational/demo videos, video editing, UX designs, website development, etc. Visual content is imperative for inbound marketing to be a success, and investing in a good in-house design team that knows your brand in and out can go a long way. Outsourcing certain aspects of visual content, such as editing or maybe photography, can cost and favor your brand.
A good social media strategist is essential to run all your social media ad campaigns and to ensure all your content stays relevant and goes out in a timely manner. In inbound marketing, content relevance is the deciding factor for the success of a campaign. Hiring or outsourcing a social media manager can help gain the much-needed audience from various modes of social media. The price range for outsourcing r hiring a social media manager varies from 4k-20k per month.
Digital marketing tools and resources such as SEO and PPC are valuable assets to the brand that is essential in driving organic traffic that forms the backbone of inbound marketing. The basic, bare minimum cost of a high-quality well-strategized lead-generating SEO is $750 monthly. There are a number of options available that are below the bare minimum, but the same quality and quantity cannot be expected if it costs anything lesser than $750. PPC would typically be a monthly investment. Since PPC is mostly management devoid of the initial set-up cost, it can cost $1k per month on average. Around $500 should be set aside for a monthly ad budget in an ideal scenario.
Now the question we have all been waiting for:
Inbound Vs. Outbound Marketing: Which Strategy is More Expensive?
Inbound marketing is not everybody’s favourite. Some startup or mid-level SMBs use outbound strategies to tighten their online presence. Even though inbound marketing is expensive by a marginal percentage over outbound marketing, the pros outweigh the cons.
One of the biggest leverage inbound marketing has over outbound is the high quality of content and long-term lead generation. Through inbound marketing, lead generation and organic traffic are higher than in outbound marketing. Of course, the cost for such quality content will be higher too.
Few Points to Consider
Here are a few points to consider when it comes to inbound marketing and the cost implications:
- The more money you spend on your inbound marketing, the more returns you will gain. To simply put, more money, more gains.
- Inbound marketing is a long-term investment.
- The cost of the inbound marketing strategy directly depends on the size and capacity of the company.
Inbound marketing strategy is one of the most effective approaches in today’s digital world. It is no surprise that companies ranging from SMBs to MNCs use this strategy. That being established, the cost factor is on the higher end for inbound marketing. The cost implications can range from $100- $100000 depending on various variables, including the brand itself and the end goal. So although inbound marketing can be expensive, carried out correctly it is worth the cost.
The bottom line is to invest in resources (Inbound marketing) that will eventually be more beneficial in the longer run, even if it takes a hefty toll on your pocket. With inbound, it is always – as you sow, you reap!