January 14th, 2015.
How Much Does it Cost to Market Your Business?
A lack of marketing can be the main element in keeping your business as a small local venture just making enough money to tick over, rather than a more profitable brand known nationwide. However you have to speculate to accumulate, so how much does it cost to market a business to increase scale?
Get a Website
The most basic thing you should do to market your business is set up a website. There are millions of people searching the web every day and if you’re not online your business is missing out on potential custom.
The cost of setting up and maintaining a website will vary depending on how large it is and who makes it. A small static website with up to 10 pages, basic coding and content optimisation can cost between £2,000 and £5,000.
For more than 10 pages expect to pay anything up to around £8,000, whereas a bespoke design or eCommerce platform is likely to cost anywhere upwards of £10,000.
It is important to factor in website maintenance into your budget too. If you sell a product rather than a service your site is likely to need updating more frequently and therefore cost more.
Digital Marketing – SEO, PPC and Social Media
Digital marketing ensures your business website gets seen online. Search engine optimisation (SEO) helps you achieve a prime position on search engine results pages, pay per click (PPC) are digital adverts, and social media helps you engage with potential customers.
This can be done yourself if you have the expertise, but it can be tricky to do if you don’t know what you are doing, as a result many businesses outsource this timely task to an agency. The amount you pay for this will depend on the package you take out, but expect to pay around £500 for a day’s worth of work a month.
Print Advertising Campaigns
If you are looking to advertise your business to the thousands of readers of print publications expect to have to dig a little deeper in to your wallet.
The cost of an ad will vary greatly depending on the size and how many people the publication reaches. A quarter page advertisement in a local newspaper will start at around £250, whereas a full page colour ad in a national newspaper will be well in excess of £30,000.
It’s a similar situation with magazines. If you are looking to place a full page advertisement in a local digest with around 5,000 readers, costs will start around £200, whereas an ad in a nationwide read magazine can cost thousands.
Hiring a Marketing Professional
If you are looking to do your marketing in-house it is important to hire an experienced professional who can execute all types of marketing seamlessly with other business processes. This person would be responsible for updating your website, proofing online and print copy such as blogs and promotional leaflets, as well as handling your social media accounts.
You would be expected to pay this person between £300 and £450 a week depending on their experience level. And when your business gets a little larger you may want to employ a marketing manager who would be more experienced again and could implement new ideas and strategies. This person would expect a wage of around £500 a week.
Of course these are just a few of the different marketing methods available to you, but they are also some of the most popular adopted by small to medium enterprises. We hope this gives you a good idea of how much you should expect to pay to market your business.
If you will be requiring commercial finance to fund your marketing venture speak to us today. Email us at firstname.lastname@example.org with your queries.