Exploring the Financial Implications of Creating Content Internally

In today's digital landscape, a well-executed content marketing strategy is crucial for businesses aiming to establish a strong online presence. Let's delve into the various components of such a strategy, their costs, and the roles involved.

A dedicated content team is responsible for executing the content strategy, conducting keyword research, writing, editing, publishing, and promoting content. This team typically consists of a strategist, writer, and editor, and their combined annual base pay can amount to approximately $197,066.

The content strategist plays a pivotal role in managing the content calendar, planning how the blog fits into a larger strategy, and generating relevant blog topics. The average salary for a content strategist stands at around $65,589 per year.

The content creation process is not limited to blog posts. It encompasses various forms such as infographics, eBooks, case studies, videos, resource pages, interactive content, quizzes, and more. The cost of freelancers for an 800-word blog can vary from $80 to $800, while a single Getty Images stock photo costs almost $9. Graphic design software, essential for creating visually appealing content, costs anywhere between $30 and $300.

A copywriter, who is responsible for writing the content, could theoretically produce 10 blogs a week. However, much of their time is taken up by other duties, making the output lower in practice. The average salary for a copywriter is approximately $56,592 per year.

Developing all these resources is a lot for any single copywriter to handle, so additional hires may be necessary. Project management software, marketing automation software, and relationship management software can cost anywhere from $100 to $10,000 a month.

Content distribution is another critical aspect of a content marketing strategy. This involves using methods like company newsletters, organic and paid social media, employee email signatures, employee advocacy, paid media distribution, syndication, and curated content hubs.

The national average salary for a social media specialist is $47,141, while an email marketing specialist earns an average of $58,895 per year. It's essential to have a team member responsible for content distribution to ensure maximum reach and engagement.

Interestingly, according to Semrush, 84% of their survey respondents have a content marketing strategy. However, 32% of all B2B organizations don't have full-time content marketing staff. This suggests that while many businesses recognise the importance of content marketing, they may not have the resources to fully implement a strategy.

Lastly, it's worth noting that the cost of a content marketing expert for project-based freelance work, such as auditing existing content, creating a content marketing strategy, and keyword strategy, can range from $500 to $5,000.

In conclusion, a successful content marketing strategy requires a combination of skilled team members, various resources, and a substantial investment. However, the potential return on investment, in terms of increased brand awareness, engagement, and leads, makes it a worthwhile endeavour for businesses.