You’ve probably read somewhere (maybe even from one of our articles) about how Inbound, for a HealthTech company like yours, is a long-term healthcare B2B marketing strategy with a high ROI. Then you should have a general idea of how much it can cost.
But how much of your budget should you allot for your HealthTech company’s Inbound Marketing? Your business has goals and needs that differ from others in your industry. Therefore, determining the right amount of Inbound budget requires some self-reflection.
We have some pointers that will empower you to set the wheels of Inbound Marketing budgeting in motion–so grab your pen or pencil and get ready take some notes.
If you’re all set, let’s get started!
Putting Together an Inbound Healthcare B2B Marketing Budget
To keep everything simple, you can group your budget into 3 major categories: Creating Content, Spending on Software, and Testing and Optimization.
- Creating Content: If you thought having a writer who can produce your blog posts was enough for your company’s web content, that’s not true! In reality, you need more than just a person who can write to have good content. Your team should not only include a skilled writer but also a crafty Content Strategist, Designer, and Developer. With strategic planning, designing, developing, and producing, your content will be a reputable source for your website visitors in no time. In terms of your marketing budget, this category should take up a large portion of it.
- Spending on Software: Managing an Inbound campaign includes tasks such as lead scoring and nurturing, posting regularly on social media, automating emails, and more. These tasks can get pretty burdensome without a software or an online platform that helps you carry them out. Fortunately for you, there are powerful platforms like HubSpot that helps you manage your healthcare B2B marketing campaign, focusing mostly on Inbound. The pricing structure for such software or online platform typically comes in tiers, with the basic packages starting around $200 /month. In comparison to creating content, spendings on management software will take up a smaller part of your budget.
- Testing and Optimization: It’s after you create your content and finish setting up your healthcare B2B marketing management software that analytics kicks in. This is where you start running to your home base. Along with that infamous SEO, there’s multivariate testing, conversion rate optimization, and every other “zation” words that you would find in a dictionary. We recommend that you hire a Wiz to handle this workspace since it could end up being quite a headache. A good portion of the budget from this category will overlap with that of Spending on Software.
You have two choices: building an Inbound team internally or partnering with an outside growth-consulting agency. Your decision on which one to try out should be based on the skillset and resources of your marketing department. In terms of price, it is easy to think that creating a team within the company would be more affordable–but that isn’t always the case. According to an article on HubSpot, even the most basic Inbound Marketing team can cost over $120,000 in salary alone.
How Much You Should Budget for Marketing Your HealthTech Company
People often say that a business should allocate 4-8% of its annual revenue to marketing. If you want a successful campaign, it would be best if you set aside at least a quarter of your total marketing budget for Inbound.
You can carry out some simple maths to figure out how much money you can set aside for Inbound marketing. For instance, if your Healthcare company’s gross revenue is $2 million, you’d expect to invest about $40,000 into Inbound. If you belong to a business that generates $60 million, your budget for Inbound would come to about $1.2 million.
Inbound is truly a worthwhile investment if you take into account the ROI it can generate for your company. According to a report from Social Media B2B.com, businesses that regularly put up blog posts and practice good Inbound produce 67% more leads than companies that don’t. Though Inbound isn’t the only asset that can scale a company, it plays an important role in growing any type of business.
The Final Word
That’s it! Now you’re ready to start drafting an Inbound Marketing budget for your HealthTech company! Yes, there’s still a lot of research you must carry out, but you’ll certainly get through it. We promise.
A strategy well thought-out will be the key to the success of your Inbound campaign. Whether you build your own team of Inbound experts or partner with an agency that can help you, we wish you the best of luck. Happy Inbounding!