When selecting a digital agency, the most crucial factor to consider as a business owner is digital marketing pricing. What is the price of their service? You want to make sure the marketing agency you hire is inside your marketing budget. If cost is your top priority, you may be disappointed with the outcomes provided by your chosen agency.
Did you realise that the least cost agency is the most expensive? It’s because they’ll squander your time and produce poor results. The good news is that digital marketing services are not as costly as you would believe. When comparing the costs of digital and conventional marketing, traditional marketing costs 10X to 20X more than digital marketing.
Companies with larger marketing resources are more likely to use inbound marketing and perform better. We’re not talking about thousands or millions of dollars here. It’s just that these businesses spend more money on digital marketing than they do on traditional marketing.
As a result, picking the proper digital agency to collaborate with is crucial. Before you start looking for one, you should learn about the different pricing options available. Many persons nowadays claim to be experts in whatever service they are providing. There are a plethora of digital marketing agencies in Malaysia. To complete the business, the majority of them offer exaggerated promises with low rates. However, you end up with lacklustre results.
Digital marketing costs starts roughly RM8,000 per month on average to cover content for several platforms. Don’t be surprised if social media marketing costs up to RM30,000 a month, depending on the length of service and services provided (especially when getting a quote from a digital marketing agency based in Selangor or Kuala Lumpur).
You’re not selling a product that the buyer is unhappy with and wants a return for. Digital marketing is extremely expensive. The amount of work, tools, and time required to implement strategies. One of the most effective strategies to weed out low-quality agencies is to inquire about pricing, and several factors influence the cost of digital marketing services. Let us take a look at the factors that determines Digital Marketing pricing below :-
- Agency’s Experience
- Niche of Market
- Size of Your Company
- Complexity of Marketing Strategy
- Location and Competitiveness of Business
- Current Results
1) Agency’s Experience
Many people believe that collaborating with the most skilled digital marketing organisations is incredibly useful. You can use such agencies if you’re a huge brand. Such digital businesses are not the greatest solution for little marketing expenditures.
Freelance digital marketing consultants can be costly as well, although there are those who specialise in working with small and medium firms. Unlike digital companies that have an account manager that manages numerous accounts, independent digital consultants will solely focus on your digital marketing efforts. Clients with larger digital marketing budgets will receive greater attention from the agency.
If you have the financial means, use experienced agencies. But keep in mind that just because someone has years of expertise does not guarantee they are the greatest. Digital agencies typically provide full-stack digital marketing services, which include all aspects of the industry. It’s difficult to argue that every digital agency should be proficient in all areas. They frequently have their own area of specialty.
2) Niche of Market
The amount an ad network will charge you and conversion rates are affected by the niche/market you’re in.
A typical bail bonds company, for example, will pay an average of RM0.70 per click on Google Ads. A pest treatment company, on the other hand, would pay RM0.30 per click on Google Ads. A bail bond company would have to spend more than 50% more on advertising to attract 1000 clicks each month.
Different conversion rates apply to different markets. Higher education landing pages, for example, convert at 2.6 percent, whereas vocational studies landing pages convert at 6.1 percent. A higher education provider would have to draw over 134 percent more traffic to their website to acquire the same number of conversions per month.
3) Size of Your Company
Your digital marketing costs will be lower if you’re a small to medium business rather than a multinational corporation. You should avoid collaborating with digital agencies that work with major businesses. Find digital agencies that work with companies that are comparable to yours.
You can easily engage a consultant to determine what’s wrong with your digital marketing efforts if you have a marketing staff. Depending on the size of your company, you might want to employ a consultant to do an audit and train your marketing team on how to handle digital marketing. If you don’t have an employee that can handle your digital marketing activities, you should engage a digital marketing agency.
4) Complexity of Marketing Strategy
The complexity of your company’s digital initiatives is influenced by digital marketing pricing. You should expect a higher long-term ROI if you engage extensively in SEO and PPC. However, achieving your marketing objectives will necessitate a significant investment. You can’t expect RM10,000 in revenue from an RM300 investment. It’s not impossible, but it will depend on your industry and the level of competition.
Pricing will be greater if you hire an agency to manage integrated digital marketing plans that include more than one digital marketing facet. Pricing is also determined by the amount of effort the firm puts into your digital marketing efforts.
For instance, you can try this approach to increase organic traffic to websites. Both SEO and Content Marketing are involved. Rather than delivering web 2.0, article submission, social bookmarking, and other typical methods, you should concentrate on strategies that will help your site rank higher in the future, even if search engines make modifications to their algorithms. Pricing is frequently influenced by digital methods. If you’re looking for low-cost options, you’ll end up with services that produce temporary results and then vanish.
5) Location and Competitiveness of Business
Both paid SEO and PPC pricing are affected by your location. A company based in Kuala Lumpur will often encounter more competition than one based in Sabah. The increased competition may raise the cost of a click from ad firms, and the increase in businesses attempting to rank #1 in search engines may make accomplishing the goal more labour expensive.
Price is also affected by the competitiveness of your market. According to our experience, some markets do not invest as much in digital marketing as others. If you want your knitting website to be the most popular in your city, chances are you won’t find many other knitting companies doing anything to promote it.
6) Current Results
Are you currently ranking for the keywords you want to be found for? Are you on the first or tenth page? Your present search engine ranking will serve as a starting point and influence the amount of effort required to reach #1. If you aren’t even ranking for the search keyword, you may need to create content or improve your current website.
Increasing the number of visitors to a website that does not convert them into customers is a waste of ad dollars and SEO resources. Before focusing on increasing website traffic, you may need to spend time upgrading your existing website, such as the content, so that visitors become clients.
At the end of the day, you’re looking for actual results from an agency. What good is having a high search engine position or a large social media following if there are no sales? Every business’s ultimate goal is to turn web visitors into paying clients. And you should expect the same from digital marketers.
Some digital marketing strategies may work for some industries but not for others. Businesses want to see results from their digital marketing initiatives. They want their website visitors to take action. That’s exactly what a digital firm should be doing. Bring the right people to their client’s website and push them to act. Conversion-focused digital firms will be more expensive than “lead generation” devices. You want to deal with someone who can help you increase your return on investment.
Here is a quick advice for you: take a good look at reviews of the marketing agency that you will be choosing. If you are unsure about the quality of work supplied by your chosen firm at first. It will be difficult to cancel long-term contracts and move on to other agencies if you signed up for long-term contracts. Hire digital marketing agencies who are eager to work on a project-by-project basis. Through that, you’ll be able to gauge and tell if the agency is delivering on its promises.