Marilyn Heywood Paige shares the real-world application of IMC in marketing agencies.
Not into 9 to 5? Thinking about starting your own marketing firm? Before you jump in, ask yourself if your primary desire is to practice integrated marketing communications (IMC), or if you love the idea of running a business and managing others who practice IMC.
When I graduated from WVU’s Integrated Marketing Communications master’s program, I started my own marketing consulting firm. Within two years of launching, I merged with a larger full-service marketing agency in Denver and never looked back. In my short stint as an agency owner, I learned that there’s a huge difference between running an agency and working in one. They require very different skill sets. So, while I liked utilizing the skills, I’d acquired in the IMC program, using them accounted for just 30% of my day as an agency owner. The rest of the time was spent networking, selling, managing vendors, billing, and accounting—things I didn’t especially want to do. I learned that I didn’t want to run an agency, I wanted to work in one.
If you’re not sure if you want to go solo, or if you’ve decided it’s the right path for you, here are words of wisdom from agency owners to help you understand more about running your own agency.
So You Want To Start A Marketing Agency
I polled successful agency owners from around the country (and a few in the UK) on what their biggest lessons were in their first year running their agency. There were a few themes they all had in common, so here is the summary of their wisdom on finances, charging for your services, and demonstrating your value to the client. In my next blog, I’ll reveal what they had to say about hiring employees and getting clients. Learn from their mistakes and shorten your pathway to profits.
Many agency owners I polled outlined the need to get your finances in order and not just hope it all falls into place.
“The biggest lesson I learned was how important it is to be lean and strategic with spending and ALWAYS aware of your financials. Without your arms around your financial situation, you’re not able to make informed decisions, flex/spend/save where you need to and ultimately, you’ll put yourself out of business.”
Karen Cummings, founder, Radiant Marketing
Dave Hartshorne, director and digital consultant at dijitul in the UK concurs. He says, “Get your finances in order, and the rest will take care of itself. Management and accountancy software should be implemented into the business before you even start talking to customers.”
Charging for Your Marketing Services
It’s one of the hardest things to do, and the most necessary. Knowing what to charge is difficult, and many first-year owners struggle with it.
Be Confident in Your Abilities
Will Coombe, Co-founder of Sharpe Digital an SEO company in Central London said, “In the beginning, we did not value our time enough. Looking back, there was a lack of confidence to set our fees high. This attracted the wrong kind of client and meant we were taking on too much work for not enough compensation, all leading to stress and a lack of growth.” His advice is to, “Have the confidence to charge more. If the service your agency is offering is truly exceptional and delivers value to your client, set your fees higher than the market average. This will qualify the prospective client and mean you can do a better job for more pay when they work with you.”
Coombes said it well. If there’s one thing I’ve learned is that if you don’t charge much, your client won’t value your service, no matter how good you are.
Do More Than Good Work
Many new agency owners think that if they just deliver a good service, customers will appreciate the work, referrals will come, and the business will flourish. Unfortunately, that’s not the case.
Show Your Worth
Toby Danylchuk, co-founder of 39 Celsius in San Diego had extremely sage advice. He said, “Never stop proving the financial value of your work to current clients. You are a line item expense, and if you can’t prove the value of your work, the client will leave. For example, ‘Here’s how many leads we delivered this month at an average cost of $x per lead – this led to $x of revenue. Or ‘We improved the conversion rate on the site by x% which increased sales by x.’ “
Danylchuk continued, “If you can’t demonstrate what the economic value is of the work you are doing for your clients ongoing, they will either judge your work as a cost not worth continuing with, or competitors will pitch them, and they will run off to be someone else’s client. Never stop selling your value!”
Danylchuk is dead right. There are hundreds of digital freelancers and agencies in any given metro area and thousands across the country with whom you will compete. Clients often suffer from shiny object syndrome, a condition which makes them think that someone else has the magic bullet, so they are too often easily lead astray.
So how can you, the newly-minted college grad, compete? By doing your research and taking their advice. I will cover agency owners’ tips on hiring employees and getting clients in the next blog.
You can start your own agency. You just need to be smart and informed about it. Stay tuned for more great insights from successful agency owners who started from where you are now.
Marilyn Heywood Paige is the Vice President of FiG Advertising and Marketing in Denver, Colorado. She earned her Master’s in Integrated Marketing Communications from West Virginia University in 2013.
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