Almost everyone dreams of starting a successful company at one point in their life. A business that affords them the lifestyle they’ve always wanted – enough money in the bank to travel the world and spend quality time with the family. In reality, 99 percent of people never get to realize this dream.
However, pulling it off can be easier than you think, especially if your dream is starting an online marketing business. Even amidst the impacts of COVID-19, market research in 2020 revealed that the global digital marketing and advertising market is valued at US$322.5 Billion. By 2027, estimations indicate that the value should reach a size of US$640.2 Billion.
Given this vast market and such a significant growth rate, let’s look at seven quick steps to get an online marketing business going.
#1 Apply Online Marketing on Yourself First
It’s difficult, if not impossible, to carry people somewhere you’ve never been before. Therefore, to begin a successful digital marketing agency, you need first to market yourself. The aim here is to get viral, either on YouTube, Facebook, Twitter, or any other digital media platform relevant to your audience. For instance, popular social media marketing entrepreneur Tai Lopez went viral through his “Here in My Garage” video on YouTube.
The entire video was shot with an iPhone but had billions of views once it was uploaded. Hence, to better convince prospects of your marketing abilities, you have to market yourself effectively.
#2 Start With the Appropriate Tools and Data
You need to know whether you want to incorporate, sole proprietorship, or an LLC. For some, the differences and paperwork for these three can be confusing. Making the right choice ensures that you have personal legal security in case of troubles such as lawsuits. It brings some tax benefits too. Thus, you might want to consider contacting a company formation service for assistance in selecting the best option.
You also need the right tools and data to ensure that you’re making the right decisions from day one. Your business model and plan need to consider trends and technology that your online marketing business will require to maintain a competitive advantage, not only in the present but also in the future. You can consider several technologies, such as Google Adwords, Alexa, Adobe Analytics, etc.
#3 Integrate Your System With a Conversational User Interface
It’s important to get the basics of your website right but you also need to go a step further. There are several intuitive and conversational UI making significant differences in consumer-business interactions. Some of the user interfaces, like Google’s Assistant, Apple’s Siri, and Microsoft Cortana, provide customers with answers when they can’t access direct assistants.
Integrating any of these conversational user interfaces into your system sets your business apart. It gives your clients a unique experience each time they interact with your agency’s website. You can think about chatbots for product questions and assistance with simpler assistance tasks.
#4 Choose Lucrative Niches
As a small business, you want to focus on bringing in high-income customers such as dentists, lawyers, and doctors. These types of clients require your expertise and they have the money to pay for it.
The moment you can figure out how to successfully offer value to one doctor, you can duplicate this success with other clients. Having multiple retainers helps build a true business, instead of the time-consuming death trap that some companies become.
#5 Provide Multiple Packages
Clients differ in their needs and expectations. You have some that prefer the luxury package, while others can only afford the standard package. Therefore, starting with only one price eliminates a large section of your potential clients. Instead of one ultimate price, it’s advisable to begin your online marketing business with four distinct packages.
Each of these will differ in pricing and deliverables. Pricing your services this way helps bring in more clients and encourage loyalty. According to stats from Invesp that compared new and existing customers, existing customers are 50% more likely to buy from you and may pay your business 31 percent more.
#6 Tell Compelling Stories
Your new business needs to bring in paying clients as quickly as possible. Here, you can look to your circles, such as referrals, family, and friends. However, this will have its limits. Therefore a point will come that you’ll need to approach strangers.
Here, you’ll need a compelling story that sells your services, builds trust, and helps you close. Once your story resonates with the right audience, you can engage new people, get a large following, and enough clients.
#7 Hire Staff
One of the most significant setbacks for new business owners is the tendency to do too much of the “heavy lifting.” It is essential to think like an army general when you start a business. You can only do so much yourself. There are several minor tasks that you’ll need to delegate to a competent team. Some of the people you’ll need for a new marketing agency include a virtual or personal assistant and an accountant.
There are no shortcuts to success when you start an online marketing business. Competition for clients is fierce. However, these seven steps can help you get your online marketing business off the ground and avoid the usual pitfall that prevents many from becoming profitable. Remember, the key is effective implementation and patience.