How Much Can I Make From Digital Marketing?
You’ve likely heard the term digital marketing and assumed it was a new spin on an old practice. Perhaps you even viewed it with more than a little skepticism. Perhaps you felt it was a get rich quick scheme. Perhaps you found the idea virtually impossible and strictly in the domain of expensive ad agencies.
But it isn’t. The fact is that every day, hundreds of entrepreneurs are delving headfirst into the realm of digital marketing, and earning a fairly high pay as a result. It isn’t necessarily easy. But the rewards more than pay off for your efforts.
Digital marketing isn’t just about the pay. It’s about the independence.
According to a report commissioned by theInteractive Advertising Bureau in conjunction with PwC, web-based advertising revenue topped $100 billion in the U.S. alone in 2018. And those numbers are only expected to rise, thanks to the proliferation of mobile devices and advances in networks such as the Internet of Things. Digital marketing spending is predicted to rise by over 17 percent by the end of 2019, with revenues in excess of $333 billion.
But with the increased spending comes an increase in competition. So just how much can you expect to earn from digital marketing?
Residual Income
One important thing to remember about digital marketing is that you’re not just generating income through one time only contracts. Instead, a good bulk of your portfolio will generally be from clients paying on a monthly basis. Since search engine rankings take time to generate, your clients aren’t going to see automatic results. But if your search engine optimization (SEO) services are handled effectively, they’ll not only rank for higher visibility. They’ll wind up generating significantly higher profits for your customers.
What does this mean for you? The average monthly billing cycle for digital marketers can be anywhere from roughly $2,000 – $5,000 per client. If you build your portfolio slowly, at roughly five clients a month, that means anywhere from $10,000 – $25,000 a month. That’s just for one single service. With virtually no overhead.
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The average cost for a web designer can be fairly broad, with estimates of $1,2,00 to over $50,000 to develop a site from scratch. And that doesn’t even take into consideration monthly maintenance fees of anywhere from $50 upwards. If you’re launching mobile websites on a monthly basis, you can see those estimates add up fairly rapidly.
Customers are no longer looking for the lowest cost when it comes to their sites. Cisco has predicted that more of the global population will have mobile access than bank accounts by the year 2021. And with this surge in mobile connectivity comes a greater need for web services that provide optimization and responsiveness. Which is where many digital marketing companies will lag behind. If you’re not careful, you could find your competitors two steps ahead of you.
Another important point to remember about digital marketing is that you’re going to be offering your clients multiple services. It’s not just web development and SEO you can offer your clients. Social media marketing, content development and even virtual assistant positions are just a few of the multiple roles you can provide as packaged offerings as a digital marketer, at competitive rates of anywhere from $3,500 upwards per month for each individual client.
Another important point to remember about digital marketing is that you’re going to be offering your clients multiple services. It’s not just web development and SEO you can offer your clients. Social media marketing, content development and even virtual assistant positions are just a few of the multiple roles you can provide as packaged offerings as a digital marketer, at competitive rates of anywhere from $3,500 upwards per month for each individual client.