Marketing is a very competitive niche and many of the marketing companies that will be founded today are unlikely to be around in years to come. This is due to many factors, such as infrequency of revenues and the difficulty of partnering with clients. With Coronavirus, global ad spend is set to decrease by 11.8% in 2020, this means that marketing agencies are facing even more challenges this year. Despite the competition and challenging economic times, starting a marketing agency can be very rewarding and provide you with a career with lots of freedom.
What Is Needed To Start A Marketing Agency?
To start a marketing agency, you need two main things. The first being capital to invest in marketing your own business and the skills to deal with client projects. Let’s say that you have the capital resources needed, here are the skills that you need. Agencies like Crum Consult and other new marketing agencies use these skills on client projects to provide results.
Good Communication Skills – Being able to converse with clients and break down complex marketing theories such as link building and explaining it in a simplistic manner is essential. Not all clients that you deal with will know about marketing practices and trying to explain different marketing channels might not be as easy as it sounds.
Organization Skills – The ability to follow procedure and follow a set timeframe is key in order to meet client requirements. By not being organized, tasks will build up and you will find yourself behind on projects and the quality of work that clients receive will reflect on this. Good organizational skills will ensure that the business runs seamlessly and problems will be avoided such as missing deadlines.
Social Media – Unlike the other two skills mentioned, social media skills are hard-skills and can be learned and perfected. Social media platforms like Facebook, Twitter and Instagram are tools that businesses can drive traffic, leads and awareness from. Unlike SEO, social media marketing can provide results very quickly and builds awareness quickly. Social media provides various avenues of marketing. For example, you can buy sponsored posts from platforms and target users in your niche. Influencer marketing is a part of social media marketing and can be incredibly fruitful in terms of sales and exposure. Having your brand name associated with influencers can give your business authority.
SEO – All marketing professionals should know at least the basics of SEO as search engine optimization is arguably the most cost-effective form of marketing. Search engine optimization is an ongoing process that requires patients and perseverance. Unlike many other forms of marketing, SEO can take months to give results and people often give up after a few weeks. One of the benefits of knowing SEO is that it is always in demand. Clients are always looking to have their sites rank higher on search engines. Marketing agencies charge anywhere from $500 to $10,000+ per month for search engine optimization services. SEO services require in-depth knowledge and an understanding of many concepts.
PPC – Pay per click marketing is one of the most popular forms of digital marketing. PPC is when you pay platforms like Google to list your site on search results, associated with keywords. Pay per click marketing provides instant results and can bring sales and leads quickly in comparison to SEO. However, pay per click requires a budget that is in-line with the clients niche. For example, pay per click marketing for businesses in the law niche can cost thousands per month and not only bring results for clients, but also for the agency managing this budget.
To start a marketing agency, not only do you need the skills required to start a business, you also need the skills that it takes to market other businesses. However, if you have the capital resources to market your own marketing agency and have experience providing services, then you may be suitable to start a marketing agency.