How To Start Digital Marketing – By 2023, an estimated 571.16 billion US dollars will be spent on digital advertising worldwide. This is a 16.2 percent increase from the $491.70 billion spent in 2021. Companies of all kinds are spending money on digital marketing agencies to do the work for them. If you’re here, we’re willing to bet because you see an opportunity for yourself to start a digital marketing agency.
Then buckle in, because this blog post will show you exactly what you need to do to start a profitable digital marketing agency, step by step.
How To Start Digital Marketing
The growing popularity of the Internet, smartphones, and other Internet-connected devices has pushed digital marketing to the forefront as the focus of most business marketing. Studies have shown that we spend between 5 to 8 hours/day online. This creates an opportunity for businesses to meet their customers where they spend almost ⅓ of their day.
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Companies are realizing that they need to market themselves online. However, they often cannot take full advantage on their own. Not all businesses have the resources to handle all of their marketing in-house. Companies that don’t have the in-house resources can hire a digital marketing agency with complete expertise in all things digital marketing or expertise in specific areas they want to focus on.
A digital marketing agency reaches customers online through websites, blogs, social media, email and television. A digital marketing agency can help businesses build their customer base, and increase sales and brand loyalty.
Some areas that fit the digital marketing umbrella include SEO, social media, pay-per-click ads, email marketing, video marketing, influencer marketing, content marketing, and website design.
One of the great things about running a digital marketing agency is that you have 100% freedom to do what you want. You can work with whatever type of client you want, offer whatever service you want, charge clients whatever you want, and work as often as you want.
How To Start Your Marketing Agency
With that said, there are certain types of agencies that are more popular than others due to their profitability and demand.
The pandemic forced almost all businesses to change their business strategies. One of those changes was how they market to potential customers. More people than ever are spending time at home and on internet-connected devices. This is unlikely to change coming out of the pandemic, either.
If you want to take advantage of the digital marketing wave, starting a digital marketing agency is a good idea.
If you have been successful as a freelance marketer or are an experienced marketer, starting a marketing agency may be the next logical step.
How To Start A Successful Digital Marketing Agency + [infographic]
The attraction of running an online advertising business is of course, getting to work for yourself. It will also be possible to win bigger clients who pay more, driving your income potential through the roof. However, the corresponding growth in revenue means more risk and moving parts.
If you are new to marketing or if you have a little less experience, we advise you to ask yourself a few questions before diving into the world of the agency. These questions will help take off the rose colored glasses and understand what it takes to run a successful digital marketing agency.
Let’s assume that your desire to start a digital marketing agency stems in part from your perceived marketing chops. If you really have the ability or believe you will learn along the way, the next question is this…
Additionally, you can ask, “are other businesses looking for someone or an organization that does what I do?” “
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The best way to find out if there is a demand for your service is to start reaching out to potential clients.
If you have experience working as a marketer, you should know the answer to this question to some extent. This is one reason why starting out as a freelancer or getting a job in digital marketing is great.
Being a product representative sets you apart from a large number of organizations that don’t really do much for their clients and don’t use tools like product tracking.
With even just basic sales skills, you can grow an organization if you know how to get results in the current marketing environment.
Ways To Build Career In Digital Marketing 2023
By definition, the difference between freelancing and running an organization is a team. Scaling up requires systems and people to manage those systems. Placing part-time and full-time employees means navigating different legal, hiring, training and regulatory landscapes.
You will spend much less time marketing and more time running various business skills. Can you handle the pressure of leading a team and growing a team?
Running a business is a long-term commitment. Once you get a book of clients and employees who depend on you for their salary, the pressure is on every day.
Rainbows and unicorns are NOT everyday, meaning you have to show up even when things are tough.
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This means showing up when it takes longer than expected to get your first client, when you lose a client, or when you spend money on a tool, course or employee that doesn’t work out. For these reasons, it’s good to have a real passion for marketing and the types of businesses you want to work with.
This question is less about whether you should start a marketing agency and more about what you want to earn from your agency.
This means answering what you want your business to look like and defining your vision. Starting a digital marketing agency without a vision is like making dinner with a vision.
There is no one-size-fits-all approach to determining your vision and you don’t have to choose one at all.
How To Start Digital Marketing Business
You feel like you can have a bigger impact on businesses than you currently have with work.
You are unhappy with your job, and don’t think it’s because of where you work, but that you don’t work for yourself.
You’re happy with your job, get what you want out of it, and you don’t see that changing anytime soon.
You’d rather just work in a few key areas that you excel at and let others handle the rest.
Why You Should Start Your Own Digital Marketing Agency
One of the hardest parts of running a business is finding a profitable pricing model. There is a delicate balance between an irresistible offer that your target market will say, “yes” to, while still generating enough revenue to pay your employees and profit.
Agencies have the option of charging clients in a number of different ways. Here are the most common pricing models:
Most organizations use the retainer model because retainers allow agency owners to plan ahead, especially when retainers turn into long-term clients. By predicting guaranteed payments in advance, organizations can, in turn, deliver better results to their clients. Be aware that predictability is not something organizations are known for, but curators can add some of it.
With it, you can better predict revenue, manage cash flow, and make better hiring decisions. The ability to do all this is a good sign of growth
Why Should You Start Your Own Digital Marketing Agency?
Another popular pricing model is the hourly based model, which is also the simplest of the bunch. Simply set the hourly rate for each service, and charge the client for each hour spent on a project. A mistake agencies make is when an hourly rate doesn’t charge enough to compensate for the unbillable hours you spend working.
When managed correctly, you have a simple pricing model that makes it easier to track profitability, manage team hours, and project schedules. With the hourly model, you can eliminate any concerns about range creep.
The performance/commission based model is often used by organizations that can definitively link their work to a measurable outcome for a client. For example, leads that are generated only convert into clients/customers. This pricing model can be very profitable and rewarding for experienced organizations with confidence in their ability to deliver results.
The drawback of performance-based pricing is the volatility created by the fact that your clients can drop you at any time or disappear when it’s time to pay. Nevertheless, to cost according to performance, organizations need to establish a key metric like the conversion value. To reduce the risk, some organizations will charge a flat fee up front.
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As the name suggests, this model involves charging clients a flat fee for the project. Agencies estimate the total number of hours required for a project and multiply it by an hourly rate. Interest rates are good for agencies that offer one-off services such as website development and SEO audits. They also work well for organizations that offer clear deliverables with well-defined endpoints.
For fee-based pricing to work in your organization’s favor, you need a clear understanding of the expected costs for projects. This model is good for organizations that are just starting out that may find it difficult to get clients based on retention.
Ok, let’s get into the meat and potatoes of this blog. There is no mandatory order that you must follow when starting a marketing agency. Instead, follow this rough framework to give your organization the best chance to get off to a strong start.
Step one is to figure out what service(s) you want to offer your clients. You can be a full-service agency, offering one service or matching a few services for free.
How To Start Digital Marketing:a Comprehensive Guide For Newcomer
An example of matching consulting services is a website design company offering SEO services to clients who build websites
