Marketing a marketing business, now’s there a task for Marketing Agencies that you would think is pretty simple. Afterall, if you’re helping other companies succeed, how hard can it be to market your own?
Step 1 – Actually Do Marketing
If you aren’t marketing, then you should not be selling marketing of any kind, digital or otherwise. It’s like those car salesmen who don’t drive the brand of the car they are selling. Or that banker that tells you to buy Mutual Funds yet has never actually bought them for himself.
Your customers will expect to find you through the channels that you are so busy selling to them. If they find you, and convert, they will already know that what you’re doing actually works. They know you will get them business!
This makes everything from the sales process, to the final contract signing far easier than when you’re beating the door to them by cold calls hoping they “need” marketing.
Step 2 – Understand Your Market
As a marketing agency as a whole, the general thought process that pretty much anyone your agency comes across is a client.
Wrong. Wrong. Wrong. Your agency must figure out what businesses or industries your company not only targets (so you can create those awesome customized marketing materials) but also the the types of clients your agency can excel at serving.
A marketing agency, as much as marketers don’t want to believe this, is not a swiss army knife. You agency is never going to be good at certain business types and most likely is not setup to handle certain industries. Agencies run on people, and employees have capabilities, which in turn translate into what your agency can deliver or not.
Step 3 – Charge Market Rates
You don’t see Lexus giving away cars for a third of the price of a Mercedes Benz, do you? In the marketing business, you have to charge what your services are worth. If your strategy is to undercut your competition, be prepared for pain.
It can be tempting to play the price game when you see some agencies offer really stupid cheap prices. Yet you know it’s not possible to have professional management of such accounts for low prices. Two things are at play here. One, most likely they are not working on the accounts. And two, they have outsourced (bad mistake) either some of the work, or all of it.
Set the prices at the level that you offer services which are in line with the market. You will have less clients, but you will also have more income.