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Business & Marketing

7 Tips For Setting Up a Successful Marketing Agency

Successful Marketing Agency

If there is one common trait we can use to describe all companies in the world would probably say they all need to appeal to a certain number of customers to be successful. Keeping in the number of these companies we can safely say that opening up a marketing agency always makes a prudent business move.

However, fortunate circumstances don’t always translate to success and as promising as the marketing field may look at the first glance harsh competition and fluctuating trends don’t always keep the doors wide open for newcomers.

Let us take a look then at a couple of tips that should help you put your future marketing agency on healthy foundations and help it join the major league.

Identify a viable target market

Positioning is one of those factors that can make or break the success of one company. Since you are building the company from the scratch it is highly recommended that you find some promising market niche, acquire the necessary level of proficiency, and use this position to expand and work on different types of projects. So, don’t look at this as a limiting factor but rather as an opportunity to establish firmer bonds with your initial client pool. With that in mind, be sure to conduct thorough market research before you make any final decision.

Spend some time as a contractor

Although you are probably trying to get your company off the ground as soon as possible we would recommend that you temporarily put immediate plans on hold and spend some time as a contractor. This experience will help you to strike out, earn yourself a name, learn about the basics of the business, connect with influential people within the industry, and all that without assuming too much personal responsibility. People will be far more inclined to work for you or hire your company if you already have some sort of track record.

Make your company flexible and scalable

One of the most troubling circumstances in regards to the marketing industry has to be its volatility. That is why you need to build flexibility and scalability into the very core of your company. One of the ways to accomplish that is to hire remote teams and outsource departments that are not generating revenue. Also, it would be a good idea to move your tools to the cloud and shift to scalable, pay-as-you-go tools. With these assets in the pocket, you will be able to quickly close on the market opportunities without having to perform extensive in-house overhauls.

Find an easy way to bring in your initial clients

This is especially hard for marketers since they need to demonstrate their abilities first-hand without coming off too cheap. So, the traditional marketing strategies like cold calls, press releases, and banner ads are pretty much out of the question. What you should do instead is to resort to inbound approaches and lure in your initial clients with blog posts, iconographics, webinars, SEO, social media actions or even starting a podcast. The approach is subtler, more efficient, and demonstrates a much higher level of expertise.

Put your focus on evergreen content

Content marketing may be a bit slower from the get-go, but recent research says this approach also generates three times more leads than paid advertising so this is the value you should try to bring to your clients. This job will be far easier and you will spend fewer resources if you consciously try to make the content “evergreen” or in other words recyclable. Posts that are not related to some hot topic or area-specific have much stronger legs and they tend to drive traffic and generate ROI long after first publication.

Have a plan for retaining your best clients

Although your company always needs to pursue prospective new clients, you need to keep in mind that loyal customers generate more revenue each year they keep hiring your company. You need to use this fact to your advantage. The recent research says that a minor 5% increase in customer retention can increase the profit of one company by 25% to 95%. So try to be proactive with your clients, establish long-term loyalty programs,          constantly ask for feedback, offer unique perks, and set reasonable expectations from the very beginning.

Write down a comprehensive business plan

Last but not least, we would suggest that you take some time to write down a detailed business plan that will lay out all important traits of your company ranging from its mission statement and executive summary to long-term goals, sales strategies, and scaling options. Putting all these things on paper will give you a great impartial look at all facets of your company and allow you to break down its future development into small, measurable, time-constrained, and manageable objectives you can use as your initial roadmap.

We hope these few tips gave you some general idea about the ways you can build your marketing agency from scratch and put it on some solid foundations. The present-day marketing industry is very competitive and this fact is only made worse by the fact that marketers are under very strong pressure to practice what they preach. The room for mistakes is very small and so you need to make your company as close to fail-proof as it gets. Now, you know where to start.

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