Digital Marketing Strategy Cost
Last updated on: 23 April 2021
Written by: Joe Ghantous, Founder & CEO at Right Service
Pricing digital marketing services, especially strategy, is always a delicate subject since it’s important that agencies are attractive to customers, but they still need to be profitable.
Digital marketing strategy cost can vary between $5,000 up to $40,000 based on several categories. So keep in mind that getting a fixed price for such a service is hard, therefore in this blog post, I will reveal for you the main factors that agencies take into consideration when pricing a strategy.
Let’s get started!
1. Time Spent: Some digital marketing agencies calculate the time put in preparing the strategy as the main pricing factor that they even charge their clients on the number of meetings/calls done to finalize this strategy. Once searching for an agency to handle your digital marketing strategy always ask if they will charge you per hour or for the whole project.
2. Industry: The type, size, and complexity of the client’s industry are aspects that agencies take into consideration when setting a price for a strategy, since the more complex the industry is, the more staff members, time, research and effort are needed to finalize an effective strategy. So always keep in mind this point when asking for a strategy quotation.
3. What is included: A digital marketing strategy can be summarized as a one-pager or a well-detailed strategy. What does this strategy include will specify the price, whether it is a brief about the competitors, a study about the industry, introduction to the target audience or a detailed strategy that visualizes for the client the road map step by step toward success. When asking for a digital marketing strategy proposal, also ask for the points this strategy will cover, then you can have a better evaluation of the price compared to the outcome.
4. Perceived value: This is where a lot of the subjectivity comes in when setting a price for a service. Digital marketing agencies add to their pricing mix the value and proposed ROI their strategy will add to the client’s business. A cost-effective strategy is that drives value to your business, not which saves your budget. This point is hard for you to assess before implementing the strategy and evaluating the ROI, but you can get outlooks according to the agency’s history and reputation.
Digital marketing strategy is a long-term investment and is a complex equation other than just setting up your objectives and timeline. We at Right Service provide our clients with a complete digital marketing strategy based on my marketing concept, “The 4T’s of Digital Marketing Operations”, at a competitive price matching the tough economic situation in the Middle East.
Do you want to know what your strategy will include? Your strategy will be a mixture of ingredients summarized in the acronym; TACTICS: Target audience, Approach, Communication Strategy, Trajectory, Innovation Strategy, Coordination, and Situation analysis.