Talk about the million-dollar question… This could be split a million different ways. Should it be how much does marketing cost? Or how much does it cost you not to have marketing? Are we talking about a one-off campaign that runs for a week? Or are we talking about an annual cost to really get your business name out there?
In this article, we are going to give you actually monetary figures. But to get anywhere close to the ballpark range, we need to make a few assumptions first.
Here’s what we’re guessing.
- You’ve already got a business that’s had a bit of success. But you know it can be more!
- You work in a service industry, and each one of your clients brings you about $500.
- You get approximately 2 clients a day, 5 days a week.
- You’re scared that marketing will cost you more than it makes you.
- You’ve already got a professional website that is well optimized for high conversions.
- You already have google analytics and a Facebook pixel installed on your website.
- You want to start with the cheapest possible campaign until you decide whether it’s worth it or not.
How much is the cheapest marketing campaign?
Based on the assumptions we listed above, we’re also going to assume you have come to us and asked for a recommended marketing plan for 1 month. Without knowing much about this fictional business, we would provide you with a plan that would lay out something like the below.
We know this plan can look a bit daunting. Especially when you see you’re paying more for professional costs than you are for the actual marketing. But an educated and professional marketing campaign is going to earn you so much more than a DIY one.
It’s also very important to note that this is an estimation, and will vary from business to business. The data we have pulled regarding campaign cost and website views are real data from real businesses but are also likely to vary depending on business and industry. The professional costs we outline would be our own costs at Booming Businesses, and we appreciate that we have a different pricing structure than most other marketing agencies.
How much profit will marketing make me?
A few stats help us understand what this would look like in terms of money. First, only approximately 3% of people who land on a website are ready to take action. In this instance, it means they call you to book a service. Now, this can change depending on your website quality. But for this example, let’s stick with 3%.
So we’ve got 620 people landing on your website per month. Then we’ve got 18 people calling you. Say you’re a pretty good salesperson and you convert 100% of all these calls.
That would make you an extra $9,000 per month, while you pay $2,500 for marketing.
All up, your profits are up about $6,500 per month. If you did that every month for a year, you’d be looking at an extra $78,000 per year! What you pay in marketing would be small change compared to what you’re making!
If you would like us to put together a plan specific to your business, we would be more than happy to hear from you. Please contact us about what you are looking for, and we’ll get back to you as soon as possible with your marketing plan. Including how much money it could make you!