To run a competitive digital marketing strategy, you need to cover all your bases. And if want to keep all of your efforts in-house, covering the necessary bandwidth and skills means acquiring a team capable of filling the basic roles.
And how much would your internal marketing team cost? Here's a quick list of essential roles and corresponding salaries:
- Marketing Manager: $66, 090 - $175,060/year (Source)
- Digital Marketing Strategist: 50,000-79, 000/year (Source)
- Social Media Manager: $41,577 - $108,800/year a year (Source)
- Entry-Level Content Writer: $26,203 - $101,816/year (Source)
- Marketing Data Analyst: $40,201 - $84,175/year (Source)
- Marketing Technology Manager: $89,000 – 120, 000/year (Source)
- Creative Marketing Manager: $33,026 - $83,191/year (Source)
Total Salary Cost of an In-House Digital Marketing Team: $346,000 - $853, 858
Certainly the numbers demonstrate a wide range, based on variables such as location and experience. However, if we were to err on the lower end of national averages, an in-house marketing team will cost a minimum of about $346,000 annually. A more experienced in-house team could mean an annual cost of up to $853, 858.
But it’s not just an investment in the person’s salary, payroll taxes, benefits, etc. There’s the time investment of everyone who is involved in the hiring, interview, and training processes. Office real estate will be taken up by this individual and the space required to perform their duties. Equipment like a high-end computer, smartphone, and more are essential to a marketing professional. Tools like specialized software, subscriptions to services, organizational memberships, and more are indispensable to effective marketers. The list goes on.
When you add up these costs, add hiring new hires to you in-house team becomes a weighty investment. Many business are tempted to find a cheaper alternative, like hiring freelancers, but cost is only one of many factors to consider as you seek to improve your business’s marketing strategy.
For a thorough explanation of the roles and responsibilities referenced in this post, see our article on calculating the ROI of a marketing firm.
Questions? Get in touch!
For more information about the benefits of hiring an outside firm, feel free to contact us. For resources (like our marketing playbook, below) and insights to help streamline your digital marketing initiatives.