You’ve seen somewhere (maybe even here) about how Inbound is a long-term strategy with a high ROI. In all likeliness, you also have a general idea of how much it costs.
But what would it cost you? Your Health Technology business has goals and needs that differ from your peers. In other words, determining the right Inbound Marketing budget requires some self-reflection.
So, where do you start? Well, this article isn’t a bad place. We don’t have all the answers, but we do have some pointers that will empower you to set the wheels in motion.
Let’s tackle this beast head on!
Makings of an Inbound Marketing Budget
To keep things simple, think of your budget as 3 major categories: Content Creation, Software Expenses, and Testing and Optimization.
- Content Creation: Need content? Hire a writer and you’re good to go…but not so fast. In reality, you need more than a writer to produce outstanding content. Your team should include a crafty Content Strategist, Designer, and Developer. With theses aces on deck, your material will deliver a knockout punch. In regards to the budget, expect Content to make up the majority.
- Software Expenses: Managing an Inbound campaign (ex: lead scoring and nurturing, social media, email automation, etc) can be daunting if you’re not accustomed to it. Fortunately, there are powerful platforms like HubSpot that can help you stay afloat. Typically, the pricing structure comes in tiers, with the basic packages starting around $200 per month. In comparison to Content Creation, Software Expenses tend to be a smaller part of the budget.
- Testing and Optimization: If you’re tired of hearing about analytics, that won’t stop here. This is the section that they call home. Other than the infamous SEO, there’s multivariate testing, conversion rate optimization, and every other “zation” in the book. Some of the costs in this category will overlap with Software Expenses, but hiring a Wiz to handle this workspace is a must.
You have a choice to either build a team internally or partner with an outside agency. Deciding which option to go with comes down to the skill set and resources of your marketing department. As for the price, internal does not always mean more affordable. According to HubSpot, even the most basic Inbound Marketing team costs more than $120,000 in salary alone.
How Much Should I Budget for My HealthTech Company?
It’s been said that a business should allot 4-8% of its annual revenue to marketing. For a successful campaign, it’s best to set aside at least a quarter of your marketing budget to Inbound.
Let’s take a look at this from a few different perspectives. If your company’s gross revenue is $2 million, you’d want to invest about $40,000 into Inbound. For those of you who belong to a business that generates $60 million, your budget would come to about $1.2 million.
When you take Inbound’s ROI into consideration, it’s truly a worthwhile investment. In fact, a report from Social Media B2B.com states that businesses that blog produce 67% more leads than companies that don’t. Inbound may not be the sole factor at work, but it does play an important role.
The Bottom Line
Alright! You’re ready to start drafting an Inbound Marketing budget for your HealthTech! Yes, there’s still a mountain of research ahead of you, but you’ll steadily work your way through it.
Whether you build a team in-house or opt to enlist an outside agency, a thoughtful strategy will be the linchpin of your campaign. Get that part right, and the rest will fall into place.