Google’s business model encourages marketers to use Google Ads over organic traffic to gain prominence in search results, but this has had little impact on Internet businesses as spending on SEO continues to rise. According to a survey conducted by GoodFirms with a sample of 150 companies, there is conclusive evidence that companies plan to increase spending by 10% to 20%.
Statistics show that 36.3% of companies allocate less than $10,000, 38.2% choose between $10,000 and $50,000, 12% plan to spend between $50,000 and $100,000, and 6% plan to spend between $100,000 and $250,000. This trend clearly indicates an increase in spending on SEO.
Investments by companies are targeted precisely to specific areas they want to strengthen to drive better experiences and usage.
The main target areas for companies are:
• Around 86.5% of businesses want to invest in SEO to increase lead generation and organic traffic. Lead generation through SEO can be easily achieved by using keywords, optimizing data, publishing data in a user-friendly manner, and promoting on social media.
• 70.5% of businesses want quality content that demonstrates the level of expertise of the writers. They want to hire experienced people to create content on their sites to drive traffic. Businesses are willing to spend money to ensure that the data on their sites represents experience, expertise, and trustworthiness. Ever since the onslaught of AI in the world of content creation, there has been an increased seriousness around quality content.
• 60.3% of businesses want to increase their investment in SEO to increase brand awareness. Brand building can also be done through social media, but SEO is a much cheaper method.
• The most debated area is Artificial Intelligence. Around 56.4% are keen to integrate AI in SEO. AI tools can be used to speed up data analysis and find keywords instantly. As SEO is becoming more expensive over time, AI can also be cost-effective.
• Around 54.8% of businesses are keen on competitor analysis to compare their products and services with those of their competitors and ensure that they are not overcharging or undercharging.
• Businesses favor long-form content on a topic. 47.4% of businesses value long-form content over concise content. Long-form content provides deeper insight into a topic and search engines prioritize long-form content. Therefore, more words help your site stand out on the internet.
• Online searches for local businesses account for almost half of the total searches, about 46%, with 97 billion searches per month. In 2024, businesses will choose local SEO and be ready to invest $50-200 per hour. It's worth optimizing your site for local search, especially if your business operates offline. Adding a location page to your site and creating local content can help.
• 40.3% of businesses follow the guidance of Search Generative Experience. Research shows that SGE content is favored by search engines and appears in 86% of search results.
• As expected, 35.9% of businesses are engaging in video-based SEO. Videos are more engaging and keep customers on your site longer, so with high-quality video content, your site is more likely to rank highly.
• Companies have decided to keep mobile in mind when designing their sites, especially for those related to local businesses. Local searches on mobile account for 78% of all searches. Therefore, it is essential that a site is mobile-friendly. Around 35.9% of companies have made mobile optimization a priority.
• With the rise of AI voice assistants like Google Assistant and Siri, 24.4% of businesses believe optimizing their site for voice search is essential. Your content needs to be accessible even when people are using voice search to find data.
The statistics above show which areas businesses are likely to invest in to better optimize their sites.
How much does SEO cost per month and hour?
43%, 25.75%, and 27.6% of businesses spend $1,000-2,000, less than $500, and more than $2,000 on SEO, respectively. Similarly, 75%, 11.1%, and 4.2% of businesses spend $50-75, $75-100, and more than $200 on SEO, respectively. This variation is driven by the size and scope of the business.
On-page vs. off-page pricing
On-page SEO should be done monthly to avoid any impact in the form of traffic drop. Around 52%, 21%, 5.2%, and 9.% of businesses spend $500-1,000, $1,000-1,500, $1,500-2,000, and $2,000 on on-page SEO respectively.
Most businesses (42%-60%) spend $500-1,000 on off-page SEO to maintain link building, social media marketing, and guest posting. In 2023, 46.3% of businesses will spend $500-1,000 on link building, 60% of businesses will spend $500-1,000 on social media management, 42% will spend $500-1,000 (per campaign) on influencer marketing, and 50% will spend $500-1,000 (per post) on guest posting.
Other miscellaneous expenses
Each site also requires technical maintenance: Approximately 55.3% of businesses spend between $500 and $1,500 per month on technical maintenance of their site.
Additionally, 65% of businesses spend between $50 and $500 per month on SEO software and tools to perform numerous SEO tasks.
Which pricing model should you choose?
60% of businesses prefer the retainer model over hourly or other fixed packages. The retainer model is the preferred model as it gives you long-term benefits and the option to take responsibility. This model is only best suited for large enterprises. Small businesses should choose a project-based or hourly pricing model.
The rise of AI is beginning to change the world of the Internet, and to stay relevant and profitable in this space, you need to invest in key areas like those mentioned above.
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