A new report has ranked legal services as the third most challenging product and/or service to sell in the Australian market.
SEO Shark has just released its latest findings into online marketing strategies, showing that some businesses are more costly and challenging to market online than others.
The company compiled the average cost of an ad to appear at the top of Google for popular, relevant keyword searches across 21 business categories.
It compiled around 15 popular terms for each business category and then averaged the top-of-page bid across each group of terms, forming a rank of the 21 business categories – from the highest cost to lowest cost – according to their average top of page bid.
The findings showed that IT services are the most costly business to market, followed by insurance products.
Legal services came in as the third most costly business category to market, with an average top-of-page bid cost of $84.90, according to SEO Shark. This category attracts an average of 45,080 monthly searches from its most popular keyword search terms, which include ‘family law’, ‘Sydney criminal lawyer’ and ‘estate lawyers’, it explained.
Oppositely, retail was ranked as the cheapest business category to market, followed by fitness.
“With more consumers relying on search engines to find what they need, the online landscape now makes up the majority of marketing and sales budgets for many businesses. The cost of an ad is an indicator of how challenging it will be to market that product or service. Many businesses are investing in creating a website that ticks all the SEO boxes, including keyword strategy to make sure their site appears at the top of a user’s search page," said Lucas Bikowski, managing director and senior SEO strategist at SEO Shark.
“High search volumes don’t guarantee a lower top of page bid. At the end of the day, it's all to do with return on investment on any particular keyword. For example, an IT company that is bidding on the keyphrase ‘managed IT services’ knows that an IT service contract will last for about year or so.
“If you compare this to someone searching for ‘travel insurance’, which people often purchase at a one-off basis, you can begin to understand why there is a fluctuation in the numbers and why some industries are harder to market.”