Okay, how much?
The most common question we’ve been asked when talking to a client. How much does online marketing cost?
I think most marketers can relate to this. However, this is still a very good question – the question we will answer in this article.
Today, you’ll learn different pricing factors you should consider before running any marketing campaigns.
The first – and possibly the biggest – factor that will determine how much you’ll pay for marketing is competition.
The competitiveness of an area depends on numerous factors.
One of the biggest factors is how often are natural disasters – floods, storms – happening in that area. In the US, states with the most disasters are Texas, Louisiana, and Florida.
If you’re operating in some of these states, you’ll face a lot of competition when running ads, and leads are going to be very expensive.
Makes sense, right? There will be more people needing water damage restoration services in areas where natural disasters are more common.
There are times of the year when natural disasters are more common.
For example, in the US, most flooding occurs from spring to fall and therefore competitors will be more aggressive with advertising during these times.
Figuring this out will help you prepare a bigger marketing budget for seasons when leads will cost more.
Where are you going to advertise?
Naturally, the more people are competing on a platform, the higher the costs of marketing on it will be.
Google ads are usually the most expensive. Don’t let this push you away because they’re a great choice for restoration businesses because of the intent-based targeting.
If you’re just starting out, expect to spend a lot more money. This is because you’re not familiar with how each platform works and what things you should look for.
Patience is necessary in this case as, when you’re a beginner, the chances of getting significant results on the first try are slim to none.
The more ads you run, the better you’ll eventually become at running them and over time you’ll also gather a lot of data to help you make better decisions. Bringing us to…
Data and optimization
Your marketing campaigns will usually be really expensive in the beginning but over time, through proper optimization and data-backed decisions, you’ll be able to reduce your marketing costs.
You need to constantly monitor your campaigns and make consistent optimizations. You can’t just “set and forget” your campaigns.
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Knowing your CLTV is critical because it will help you much better decisions as a marketer.
CLTV stands for Customer Lifetime Value and it shows how much a customer is worth to your business over the course of the entire business relationship.
Testing, testing, and even more testing!
In marketing, it’s all about testing. You’ll never know if something will work or not unless you test.
Once you find a campaign that produces a lead volume you’re happy with, allocate more money for that campaign.
Just because you fail at first doesn’t mean that “digital marketing doesn’t work” or that “digital marketing is a scam”.
Be prepared to lose some money upfront until you figure out what works. Once you do, deploy more money into things that work to make back your ROI in the long run.
That sums it up! Hope this post was helpful to you. Let us know in the comments what you think.
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