Business Plan, Part 3

Marketing Budget

It is one thing to have a fancy website, but another to actually market and promote your website to attract traffic to it. In your business plan, you need to note down the various ways of marketing your website and how much these will cost you. Some of the marketing costs to consider include:

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Website Development And Maintenance

Different websites will incur different development and maintenance costs. Some factors that will influence the cost of your site include the availability of widgets, the design, whether it is a dynamic or a static site. In general website development and maintenance expenses can cost you as low as $1,000 or as high as $10,000.

Search Engine Optimization

Directories and search engines will play a significant role as you market your site. Thus, most of your marketing budget will be focused on SEO costs. Search engine traffic is free to generate, but the services of a professional SEO company will be invaluable in actually helping you generate this traffic. Hiring a professional SEO company might cost you as much as $50 to $100 hourly.

Search Advertising/Pay Per Click Advertising

The cost of pay per click advertising campaigns will vary depending on the industry you are in and the amount of traffic you are looking to generate. This may cost you as much as $200 or an upward of $5,000 for the most professional search engine advertising services.

Affiliate Marketing

If you have plans for expansion, then you might want to look into affiliate marketing.

Although this is a great way to attract traffic to your site and earn extra income, it will cost you too. The decent affiliate networks will charge you between $50 and $10,000 to get you started. The network will also take about 20-30% commission in the sales revenues you generate from your site selling their products.

Sales Funnel

A sales funnel is simply a map that shows you the conversion process and buying behavior that your site visitors exhibit as they interact with your site. Designing your sales funnel and incorporating it to your business plan will enable you to develop and optimize your site in a way that makes the conversion and sales process easier for site users and clients.

1. First, establish every step that people take to come through the funnel. Where have these site users come from, what are their attributes (are they high potential customers) and the level that they are on in the purchasing cycle.

2. Determine the types of activities that site visitors are likely to undertake including reading the content, signing up to a news letter, looking at your social media profile, looking at the offers, purchasing, or leave the site.

3. List down the measures to take, to ensure that each of these activities leads to a sale or a subscription.

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