There are multiple ways to do this:
FIRST STEP/OPTION
(Example for a Personal Injury attorney in NY).
In this case Semrush determines that to get all this traffic using Google Adwords, the firm should spend $190K/month.
Take into consideration that Semrush usually give values of traffic and traffic cost that are 4–10 times below the real value.
But let’s keep it like this for now.
Now, I’m not suggesting the cost of SEO for that type of service/keywords is $190k/mo, but it gives you an overview of how competitive this niche is.
Would you say firms are paying $5k-$10k/mo for getting that traffic? You bet.
SECOND STEP/OPTION
Check the financials of the companies that are around to know what is the estimate they are spending on marketing.
Go to Hoovers.com and search for the company’s information.
In our case, this firm is a $2.9 Million dollar firm.
If we take into consideration that a normal spent in marketing is between 4–10% of a company’s revenue we could go to a number that is:
$116k to $290k per year.
We could also check if they are spending on Adwords.
Spyfu says they are speding about $1k per month on ads (this could be waaaay off), that’s $12k/year.
That means the cost could easily be between $5k-$15k easy to rank for these keywords.
All this data is based on what we see at our company, averages numbers, and “guessing”.
The reason is because we cannot guess what the real numbers are, they may be spending $20k/mo, each company budgets in a different way.
As an example, when I was in college, I worked for Red Bull and they spent 40% of their revenue in Marketing….
THIRD OPTION (The best one).
The best thing is to call multiple companies in your industry and have a conversation with them to know how much they are spending.
There are multiple ways to do that, but that’s another topic :).
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