How much does marketing cost?
Marketing professionals help small, medium, large and solopreneur businesses bring their products and services to the public. Marketing services can encompass advertising, flyer distribution, branding, custom promotional products, direct mailings, product ambassadorship, social media marketing, website services, email marketing and more. Isha Edwards of EPiC Measures in Atlanta, Georgia, says the marketing services most requested by her clients are marketing strategy consulting, social media marketing, content creation and content editing, digital marketing, PR and publicity, and brand strategy.
Many marketing professionals specialize in one or more areas such as strategy consulting, creative services, analytic services or operational services. Marketing professionals can help build a company’s brand awareness, hone in on target markets, sharpen the focus on its mission and values and, most important, increase sales and reach. A variety of factors affect the cost of hiring a marketing professional.
Hourly rates
Most marketing pros charge by the hour for short-term projects and consulting services. Business owners can work with a marketing agency or a freelance marketing consultant for these types of smaller projects and short strategic sessions. Hourly rates vary, often based on the agency or consultant’s experience, training and geographic location. For example, freelance marketing consultant James L. Torti of Carlsbad, California, charges $153 per hour.
Social media marketing
Social media marketing can encompass a wide range of services from visual branding and marketing strategy to creating content and buying ad space on social media platforms. Having a presence on social media is a key component in business these days. Social media marketing services are well within the scope of many full-service marketing firms out there, although some agencies and freelance consultants specialize solely in social media marketing. The national average cost for social media marketing services is $547 per project, while hourly rates can range anywhere from under $75 to over $200 per hour, depending on the company or the consultant.
Marketing projects
Marketing costs vary widely based on the scope of work, product type, industry, target audience and customer assets, says Edwards with EPiC Measures. Her marketing firm creates packages and tailors prices to meet client budgets. They offer no set package prices because each scenario is unique. However, the starting price for all services with EPiC Measures is $195. Here are some examples of marketing project costs from EPiC Measures and the services provided.
Client 1: Nonprofit organization
- Total job cost: $955
- Details: The client was a new nonprofit with no marketing team and limited market knowledge.
- Marketing services provided: Marketing strategy consulting, brand strategy and content marketing
- Additional outcomes: In addition to marketing and brand strategy and content marketing, the client gained access to Epic Measures’ network of resources and contacts for strategic alliances.
- Total hours: 20
Client 2: Entertainment artist
- Total job cost: $2,200
- Details: The client was an entertainment artist repositioning their brand.
- Marketing services provided: Marketing strategy consulting, social media marketing, content creation, digital marketing and brand strategy.
- Additional outcomes: Epic Measures’ established relationships in the music industry provided the client with immediate resources to launch the rebrand.
- Total hours: 45
The process
So what happens when you hire a marketing firm? Edwards with Epic Measures breaks down the process at her organization. First, they determine the scope of work relative to the rate quoted. Next, Epic Measures assesses the business capacity, assets and resources available for the project. Next, a timeline is established. Epic Measures then uses Business Essentials Checklist, BrandNu Business Profiler, Business C.A.S.E. Strategy and the 4 P's of Marketing to recommend changes to product, sales cycle, customer conversion and marketing strategy. The marketing firm then implements or completes work as outlined and provides an analysis or debrief to the client. Epic Measures then repeats as necessary.
