How to Determine The Price For Your Business/Service:
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How To Price Your Seo Services
One of the most challenging aspects to starting a SEO agency is determining how much to charge for your seo services.
When businesses under-price their product, this can be extremely detrimental to their bottom line and reputation.
Often times, businesses under-price their products to drive demand and volume, but that last thing you want is for customers to view your product/service as "cheap." Additionally, this can have a big impact on the type of customer you attract, which can be difficult to recover from.
On the other hand, when businesses over-price, this tends to be just as damaging to the business.
When customers buy, it's likely that they will explore the internet and look at other competitors to ensure they're getting the best value + deal. This is why it's so important that you research your competition and understand where you land in the marketplace.
Here are some factors to consider when pricing your product:
Understand your customer
It's important that out of the gates, you identify the type of customer you want to attract and how much they're willing to pay for your service. One great way to do this is by surveying your customers. Here are some important items you'll want to takeaway:
- Customer demographic: Age, gender, location, etc.
- Buying habits of your customer: What they buy + when they buy
- Level of price sensitivity with your customer
All of these segments will help you identify the type of customer you're attracting and how to price your product accordingly.
Understand your costs
When pricing your seo services, it's critical that you first identify all of your costs and consequently mark up your seo services so you can factor in a profit.
The actual cost of your seo services may include things like:
- The actual cost to make the product (ie. raw materials, supplies, manufacturer).
- Shipping + overhead fees
- Operating costs to run your business
You may want to consider creating a spreadsheet with every single expense involved in operating/owning your business. This will give you an idea as to what you need to generate in order to at the very least, break-even and will help you price your products to factor in a profit.
Create revenue goals
When determining the price of your seo services, you'll want to create goals for revenue + how much profit you want your SEO agency to make.
This process is simpler than you may think:
- Think about your breakeven cost (by completing the above step).
- Create a revenue goal based on your break-even cost
- Evaluate the # of items you plan to sell in a given period (make sure this is a realistic number)
- Divide your revenue goal by the number of items you plan to sell
This figure will help determine your estimated price per product in order to meet your revenue goals.
Evaluate your competition
The last piece in determining how to price your seo services is by simply looking at your competition.
The best way to do this is by finding like-minded businesses that offer product(s) with similar perceived value. Then, you can compare prices of the different businesses and determine where your seo services fits best in the marketplace.
All of these factors play an equal part in pricing your seo services, so it's important you evaluate each one individually to come up with an accurate price that will help optimize your business from the start.
More Tips On Pricing Your Seo Services
Lauren Costanza, founder of Bluminary provides us with a detailed spreadsheet of all of her costs associated with running her business:
I knew this would be a self-funded adventure, and I set aside $3,000. During the first three months, I had a detailed spreadsheet where I tracked where the money was going and what was going toward products versus researching and developing new products.
The spreadsheets involved columns and rows of numbers to craft a budget and gain an understanding of how much would need to be invested at each stage of the process - from gathering supplies to building a website, and shipping materials.
Thanks for reading. We wish you success in your business endeavors.
Examples of a successful SEO agency
Chris Dreyer from Fairview Heights, Illinois, USA started Rankings.io over 8 years ago, a SEO agency.
- Revenue: $10,000,000/ month
- Founders: 1
- Employees: 20
- Location: Fairview Heights, Illinois, USA
My name is Chris Dreyer and I’m the CEO/Founder of Rankings.io, LLC. My company is a hyper-focused SEO (search engine optimization) agency; we help elite personal injury law firms dominate first page rankings.
In 2018, we were #858 in the Inc. 5000 list of the fastest-growing companies in America. Our revenue is just under $300,000 per month and we’re on pace for another record-breaking year.
On The Map Inc ($4.2M/year)
Rick Hoskins from Miami, Florida, USA started On The Map Inc over 12 years ago, a SEO agency.
- Revenue: $350,000/ month
- Founders: 1
- Employees: 50
- Location: Miami, Florida, USA
My name is Rick Hoskins and I’m the founder of On The Map Marketing. We’re a global internet marketing firm that develops customized, strategic plans to help our clients climb in search engine rankings. We’ve been in business for approximately ten years, employ forty-five people and maintain three offices in Miami, Los Angeles, and Riga, Latvia,
We are a one-stop-shop for search engine optimization. Our primary focus is to help our clients to get visitors to their website and to convert them into clients. We offer a full array of optimized products: websites, content, pay per click packages, web development, etcetera.
We’ve rapidly climbed the rungs to become a reliable, widely recognized brand in the industry. In fact, we were listed as one of the Inc. 5000 fastest growing companies three years in a row.
Digital Next ($1.8M/year)
Nathan Elly from Victoria, Australia started Digital Next over 7 years ago, a SEO agency.
- Revenue: $150,000/ month
- Founders: 2
- Employees: 12
- Location: Victoria, Australia
I’m Nathan Elly, branch manager and founder of Digital Next Australia. We’re a search marketing agency with a focus on SEO & PPC. We launched Digital Next Australia in Jan 2014 after working several months of night shifts from the UK.
I completed my placement year at University in 2012 at SEONext with my close friend and now-CEO, Justin Blackhurst. Shortly after completing my studies, I came back to the company with the aim of taking the brand to Melbourne.
We started from scratch and after nearly 6 years we are turning over approximately $2 million per year.
Paper Box SEO ($336K/year)
Russell Michelson from Pittsburgh, Pennsylvania, USA started Paper Box SEO about 5 years ago, a SEO agency.
- Revenue: $28,000/ month
- Founders: 1
- Employees: 2
- Location: Pittsburgh, Pennsylvania, USA
My name is Russell Michelson and I’m the founder of Paper Box SEO. We’re a boutique SEO agency based in Pittsburgh, Pennsylvania. Unlike most SEO agencies, we focus 100% of our efforts on SEO and don’t work in other types of online marketing like PPC or social media.
Most of our clients are small to medium-sized businesses who want to grow their organic traffic and get more customers. We almost exclusively work long term contracts for a fixed monthly fee. Our packages are all-inclusive, meaning they include on-page optimization, content creation, link building, and monthly reporting. At the moment, we’re doing $20k/month in revenue and our team consists of me, a full-time employee, and a part-time contractor who is our dedicated writer. We also have an accountant and web developer who we use on an as-needed basis.
Cube Digital ($300K/year)
Leslie Gilmour from Dublin, Ireland started Cube Digital about 6 years ago, a SEO agency.
- Revenue: $25,000/ month
- Founders: 1
- Employees: 3
- Location: Dublin, Ireland
I’m Leslie Gilmour and I started Cube Digital an SEO agency in 2015 - this is the second time I have started an SEO business. You may think it is easier the second time, in some ways it is. But, the second time you also know how much hard work is ahead before you will start to see results.
Our main services are SEO audits and monthly SEO packages. The packages include onsite SEO, content writing, and link building. The main aim is always business growth. We work mainly with small businesses that usually have between 10 and 50 employees.
Our turnover is around $25,000 per month, small in agency terms but we are growing fast. In 2015 I scraped by, but each year since we have grown turnover by around 50%.
Growth Gorilla ($240K/year)
Alan Silvestri from Winchester, England, United Kingdom started Growth Gorilla over 3 years ago, a SEO agency.
- Revenue: $20,000/ month
- Founders: 1
- Employees: 4
- Location: Winchester, England, United Kingdom
Hey there! My name is Alan Silvestri and I’m the founder of Growth Gorilla, a link building service for SaaS companies (Software as a Service). I started the company end of summer 2018 so it’s been going for a little less than a year.
We are different from most other link building companies because we do genuine, manual and quality outreach link building to acquire backlinks to our clients’ sites. What we do is more “PR link building” than just SEO link building to increase rankings and traffic. Our clients are, for the most part, profitable software companies and startups that are publishing great quality content consistently but that don’t have the time or resources to promote that content and build backlinks to it.
The company has grown from zero to 10k in monthly recurring revenue mostly in the last 7 months and most of our clients have stayed with us for a minimum of 4 months, so we’re pretty happy with how things are going and excited for the future!
Bob Weichler from Brussel, België started Weichie.com over 1 year ago, a SEO agency.
- Revenue: $15,000/ month
- Founders: 1
- Employees: 1
- Location: Brussel, België
My name is Bob. I’m the creative director at Weichie, a Brussels-based creative, technology, and e-commerce optimization agency for extraordinary brands. We leverage our vast experience in creativity, technology, and business to help brands stand out in the digital world.
Weichie covers a broad range of topics including SaaS products, platform or CMS selection, headless solutions, creativity, and content. We partner with brands and people to help them grow & scale their online visibility.
Busy Living Better ($62.4K/year)
Noah Riggs from Shreveport, Louisiana, USA started Busy Living Better about 3 years ago, a SEO agency.
- Revenue: $5,200/ month
- Founders: 1
- Employees: 1
- Location: Shreveport, Louisiana, USA
My name is Noah Riggs and I decided to embark on the journey to become a full-time blogger in 2018. My business is a lot of things and evolves constantly. All of my current projects are all housed under the Busy Living Better umbrella entity (aside from my work as the CEO and stakeholder of a media company based out of Austin).
For example, my personal site busylivingbetter.com is a website focused on teaching others how to take themselves from having nothing to waking up to meaningful life every day. I teach this by sharing the same strategies I used to go from broke and stressed, to a CEO and multiple business owner in just one year.
Busy Living Better also includes my newest project with my longtime girlfriend, a site focused on creating helpful printables for every need, as well as the SEO consulting work I do for other multi-million dollar blogs.
The majority of my income from this business comes from SEO consulting. This wasn’t exactly what I expected the case to be when I began freelancing and offering services to businesses, but after finding some success for my first client the word spread to his other business partners and suddenly I had a full client list.
Rick van Haasteren from Katwijk, South Holland, The Netherlands started SiteGuru over 3 years ago, a SEO agency.
- Revenue: $500/ month
- Founders: 1
- Employees: 0
- Location: Katwijk, South Holland, The Netherlands
Hey! My name is Rick van Haasteren and I run SiteGuru, an SEO tool for online marketers and website owners.
SiteGuru crawls your website and finds SEO issues, and tells you how to fix them. Things like missing meta descriptions, wrong page titles, slow pages, but also broken links and pages without any links to them. If you’re running a website, you know how it grows over time and how hard it can be to keep track of all your pages. SiteGuru aims to give you the full picture.
Unlike many other SEO tools, SiteGuru doesn’t just give you a list of all your pages and their SEO data. Instead, we’re giving a list of actionable tasks so you can quickly start improving your website.
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