As a marketing specialist in the solar industry, I have always been curious about how much solar companies spend on marketing. It's a crucial question, especially since solar power is gaining in popularity and more companies are entering the market. In this article, I will dive into the data on how much solar companies spend on marketing, discuss the value of different lead types, and the importance of having the right solar marketing company supporting demand generation efforts.
How Much Do Solar Companies Spend on Marketing?
According to a study by SEIA, the average solar company spends around 5% of its revenue on marketing. This figure may seem low, but it's in line with what most companies in other industries spend on marketing.
Interestingly, the same study found that the top 20% of solar companies spend more than 10% of their revenue on marketing. This suggests that more successful solar companies tend to invest more in marketing. This may be because they understand the importance of marketing to drive growth and generate leads.
Another study by the Solar Energy Industries Association (SEIA) found that solar companies typically allocate their marketing budgets in the following way:
35% on digital marketing
20% on events and tradeshows
15% on lead generation and lead management
10% on sales enablement
10% on public relations and media
10% on other activities
The Value of Different Lead Types
To truly understand how solar companies allocate their marketing budgets, we need to understand the value of different lead lists for sale. Here are the most common lead types and their values:
Inbound leads: These are leads that come to the solar company through various channels such as search engines, social media, and referrals. The value of an inbound lead is typically around $100.
Outbound leads: These are leads that the solar company actively reaches out to through email, cold-calling, or direct mail. The value of an outbound lead is typically around $250.
Referral leads: These are leads that come from existing customers or partners. The value of a referral lead is typically around $500.
The event leads: These are leads generated through events such as tradeshows, seminars, and webinars. The value of an event lead is typically around $1,000.
It's important to note that these values are only estimates and can vary depending on the industry and the specific solar company.
The Importance of Having the Right Solar Marketing Company
As the solar industry becomes more competitive, it's essential to have the right marketing company supporting your demand generation efforts. A good solar marketing company can help you generate high-quality leads, improve your online presence, and increase brand awareness.
There are several factors to consider when choosing a solar marketing company. These include:
Experience: Look for a company that has experience working with home solar companies and has a deep understanding of the industry.
Expertise: Look for a company that has expertise in all areas of marketing, including digital marketing, event marketing, lead generation, and public relations.
Reputation: Look for a company with a good reputation in the industry and a proven track record of success.
Communication: Look for a company that communicates well and is responsive to your needs and concerns.
