As found on Youtube
How much does marketing cost?
We get this question A LOT. And it’s reasonable to want to know! You’ve gotta know the financials so you can make decisions that are right for your business.
Think about this though – the answer is important, but the question being asked is wrong.
We’re used to this idea of “transactional” sales.
Meaning I give you X$ for a widget and receive that widget from you. We see this across nearly every sales channel – Spend $1 on an app and get a certain amount of functionality back. Buy $1,000 worth of TV commercials, get a pre-defined amount of TV commercials.
Digital marketing is different.
It’s easy to get trapped in the thinking that marketing is transactional. I give you X$ you give me Y leads. Or X$ for Y impressions. That’s a risky way to do business. When you’re buying leads its a race to the bottom. When you’re paying for impressions you’re paying for eyes on your ad, not action.
Marketing costs are variable based on literally millions of data points.
Your industry, location, target market, demographics, previous marketing history, competition, channels used, search volume, what you’re selling, and even your goals go in to making up your actually marketing investment.