Before we learn about the wrong business growth strategy of new digital marketing agencies, let’s understand how they work. These agencies leverage their resources, plan and design the digital marketing strategies for those companies who want to build their online presence..
In this blog, we will discuss the possible reasons of why the new digital marketing agencies fail and the wrong business growth strategy they choose.
It has often been seen that start ups usually shut down after 2 or 3 years of starting the company. Especially in the case of digital marketing agencies. There are many newbies in the market with little bit of funding in their pockets and limited knowledge gained from a crash course, they quickly hop into a venture.
Sometimes, the knowledge is so limited that they don’t even know how to convince a client and convert them. Moreover, these newbies at times, lack proper business development strategy to grow their digital marketing agencies.
So, let’s understand where they are going wrong.
Struggle To Generate Revenues
The new digital marketing agencies are often confused about whether to get a client first or a good team. In most cases, the agencies choose the first option without understanding that only a good team can help the agency to get the deal. You need experienced and talented people who can help you out to show different perspectives, give you different ideas and have better abilities to convince clients and build their trust in your company.
If you are starting a digital marketing agency then the first step that you must take is to invest in a good team. You need to have a corpus of at least 10-20 lakhs rupees (1-2 million dollars).
Not Understanding Client’s Business
Digital Marketing is not only about running Google and Meta Ads. You have to get involved in your client’s business. You must find out what their products or services are. Their previous marketing strategies that got them good leads or those that didn’t work.
You must study your clients’ business in depth before you make the business growth strategy for them. Remember, that those days are gone when just an ad banner with a model’s face would help to sell a product.
Yes, in case you have the funds to get a big celebrity then that’s a different game altogether. But new start ups or mid-sized companies usually don’t have so much funds to spend on big celebrities.
So, in that case, it is always a better option, if you can urge your client to feature in the video and image ads. Moreover, customers will trust a product more if the founder of the company himself talks about it. So, as a digital marketing agency, your job is to create a brand from the business.
Digital marketing for business growth has changed over the years. You know very well how much people’s attention span has degraded. So, if the founder of the company himself reaches out to people with an impactful story behind his brand, then there are chances that people will listen.
Remember, that when somebody is paying you a fat check, they expect you to be involved in their business and not just run ad campaigns.
You can help them in creative interesting hooks through ad creatives. Just go through various social media platforms and learn how you can create interesting ad hooks. Give the references to your clients, reach out to influencers who can promote your client’s products and services in a small budget. Discuss how to shoot a nice ad film, what costs it covers and how you will present it to the targeted audience.
Business scalability
Another important thing that you must know as a digital marketer is which business is scalable or which one is not. Suppose, you are working with a client who is not ready to go beyond a certain marketing budget that could help him to reach out to his targeted audience. It could be due to various reasons like your client doesn’t have that kind of a budget. And even the product/service that he has brought to you is not scalable.
It doesn’t even have the potential to grow in the future. So, you need to understand whether to go with this client or not. Whether there is any possibility of scaling the business or not. You cannot just go with any client and promise them to get leads. Such a business growth strategy won’t work at all.
Obsolete SEO Methods
Are you still posting your website’s link on some one’s blogs’ comment sections? If yes, then please STOP! Google has already stuffed such practices into the user-generated list. This means that any one who is spamming someone’s comment sections will not get any authority or link juice from that website. So, these practices are now obsolete. The brand new SEO strategy is to create content around your products and services.
Try to make new image banners and video ads with the founder’s face, optimize your social media profiles by regularly posting stories, reels and talking about your products/services. These days audiences just scroll or skip through ads they see online. So, you need to hook them with something meaningful and valuable.
New digital marketers with just a degree or diploma will not be able to handle clients. This is harsh but true. As a digital marketer, you must know how the CRMs work, analyze metrics on various analytical platforms. The kind of ad campaigns and marketing funnels that are working and which ones are outdated.
How Much You Are Charging?
You must create a salary or fees structure of how you want to charge your client based on the business or leads. You cannot be charging an exorbitant amount from a client if you have got them no quality leads. So, work on that.
This business growth strategy can help you to stay long in the digital marketing market and get good clients.
Remember, that there are many company growth strategy in the market, first, understand your client, his business, do an in depth study about their previous campaigns and their best selling products and where they are stuck. Create a proper budget and a business development strategy to help your client to grow.