You may be asking yourself, What does a digital marketing agency do? If you own a business today, digital marketing is how you introduce your products or services to the world! It is how you find your next client! Therefore, it stands to reason that you must know what to look for in a digital marketing agency.
What to Look For in a Digital Marketing Agency
Let us begin by touching on what digital marketing is. The term digital marketing describes a wide array of marketing techniques performed through electronic devices such as computers, tablets, and phones. High-quality digital marketing campaigns will include both online and offline strategies that will work together to reach a common goal (or goals).
As a digital marketing agency, your marketing strategies will include SEO (search engine optimization), ad targeting, content marketing, SEM (search engine marketing), social media marketing, influencer marketing, email marketing, affiliate marketing, e-books, etc SMS text campaigns.
Even if you feel that you know all there is to know about digital marketing strategy, you will want to stay up-to-date with the ever-changing landscape of your craft. A professional marketing agency will ensure that its employees keep up with current trends by taking digital marketing courses and attending conferences. If there is one thing that you can count on in this profession: What works yesterday may not work today, and what works today may not work tomorrow.
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Costs of Starting A Digital Marketing Agency?
Now that we have discussed what a digital marketing agency does, we can talk about the costs involved in starting your own. These costs will vary depending on many factors, but we can explore some basic needs that most agencies will include in their budget.
The first thing to consider is if you want your digital marketing agency to have a retail location or if you will be running it exclusively online. If you plan to work from your home office (or your mom’s basement), you will not have to worry about rent or co-working space fees. No matter what type of office space you choose, there will be various costs associated with your choices like phone, internet, power, liability insurance, legal counsel, accounting services, and business banking.
Here is an awesome video with 5 Tips for How to Pick a Digital Marketing Agency:
Next, we will explore some business utility items that most digital marketing agencies will need. These include tools that will help you promote and maintain your business. Some will be a one-time expense, while others will be ongoing. These items include logo creation, domain, website design and management, professional email, proposal creation, and payment processing. You can spend as little or as much as you want on these tools. But remember that some of these items are the face of your business. There is never a second chance at a first impression, so make sure your business branding represents you in a way that you will be proud of.
Software costs are the final expense that we will dive into but one of the most important options to consider. There are many free tools available to digital marketing professionals. But, as a professional agency, your marketing strategy will need to utilize paid software to compete in the marketing world. Data will be the bread and butter of your business, your best friend that tells you all that you need to know, so you do not want to cut corners on your data sources. Research the best tools for SEO, keyword planning, keyword tracking, project management, and document creation. Most software will have pricing levels that will grow with your business so that you will not have to purchase the most expensive package until you have enough clients to justify the cost.
Digital Marketing Demand Today…and Beyond
As the pandemic spread across the world (and continues to keep us on our toes), people have had to spend more time in their homes than ever before. In response, businesses had to learn how to evolve into the world of technology quickly. While many companies had already begun dipping their toes into the digital realm, 2020 was a virtual shove into a whole new world of existence. This “new normal” that we are adjusting to is one of the many reasons digital marketing is in high demand today, and it is only increasing.
Today, the average cost for digital marketing services ranged between $3500.00 and $10,000.00 per month or around $90.00 to $250.00+ per hour. According to Statista.com, by February of 2021, CMOs’ had increased digital marketing budgets by over 14% from the previous year. As you can see from the stats above, there has never been a better time to start your digital marketing agency than today. (Unless you are a time traveler, then you should start yesterday.)