How To Start A Digital Marketing Agency From Home

 How To Start A Digital Marketing Agency From Home

A home-based business can be highly rewarding if a person has passion and drive. This post discusses business that requires effort, dedication just like any other business.

While it is true that a stable job offers a host of benefits like financial security, insurance, disability compensation, etc,. The small business, if managed properly, can offer much more. Some people find the idea of business intimidating. Yet once you begin, you will find it full of challenges that will bring out the best in you. As you become experienced the challenges become fun and your social circle expands. You become more adept at delivering high customer satisfaction.

However, business is a risky proposition. It is necessary to do a self-evaluation to assess your strengths and weaknesses. This helps to identify the psychological and physiological factors that could affect your business. For example, you may be wary of approaching new people. In the same way, you may be good at strategizing but lazy in its implementation. As you can see identifying the shortcomings help you to visualize the gaps that need to be filled to make a business successful.

Today it has become customary for the business to have some sort of online presence. The traditional business that serves the local market is also making efforts to have online visibility. Local is no longer considered small. People spend more time on the internet than ever. A digital marketing company is one such business holding a promising future. It can be considered as the sunrise industry.

When you come with a business idea, you become excited. This is natural. The more you think about your idea, the more confident you become. At this point, your judgment tends to become clouded by over-confidence. Many business owners start with a bang but within a few months or a year or two, they begin to falter. The cost of such mishaps is huge for an entrepreneur. The digital marketing company business is no different.

Digital marketing company, as the name suggests deals with marketing online. The world of online marketing is no different than the brick-and-mortar model. In fact, it is highly competitive and fast-paced environment. No wonder, many business owners have a perception that online marketing is a costly affair which is best left to people with deep pockets. As a digital marketer, your job is to convince potential clients about the benefits and cost-effective marketing solutions.

The First Step - Self-Analysis

Before venturing into the digital marketing business, it is important to assess yourself. To begin with, make a list of questions that you would ask if you were to interview someone. The following is the list of questions that you must ask yourself and jot the answer on a piece of paper.

Q.1. What is the need to start this business?

Q.2. What kind of work you can do best? a) Planning b) purchasing c) accounts d) sales e) human resource

Q.3 if you have to perform the above functions, are you capable?

Q.4. How much do you know about each business function listed above?

Q.5. If you have to hire someone to perform the above functions, Can your business afford it?

Q.6. What is the market size? How many competitors are operating in the market?

Q.7. How ill you raise the finances for your business? If you are self-financing, then how much time you can survive without profits?

Q.8. If you cannot generate any revenues or find customers for two months, then what would be the next plan of action?

Q.9. Are you quitting your job or you are going to do the business in your spare time?

Q.10 Do you have a clear strategy on how to get clients? Are you relying on external help for marketing?

The more questions you ask, the more clarity will emerge. You also need to know if the market is saturated or there is enough room for new players. A business can only be successful if you know how to identify the needs of the customer. You must be able to offer innovative and cost-effective ways to cater to those needs. The second step is market research. It helps you to analyze the viability of the business you are undertaking. Market research is very important. You get information on future prospects as well as information about your competitors.

Step 2 - Market Research

Market research is a tricky subject, a confusing one. You don't know where to begin. The general perception is that market research is very expensive. That it is used by large organizations for new product launches or collecting customer feedback. This is partly true. While market research requires resources it need not always be expensive. If you are willing to put in efforts than market research will prove to be a boon. Self-research helps to figure out the mistakes that other people have made. It also provides valuable data that will help you to make the right decisions.

Remember that properly conducted market research will give you insight into the things that you didn't think of. Market research is of two types: primary research and secondary research. It is assumed that you don't have money to buy secondary research data i.e. the data collected by survey companies. It is true that secondary data offers valuable insight into the psyche of the customer. The data is collected by asking pre-selected questions that are designed to get information. This helps to formulate cost-effective solutions that help the company to establish itself. The secondary data is expensive. Also, it might not have the exact information that you are looking for. There is no way to validate its accuracy. However, it doesn't mean that secondary market research data is useless. Since the data was collected, it provides valuable insight into the business potential. Besides analyzing requires skill. Most people are not even aware of how to analyze data. It contains so much information that instead of getting logical answers, you might be overwhelmed by the response. And might become biased thus making your judgment clouded.

Your best bet is to focus on primary research. This research has to be performed by you. You have brace yourself for hard work, but in the end, it benefits outweigh the efforts. For you, as a digital marketer, anyone who runs a business is your potential customer. You have to be prepared to go out and meet your potential customers. Make a habit of writing notes. The data is your best friend, you must have a goal of meeting at least 10 people a day. There might be rejections, but they are part and parcel of business, embrace them. You can also collect data by hosting your own surveys and try to get a response.

The idea behind primary research is to gain valuable market insight. Most entrepreneurs spend money on a flashy website, expensive social promotion and glossy brochures. They go on a hiring spree and set unrealistic goals. This kind of money management is a sure-fire recipe for disaster. It is only a matter of time before the company is wind up. Hence, it is always advisable to preserve precious capital. Every dollar you spend must generate 2.5 dollar revenue on a highly conservative basis.

A smart businessman never ceases to learn. Once the primary research is done, it's time for further research. The next step is to study your competitors.