In this post, let’s talk about social media marketing agencies. These days it is becoming a new lucrative business which, you can be started from your home. Here we will try to answer questions like “How to manage social media marketing company?” and “How to start a social media marketing agency?”.
In the social media marketing business, the most advantageous part is a low financial investment. But it also requires a high level of hard work & smartness. The advisable capital for starting a social media marketing agency is around 3 to 6 months of working capital.
Like any other business, here too, you need to have the necessary skill sets and capabilities related to your domain. If you don’t know much about advertising, branding and online marketing, then use online resources or take up online social media marketing courses.
Today Facebook has close to 2 billion users and Twitter has 328 million. The total audience size of Facebook alone is equal to the population of the single largest country. So no brands can stay away from the influence of online social media platforms.
Here are a few unique features that make social media platforms more attractive:
- Opportunity to build conversations with the precise target audience
- Most of the social media platforms are free to use
- Real-time feedback
- Live chats with the target audience
- Low customer acquisition cost
- Measurable results
How to start a social media marketing agency?
Get a client to pay your bills?
Getting new clients will be the biggest initial challenge for your social media marketing agency business. In any service industry, client acquisition and retention is an important factor in determining the successes of a business.
In short, the job of a social media marketing agency is to differentiate a product or service from the existing competition of the market. So, how you are going to differentiate and increase the visibility of your social media marketing business in front of your target audience? As you start with a limited budget, look for some creative ways to connect with your targeted clients.
Define your Social media marketing business
Define the values of your social media marketing company well before starting the initial operations. In other words, create a business plan and define what size your company is planning to grow to in the long-term. Define what your strength is, explain about which industry your team is more knowledgeable, and who are your ideal clients.
Most advertising businesses fail due to the low customer retention value. So keeping a client with you for a longer time is more difficult than getting a new one.
Prepare a pitch presentation
Prepare a presentation to convince your ideal clients about the possibilities and reach, which can include graphics, statistics and research studies. As a startup, you wouldn’t have done much work to present in front of your client. So, you can use the work and studies done by others or other companies as examples, just to show your client how social media works (Never present the work as your own).
If you have some funds to promote your social media startup, then do some branding campaigns for your services. Through this, you can even show your own campaign metrics like engagement, likes etc.
Look for clients in and around your circle
If you come across the ideal client persona, then let the world know about your startup. Talk to everybody in your contacts about your business and don’t forget to use second level contacts also. Usually in the initial stages of a business, most potential and stable clients come through references given by friends and relatives.
If 65% or more of your business is coming through these types of references after the first year, then you must reevaluate your business. This can help you better understand the strengths and weaknesses of your business and also encourage you to approach newer clients that are outside your friend circle.
Get good advice from the bald ones
Talk to the veterans of your industry and collect references from them. Don’t ask the reference directly; just ask them some advice to run your business successfully. Most seasoned professionals will always be willing to see you succeed as a business owner.
Be the part of a business community
Visit all the business events in your area and collect the details of your ideal clients. If there is an opportunity to help them, then don’t miss it and establish a business relationship.
Search Engine Optimize your website
Find out the keywords which are being used by your target clients to find social media marketing companies. Then optimize your website for those keywords. Usually, every business will start optimizing their moneymaking keywords at least six months before the launch of the business.
Collaborate with the market leaders
Collaborate with the companies that are servicing the same target audience. But avoid collaborating with your competitors. If you want to know more about launching a business check here.
Build a real business
Once you get initial clients to meet your expenses, the time has come to expand your business. To develop your social media business you must start meeting the names on your prospective client list. The prospective list must be suitable for your company size and values.
While you are working on the development plan, implement a perfect pricing and hiring plan suitable for your clients’ geographical area, competition, nature of each industry etc. Check here to know how to hire new employees for a startup.
10. Delight your clients
You may be planning your social media startup from your home, but there should be a long term business development plan. To get where you want to be in business, the only thing you have to do is delight your customers. Delighting your clients means getting great results for them. Read here how to build a business that lasts
So overall social media marketing is a lucrative business for you to start with a minimum capital. Let us know if you are planning to start your own social media marketing business.