Pricing might not be something your brand needs to participate in at all – especially if you target millennials
Today brands are confronting a sharp aggressive market and are discovering it is progressively hard to make a differential favourable position on the behalf of the brand. When contrasted with the past, with the advancement in technology, innovation and strategy, marketers’ occupation has turned out to be more troublesome.
Ever since digital marketing has taken over traditional forms of marketing, the demand has risen to unprecedented levels and so is the number of digital marketing agencies. As more and more people explore career and business opportunities in digital marketing, it is a crucial point to discuss the common mistakes they must avoid. Starting a business of any kind might be easy but running it successfully is not. So let’s see how to run a successful digital marketing agency.
Target Customer Experience Rather than Affordability of the Product
Pricing might not be something your brand needs to participate in at all – especially if you target millennials. According to a PwC report, 42% of consumers admitted paying more for friendly, welcoming customer experience and 52% would pay more for efficient and quick customer experience. Today’s consumers do not hesitate to shell out extra money if the product or service gives them a superior experience.
Do Not Make Fake Promises
Though we are talking about digital marketing here, some strategies are common to any business and so is this one. The client is the most valuable asset of any business so never lie or overpromise them. If you are not sure of the deliverables, be straight forward instead of making fake promises.
Do Not Follow Faceless Logo Strategy
Today, consumers are not interested in a brand with a faceless logo on a billboard. Instead, they want human touch at every touchpoint humanly possible. As a result, marketers believe that it is much easier to trust a human being than a logo. Publishing shareable and valuable content, either in the form of Instagram stories, blog posts, YouTube videos etc. is helping brands create unmatched reach and awareness.
Trying To Do It All By Yourself?
Decentralisation is important to run a successful business. Never obsess over your "I can manage it all" skills rather consider getting help. Help can be either in the form of a learning platform, a team, a mentor or new processes. This is important to grow your business.
Don’t Consider It A Rescue From Job
Many people choose digital marketing for the comfort it offers – the ability to do your job from anywhere. Though being a boss is appealing, you will have to work hard to retain it.
The Large Radius Of Digital Marketing Strategies
Modern-day customers indeed care and support mission-driven brands. Oftentimes, it is not enough for a brand to solely provide top-grade products or services. Then, what else they can do? At times, they should focus on causes larger than their offerings. Giving back can be anything like allocating a percentage of your profits to related non-profits or donating a portion to charity.
Avoid Long Term Contracts
When you are starting an agency, you have low recurring income and often high churn. So it is better to not commit to long-term contracts rather pay month-by-month even if the cost is higher. This will allow you to cut costs quickly if you’re having a rough month.
Measure Performance If You Are Outsourcing
If you are outsourcing, you must know how to measure performance or hire a white label agency that you trust completely. So, make an agreement with your outsourcing partner and set your expectations right.
Do Not Prioritise Income
Mere income should not be your only source of motivation for growing your business. Find something bigger which will always keep you focused on your work.
Do Not Overcharge
Charging way too much especially when you are new into a business is never a good idea. It doesn't mean you will work for free; it's just that you will charge a fair price. Your primary focus should be winning clients and their trust while making a genuine profit.
It takes a strategic approach to build a trustworthy brand that stands out amidst the clutter. So set the approach right for your business as well as your brands. Like any other aspect of your business, your brand's marketing and image building strategy should evolve to reflect changing market trends, collective ideals, and consumer expectations.
Disclaimer: The views expressed in the article above are those of the authors' and do not necessarily represent or reflect the views of this publishing house. Unless otherwise noted, the author is writing in his/her personal capacity. They are not intended and should not be thought to represent official ideas, attitudes, or policies of any agency or institution.
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