Content Marketing on a Budget: Convo Ink's Cost Analysis
The cost of content marketing can vary widely depending on the type of content being produced, the distribution channels being used, and the level of expertise required. In general, costs can range from a few hundred dollars for a single blog post to tens of thousands of dollars for a comprehensive content marketing campaign. These costs will also depend on the size of your company and the level of services you require.
Below are several different payment models for content marketing we have identified, although not easy to give exact prices we hope these price guides are useful:
- Hourly rate: This model charges clients based on the number of hours spent on creating and distributing content. The hourly rate can vary depending on the level of expertise and experience required for the project.
- $500 - $1,000 p/h for a blog post
- $1,000 - $2,000 p/h for a white paper
- Total cost: $2,000 - $8,000
- Project-based: This model charges clients a flat fee for a specific content marketing project, such as creating a series of blog posts or a video campaign. The cost can depend on the scope and complexity of the project. There are numerous platforms that specialise in project based work including: Using platforms such as Upwork, Problogger, Freelancer.com & Contently.
- Cost per word - many variable but approximately $1 - $3 per word
- Total cost: $1,500 - $4,000
- Retainer: This model charges clients a monthly fee for ongoing content marketing services, such as regular blog posts or social media updates. The cost can depend on the frequency, volume and style of content required.
- $5,000 - $10,000 per month
- $80,000 - $120,000 per year
- Performance-based: This model charges clients based on the performance of the content within a campaign, such as the number of clicks or conversions generated by the content. The cost can depend on the specific metrics used to measure performance.
- Cost per click (CPC) $1.00 - $5.00
- Cost per acquisition (CPA) range: $10 - $50
- Approx. campaign cost: $5,000 - $10,000
- Sponsored content (written): This model charges clients for creating, managing, commissioning and distributing sponsored content, such as sponsored blog posts or sponsored social media posts. The cost will depend on the size and scope of the sponsorship, as well as the reach and engagement of the content.
- Sponsorships for partners typically range from $15,000 - $80,000
- Campaign based content: Partnering with a media company that creates & designs the content and purchases the media placements as a packaged solution that is distributed across a network of Publishers.
- Cost per thousand impressions (CPM) $25
- Approx. campaign cost: $10,000 - $15,000
It's worth mentioning that these are the most common pricing models and they can be mixed or adjusted to meet the specific needs of the client. Additionally, the costs of content marketing may also include expenses such as content creation tools and software, employee salaries and benefits, travel and research expenses, third party partnerships and amplification, and content marketing analytics and measurement tools.
When it comes to pricing for content marketing, there are a few key elements to keep in mind:
- Quality vs. cost: While it may be tempting to go for the cheapest option, keep in mind that the quality of the content can be just as important as the cost. Cheap content may not be well-researched, well-written, or optimised and may not deliver the desired results. It is also wise to remember that this content will become part of your brand - your voice to the market - so ensuring the content is well presented, free of mistakes and compelling is worth investing in.
- Distribution and amplification: Make sure that the plan for the distribution and amplification of your content is planned in advance of the production of the content, to ensure that the content is tailored to the right platforms to reach and engage your target audience. It is cumbersome and wasteful to repurpose content across platforms that it wasn’t developed for, particularly if it wasn’t considered how it would best be consumed by its intended audience.
- A ‘Call To Action’ and ROI: While the first objective for content marketing should be to demonstrate your expertise or introduce your audience to your brand’s voice, the secondary objective is to move them down the sales funnel. All content should be designed with these objectives in mind, and should include a ‘Call To Action’ that allows you to re-engage with the audience - through tracking, email capture, social engagement or individualised purchase prompts (discount codes) for example. This will allow you to review your content marketing strategy post campaign and tailor future campaigns more to be successful.
- Hidden costs: Be sure to ask about any additional costs that may not be included in the initial quote, such as editing, revisions, copyright costs (for images, etc) or distribution costs.
- Scalability: If you expect your content marketing needs to grow over time, it's important to ensure that the pricing model is scalable and that the cost will not become prohibitive as your needs grow.
- Experience and expertise: The cost of content marketing can depend on the level of expertise and experience required for the project. Be sure to consider the experience and expertise of the agency or freelancer you are working with, and be willing to pay more for higher-quality work.
The cost of content creation for a business can vary greatly depending on various factors such as the type of content, the level of production value and the resources required. While creating content in-house can save money, it may not always be the most cost-effective solution as it requires a significant investment in time and resources. On the other hand, working with a content marketing agency can provide access to a wider range of expertise and resources, but comes with a higher price tag. The key is to strike a balance between cost and quality, and to allocate your content marketing budget in a way that aligns with your business goals. It's also important to regularly review and adjust your content marketing budget to ensure you are getting the most out of your investment. By taking a strategic approach to content creation and budgeting, companies can create compelling and effective content that drives results and provides a strong return on investment.