A fair amount of mystery still surrounds marketing costs healthcare. Questions of “How does it work?”, or even “What is it?” are not rarities. However, the most mysterious aspect might be its cost. Even so, plenty of people use content, so it’s not exactly the final frontier. Not only that, they’re all paying to have it produced and marketed!
There isn’t a uniformed standard of prices, but we can give you an overview of the general landscape.
Let’s get to it!
What’s the Value of Content and Inbound Marketing?
Content’s greatest asset is its ability to educate customers. Relevant, useful material builds a positive brand association by rewarding readers with instant value.
Once established as a go-to resource, even small businesses can compete with their larger counterparts. When consumers get a bit of helpful info, they want to learn more and more. Keep feeding their curiosity.
The benefits of Content Marketing only get better when you look at its Return on marketing investment (ROMI). HubSpot reports that the average Inbound Marketing lead costs 60% less than the average outbound lead. To put this in more tangible terms, an outbound-focused company typically spends about $346 on a lead. In comparison, an Inbound-centered company can generate a lead for roughly $135.
No two businesses are completely alike, so these numbers will differ. Content and Inbound marketing aren’t the only keys to success, but if used correctly, they can boost the effectiveness of your online marketing campaign.
Estimated Monthly and Yearly Expenses
You’re dying to find out if Content Marketing is budget friendly or budget breaking. We don’t want to leave you hanging, you won’t know if Inbound fits into your budget until you actually set it. So now the question is: “How much do I have to put into Content Marketing to see results?”
According to the SBA, companies with an annual revenue below $5 million should dedicate 7 to 8% of that revenue to marketing. As for digital marketing in particular, 2-5% of the gross revenue is a good range to aim for.
All things considering, Inbound is a rather cost-effective marketing alternative. The bigger issue may be the time and resources required to create effective content. Content production is a process that is more involved than many people suspect.
If you’re having difficulty managing an internal team, an outside agency could be an option worth looking into.
Here’s a quick breakdown of the rates:
- Agencies usually charge between $3,000 and $10,000 per month.
- You can expect your yearly expenses to range from $36,000 to around $120,000.
Be aware that some agencies will require you to sign a year-long contract. In addition to Content Strategy, this type of package should also include the creation of the content itself. It’s a big commitment to make before you get to know an agency. This may or may not be the best arrangement for your HealthTech company.
If you have a team ready to go, but have questions about how to build a Content Strategy, there are Inbound agencies that can help you iron things out. Inbound Marketing is a consultative methodology. Offering suggestions during the planning stage is right in the wheelhouse.
The Bottom Line
The best Content and Inbound Marketing strategy is never singular or one-track. Every Digital Health company has its own needs and unique customers. Because of this, it’s only natural that there isn’t a universal budget for Inbound Marketing. The one constant that you can be sure of is that Inbound can adapt to fit just about any budget.