In our last article, we went over our first 5 tips for creating and growing a profitable digital marketing agency. If you haven't read that one yet, click here. If you have, buckle up and get ready for part two.
The Final 5 Tips For Building A Digital Marketing Agency
- Grow conservatively. It can be very tempting to grow as fast as you can, especially if you have a lot of leads and potential clients. When you grow too quickly and hire a large team, your overhead will skyrocket. And once your overhead increases, you're going to need to earn more cash. You'll end up making decisions that go against these tips such as taking on clients you normally wouldn't and accepting jobs outside of your specialty. Grow slow and grow smart.
- Build assets. As an agency, you're working on building everyone else's assets. You're putting all of your time, effort and expertise into building your clients' businesses. Leverage your relationships on the consulting side to build owned or co-owned assets. Take what you're doing on the front end with a client and work together to build a mutually beneficial asset on the backend. Now you have something tangible that is owned by your agency that you can hang onto forever.
- Set realistic expectations for your clients. Transparency with clients is key. If you don't set clear expectations before taking a client on, you're likely going to have issues in the future. In the beginning, the client's expectations may not align with reality. For example, they may think they're going to start making a profit in a week. From day one, discuss the length of the testing period, what you expect from the client, KPI's, goals and projected profit.
- Be super selective who you work with. Realize that clients are coming to you because of your expertise. They like what you have to offer so they're wanting to pay you for your service. Don't sell yourself short and value yourself. Don't drop your price if you sense hesitation, you need to be compensated for the value that you're offering.
- Do it because you love it. If you're doing it because you think it is the quickest way to make money, you're making the wrong decision. Building an agency requires a massive commitment. You need to do it because you genuinely love working with businesses and helping people grow what they're passionate about.
What Do You Think?
Building a digital marketing agency is going to take an investment of time, money and resources. However, when you scale your agency to the point where you're generating a sufficient income and helping others do the same, the payoff is worth it. What has been the hardest part of building your agency? Comment on the post and let us know.
Happy hunting!
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