It depends…well, I wish this was an easy question. Plus, we can’t accurately estimate how much you would need to pay a Local Marketing Agency without first determining the scope of the work in question. Otherwise, it would mean plucking a figure from the air- not an ideal situation in business.
So, do you need SEO help, or are you on the hunt for a comprehensive marketing plan? What services would you like to include in the marketing package? I hope you get the drift- a marketer is unlikely to set a flat fee for their services. In most situations, the following considerations factor into the cost of hiring a marketer:
1. Scope of Services
The more involved a marketing agency, the higher your budget needs to be. For instance, if your scope of work calls for 30 billable hours or content creation for an aggressive marketing campaign, your marketing spend would be significantly high.
Still, a small or medium-sized firm would require fewer services than a multinational with multiple products, web pages, and an expansive sales plan. As such, the latter would pay more for its marketing initiatives.
Generally, most marketing agencies use a sliding scale to charge for their services in light of the different-sized firms. For instance, a care package may start at $500 up to $8,000 a month, depending on the range of services on offer.
2. Your Firm’s Assets
A company’s current assets are a good marker of the approach a marketer would have to use to realize the firm’s expectations. As a result, a typical marketer may ask the following questions to determine your needs:
- What are your organizational goals?
- Are you looking to redesign your website?
- How many leads does your website generate monthly?
- How expansive is your social network?
- Does your firm maintain a database of industry and local media contacts?
The reality is that the answers to these and other questions determine the scope of services you might need. For instance, a website that receives an average of 300 leads from 15,000 visitors monthly would be in a better position than one that has just launched its site and is still trying to find its feet. Consequently, such divergent needs would reflect in the marketing costs.
Besides, a company with a large capital base would be willing to spend more on a marketer than a business operating on a shoestring budget. Plus, it’s easier to allocate more funds to scale your operations if you can accurately track and project results, as would be the case for an already established business.
3. Organizational Goals
It’s easy for a business to fall by the wayside for failing to channel its resources towards the right goals. But with the right guidance by a marketer, you can take calculated risks. A good agency can create a strategy that complements your goals.
For starters, what are your growth goals? Do you need a larger slice of the pie in a competitive market, or do you plan for modest growth? Have in mind that the more aggressive your marketing approach, the higher your financial expenditure will be. As a result, it’s only realistic to assume that your expectations need to match your expenditure. Discuss with a local marketing agency the specifics of your goals to ensure your budget reflects this.
4. In-House Capacity
How competent is your in-house marketing team? Do you need a marketing agency to play a supporting role, or would you rather have them spearhead your marketing efforts? Your answers to these questions would determine what you’re likely to pay. If the agency takes the front-line position, expect higher fees than if they offer support services.
Plus, if you don’t have an internal marketing team, you would have to count on a marketing agency. Doing so would imply paying more for their efforts- in the form of a retainer and other fees, although it may cost less than having in-house marketers.
5. The Marketing Agency
Agency fees vary from one company to another. Still, marketers use different approaches to bill for their services. For instance, one company may bill hourly for its services, including strategy sessions, market research, meetings, digital planning, and more.
Alternatively, some firms adopt a retainer billing model. In this case, they receive a monthly fee that caters to marketing campaigns or the costs of managing a client’s account. Ideally, this approach gives your business access to a team of experts and is generally less costly than paying an in-house team to handle all the work. To raise their earnings and offset their overheads, agencies rely on this approach and may pair it with a proportion of the client’s media spend.
Some assignments may also call for one-off, project-based payments. Besides, an agency can use one or a combination of options available depending on prevailing circumstances, organizational policies, or agreements with clients.
As you’ve noted, the cost of hiring a marketer varies wildly. To determine how much you’re likely to pay, consider contacting a local marketing agency to go over your business needs, project scope, and budget. That way, you can find a professional whose fees align with your goals.