At present, digital marketing has become one of the happening industries of the modern world. However, the scene was completely different only a few years ago. Today, I will share some vital yet exciting facts regarding the digital marketing business.
I am proud to share all this with you as the owner of a digital marketing agency. However, you will be amazed to know that I started this business with a little investment. Here, you will learn how I planned and started my venture in digital marketing. This article is broken into parts for your convenience.
Part 1: Business planning
As per my experience, business planning is the primary aspect you should concentrate on while opening a digital marketing agency. There are multiple aspects related to business planning that you need to know. Have a look below:
- Market identification
Market identification is the primary thing that you need to execute in case of opening an agency. Here, you need to judge the needs of the market.
- Define USP and portfolio
Defining the USP and portfolio are another couple of must-dos in the case of business planning. You can take the support of the social media platforms to inform the USP and portfolio of your company. For USP, you need to tell potential customers how your agency is unique. Likewise, the portfolio would show the areas of digital marketing you would cover.
- Make a promotional strategy
Chalking out a promotional strategy is vital for your new digital marketing agency. It can help you to generate a considerable number of leads. While planning a promotional strategy, you can study various ways. Then, if necessary, you can refer to the best business podcasts to know more about promoting your business.
- Set a benchmark for client handling
Client handling is a vital thing for every business. Therefore, you should always set some benchmark for it. It can ensure that your agency worthily values each client.
Part 2: Market Research
I always recommend executing a couple of things related to market research for opening a digital marketing agency. The details regarding them are given below:
- Calculate the market opportunity
Calculating the market opportunity can lead you to identify the aspects of growth. Firstly, you should understand the size of the entire digital marketing market. Later, you can identify your target customers and work to serve them.
- Track your competitors
Tracking the competitors properly can help you in two ways. Firstly, to make a proper business model by taking a reference. Secondly, to understand their strengths and weaknesses and work accordingly. Remember that a SWOT analysis can always help you make healthy decisions regarding your digital marketing agency.
Part 3: Fundings
As I have said earlier, I started the digital marketing business with minimal investment. If you want to do the same, there are some funding strategies that you can incorporate. Study the following points to know about them:
There are different kinds of loans that you can take to start your digital marketing agency. For example, you can get both bank and NBFC loans to start your venture in America.
Crowdfunding can help you to start your venture quite quickly. It is one of the easiest fundraising techniques in the US. All you need to do is read about it and select a credible platform for crowdfunding.
- Investors and capitalists
If you have very little to invest in for your business, the investors and capitalists can always help. Act as a social media coordinator to find them. However, a proper business plan is vital in this case. Once the investor gets convinced about your venture, you can expect hefty capital. After you get the money, starting your digital marketing agency will be a matter of time.
You would be amazed to know that I found one of my relatives as the investor. That is how I started my journey as a business owner.
Part 4: Making a Team
Technically, you can consider this the last part of planning about opening a digital marketing agency. So, be very picky regarding the experts you choose. I am mentioning a generalized approach that you can follow while recruiting experts in your team.
- Mind your portfolio
Always mind your portfolio while choosing an expert. Never recruit a person in your agency whom you might not need. For example, avoid recruiting an SEO specialist if you only deal with content writing.
- Give importance to social media
Your digital marketing agency must have an expert for social media marketing. Always try utilizing this person in two ways. Firstly, he can work for your client’s website while managing the company’s social media handles.
- Recruit PR and customer support executives
When making the team for your digital marketing agency, remember to recruit PR and customer support executives. Please make sure these people have proper knowledge of social media platforms and their management. For example, you must check if a PR person can disable a Facebook profile.
This is necessary as they might have to connect with most of your clients on social media platforms. Remember that there is no point in recruiting someone who does not know how to clear the Instagram cache.
When it comes to team building, you should always look for multi-talented experts. First, it can help you minimize the wage burden. As a result, you can easily run the firm with fewer expenses for a prolonged period.
If you have read my blog up to this, you probably must have a clear idea regarding the digital marketing agency start-up. As per the bottom line, I must mention that a clear concept regarding the overall structure is always necessary.
If you have no proper knowledge about digital marketing, try taking a course to learn things first. I would surely not recommend you to start a business without proper planning.