There are many risks for digital marketing agencies, but also a lot of opportunities. In this video, I will outline both topics so you can avoid the risks and benefit from some of the opportunities.
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0:00 Intro
0:48 Risks
0:51 #1 Competition
1:57 #2 Having too many small clients
2:33 #3 Finding and keeping talented people
3:31 #4 Managing client relationships
4:53 #5 Staying ahead of industry trends
7:17 Opportunities
7:20 #1 Not being limited by location
8:01 #2 People want to work more with small businesses
9:03 #3 Increased interest in automating processes in businesses
9:42 #4 No-code internal tools to provide personalized experiences
10:31 Outro
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2 MONTH PROMOTION ENDED. USE THE FREEMIUM INVOLVE.ME HERE: https://app.involve.me/
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Check out some of our other videos:
How To Find High-Ticket Clients For Your Marketing Agency: https://youtu.be/INeeMHIAhVk
How To Make A Review Funnel: https://youtu.be/iqHah1L3Rmo
How To Make A Marketing Strategy Generator: https://youtu.be/lU3ZSm95HmQ
Landing Page Trends To Watch Out For In 2022: https://youtu.be/F530w9RcDnY
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Risks
1. Competition
Because everything is done online, it means no matter where you are in the world you can start a digital marketing agency and score clients from everywhere, regardless of location. Basically, competition is everywhere and there is nothing to limit this competition.
The solution to this risk is to understand your niche. Every business has something they specialize in. Know your niche and the competition will immediately decrease.
2. Having too many small clients
Growing your digital marketing agency by getting more clients is not always the best solution. It means handling different clients and different projects at once. This is both time consuming and chaotic.
The better solution is to grow your business by growing your clients’ business. Check out our video on “How to find high-ticket clients” to know more about this topic.
3. Finding and keeping talented people
A successful business is only as successful as the people that run it. Competition for the best talent is also quite challenging because your competitors are also seeking out the talent you are.
The solution to this issue is to offer remote working opportunities. Remote work has become a very attractive perk for a job opening. The second thing you can do is in-house training programs where you can develop the skills of new college graduates and young “creatives”.
4. Managing client relationships
Managing client relationships is key for your digital marketing agency. This is because it is easier to maintain relationships with current clients than try and attract new ones and build a relationship with them.
So how do we avoid this? It is important that the client receives the value and support they expect. Setting the right expectations with your clients and proactively managing them is key in maintaining good client relations.
5. Staying ahead of industry trends
We all know how fast things change in today’s world and we also know how important it is to keep up with these changing trends to be successful, especially in digital marketing. Many social media algorithms value people who follow these trends and will push their content above others.
Here are some trends:
– Personalization
– Landing page videos
Opportunities
1. Not limited by location
A huge opportunity for digital marketing agencies is the limitless and borderless aspect of the industry. You can have clients from all over the world and still achieve all your goals and targets because everything is done online.
2. People are wanting to work more and more with small businesses who care
The market is experiencing a shift in consumer preferences which is favoring small businesses. 67% of Americans prefer shopping at a small business rather than larger businesses.
3. Increased interest in automating processes in businesses
A study by McKinsey found that 31% of businesses have at least one function automated and found that 66% of business leaders were piloting solutions for at least one business process. You can focus your niche all about marketing automation.
4. No-code internal tools to provide more personal experiences
I get it, you’re a marketing agency, not a development one. But you can still make internal tools for your clients without having to code. It will help your clients get to know their customers better and it will also give you an edge over other agencies in your niche.
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