You know you want Inbound, and you probably have a general idea of how much it costs. But the question you need answered most is, “How much is it going to cost me?” One company’s Inbound Marketing budget can only tell you so much. Your business is unique, so your resources and objectives won’t be the same.
Determining the right inbound marketing budget for your B2B Inbound Marketing campaign requires a good deal of self-analysis. Knowing where to start looking can be tough, so we’re happy to offer some guidance.
By the time you finish this article, you’ll have the knowhow to start putting together a Inbound Marketing budget that fits your business.
There’s no need to make things more complicated than they need to be. Especially when you’re just getting your bearings.
For starters, let’s break down your Inbound budget into 3 categories:
You have the option to construct a team in-house or collaborate with an Inbound agency. The best choice for your business will come down to the skill set and availability of your marketing department. According to HubSpot, even the smallest Inbound Marketing team costs more than $120,000 in salary alone.
The Small Business Association recommends that companies allot 9.6% to 11.8% of their revenue to marketing. In order to execute a successful Inbound campaign, it’s best to set aside at least good portion of your marketing budget for content strategy, production, and tools.
As an industry standard, typically 2.5% of annual revenue is common budget used for content and inbound marketing. Take a business that generates $2 million in annual revenue for example. $50,000 is around the right amount of funding to fulfill their needs (if utilizing an Inbound partner for services instead of hiring just one marketer to do everything). For a business that pulls in a revenue of $10 million, their Inbound Marketing budget would be something like $250,000 (typically a few in-house marketers and a specialized outsourced team).
If you consider the ROI, Inbound Marketing is worth the investment. A report by SocialMedia B2b.com states that businesses that blog produce 67% more leads than the ones that don’t. Inbound isn’t the only key to a company’s success, but it does have a significant impact.
You now have the knowledge to start building your own B2B Inbound Marketing campaign! It goes without saying that you still have a mountain of research to climb, but you’ll work your way through it.
Whether you choose to build a team or hire an agency, the focal point of your campaign will be a thoughtful strategy. Your online marketing success depends on it, so be sure to take the time to get it right.
Feel free to ask plenty of questions. We’re here to listen.
Thanks for reading!