How much does marketing cost?
We are often asked: how much should we budget for marketing per year? Apart from agency fees, here are the typical expenses incurred in relation to marketing.
Video Production: $6,000-8,000
Video is the most powerful way to tell a story and garners the most engagement. It has the most utility. It can be used across social media, email, website, and live events. A typical 3-5 minutes video can cost upwards of $8,000 depending on a number of factors (locations, graphics, rounds of revision, etc.).
Images tell their own story. Whether you want images of an event or headshots, you are paying for a photographer’s time. They will need time to scout locations, provide equipment, shoot, and edit before your images will be ready for use. The cost will go up as the needs become more complex.
Printing and Postage: $1.50-$2.00 per piece
Direct mail is alive and well. However, the cost for printing and postage can vary based on the number of recipients, the size, and the type of paper. Generally, it is safe to expect to pay $1.50 for printing and postage combined. If you’re mailing an annual report to 1,000 people, you should expect to pay $1,500.
Website Development: $15,000 to infinity
Building a website is similar to a construction process: you need blueprints, construction, interior design, and final walk-through to make sure it is ready to be occupied. It is time intensive. Unless you need a simple website (ex: 5 pages), it can easily start at $15,000. Custom content and graphics can also increase the price. Remember, like a house, it will be the primary residence for your organization for the foreseeable future. It is worth the investment.
Advertising Expenses: Start at $2,500 per year
Once you have a quality website with compelling videos and photos, you’ll want to make sure people know about it. Advertising has the most variation of any expense because it depends on the channels you use to advertise. Print magazine advertisements can start at $4,000 per issue while digital ads are substantially less (ex: a $100 Facebook ad campaign). Trade shows and sponsored events can easily run $5,000-$10,000. A press release can cost $500-$1,000 to publish on the major newswires.
Additional Fees: $250 per month
Your website will need a hosting service, your domain will have to be renewed, and your email marketing will likely involve a monthly subscription. Those fees add up every month.
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