Small businesses face numerous challenges, one of which is one of the most difficult: how to maximize their advertising efforts without taking away from their primary services.
The BDC, a Canadian bank for entrepreneurs, estimates that B2B companies need to spend approximately 2% and 5% of their revenue on advertising, with B2C companies spending more.
Though this may seem an insignificant number, it can quickly spiral out of control and lead to financial difficulties if not spent wisely. This is why many companies find that a strong investment in Search Engine Optimization (SEO) can offer an excellent return on investment because of its emphasis on boosting visibility through high-quality content, both on-page and off-page. But what are the benefits and costs of SEO? Let’s take a look.
Firstly, let’s examine the return on investment for SEO. It’s estimated that in three years, companies can expect a 748% ROI when using a high-quality, reputable SEO company to assist in boosting their search results. Given that Facebook Ads provide only an 87% return on investment after 3 years, it’s clear that Search Engine Optimization is more likely to provide you with new customers than nearly any other method out there.
A more conservative study suggested that for every dollar spent on SEO, you can expect $2.75 in returns, which is still a 275% ROI. These numbers will only improve should you work with the best companies you can afford based on your marketing budget.
The Costs of Search Engine Optimization
How much does SEO cost for a small business? The average monthly retainer fee is $2,501 to $5,000, but prices can regularly go far above this, depending on what you are seeking. If you need a small project done, you may choose instead to use an hourly rate, which is between $175 and $300 per hour.
Those implementing a large-scale SEO campaign can select a fixed-price model, which can vary between $10,000 and $45,000. With the fixed-price model, you will receive comprehensive service geared at making a big impression over a period of time; it also may prove more cost-effective than paying per hour, especially if you have a clear vision of what you expect to achieve.
How to Invest in SEO
Firstly, it’s crucial that you be able to weed out the low-quality service providers. SEO is a major investment, even if you are only implementing a small project, so it is key that you choose a company that is known for their quality service. The reason for this is that poor SEO can actually harm your search engine rankings: your service provider may work with spammy sites to get backlinks, or they may use deceptive tactics that Google will quickly recognize and penalize you for.
A good provider should have an established reputation in the industry and a strong understanding of the many SEO tools available, such as Semrush and Ahrefs, that they can leverage to maximum effect. Most importantly, they should be familiar with your industry and understand the key elements of an effective campaign within your particular field. As SEO is both an art and a science, a one-size-fits-all solution will simply not work in terms of getting eyes on your site.
When first working with a provider, you should consider starting with a small project and seeing the return on investment. Good SEO companies will not promise you more than they can deliver and will temper your expectations in regards to short-term returns, then provide you with detailed metrics proving whether it was successful or not. Just as with any vendor or supplier, test their services before you commit to a large contract.
Complementing Other Digital Marketing with SEO
SEO provides greater visibility to your other campaigns and enables you to utilize your existing content more effectively. In fact, it’s one of the best ways to get more eyes on your service for the simple reason that most people want something, they are most likely to hunt it through a search engine page first. Additionally, the average person is not going to look through any more than the third page of search engine results; most will not go any further than the first page. It’s crucial that you appear right at the top for your chosen keywords.
Repeat exposure is a crucial element of conversion: the more places that someone sees your brand name, the more likely they are to give it a try. If you appear on the search engine results page and then show up in their social media feed or in an ad, the consumer will grow familiar enough with your service that they will want to learn more.
The benefits go the other way around, too. If someone sees your ad and wants to find more, showing up right at the top for a keyword will make it easier for the consumer not to get distracted by extraneous information and instead turn to your webpage.
Smart businesses understand that targeted investment in digital marketing will ensure they get the most benefit from their hard-earned money. Thanks to its synergistic effect with other marketing efforts and its strong return on investment, SEO is a crucial part of any good campaign.
Raghav is a talented content writer with a passion for creating informative and interesting articles. With a degree in English Literature, Raghav possesses an inquisitive mind and a thirst for learning. Raghav is a fact enthusiast who loves to unearth fascinating facts from a wide range of subjects. He firmly believes that learning is a lifelong journey and he is constantly seeking opportunities to increase his knowledge and discover new facts. So make sure to check out Raghav’s work for a wonderful reading.
