By 2021, online advertising will account for 49 percent of all global ad spending, according to Zenith’s Advertising Expenditure Forecasts.
With such predictions and eCommerce growing at a steady rate of 23 percent each year, it has now become a staple to have a digital marketing consultant on staff. In fact, in CNBC’s round-up of 2020’s best-paying freelance jobs, digital marketing consulting career ranked in the top 20.
Besides the flexibility and $100,000 salary tag it can command, digital marketing consultants are in high demand, thanks to the continuing explosion of social media, increased focus on improving a business’ search engine visibility online, and the rise of content marketing.
This makes it the perfect time to launch your own digital marketing consulting business. Like any other business venture, it requires the right preparation to give you the best chance of succeeding.
1. Update Your Digital Marketing Skills To Be On Trend And In Demand
In addition to the standard digital marketing skills you need master like search engine optimization, it is recommended that you also sharpen your knowledge on current digital marketing trends so that your business services can stand out.
Being well trained in current and future digital marketing trends is an attraction factor for new clients in itself. For 2020, it’s all about the analysis of marketing data and voice search SEO.
However, keep in mind that these trends can quickly change – and often do. So in addition to keeping up with current developments in the digital marketing world, you should be prepared to undergo regular training, and not just in preparation for launching your digital marketing consulting business.
The good news is that with the growth of online learning platforms, learning providers such as Udemy, BidDegree and Coursera regularly offer online training courses that you can complete easily while taking care of the other aspects of launching your business.
2. Find Your Marketing Niche
To succeed in your digital marketing consultancy venture, you must define your clientele. This allows you to tailor your communications, techniques and marketing to their needs.
In other words, optimize your content to appeal to your target audience. With the popularity of digital marketing soaring, you can expect to be competing with hundreds of other firms. Choosing your marketing niche allows your business to stand out and drive referrals – a key marketing tool.
One suggestion for choosing your digital marketing niche is to base it on where you have past experience. For instance, you may have a background in marketing for health businesses in your previous career.
When trying to narrow down your niche, ask yourself questions like:
- What am I good at?
- How can I stand apart from my competitors?
3. Create A Brand And Boost Your Presence With An Optimized Blog And Website
One of the most current ways to drive brand awareness is with a business blog. Including a blog on your marketing website is a great way to showcase valuable knowledge and unique approaches you may have on the different needs of clients.
Around 77 percent of internet users read blogs, and 55 percent of marketers say blogging is their Number 1 inbound marketing priority. In addition to self-published content, consider including guest publications on your blog.
Initiating collaborations with high ranking guest contributors in your targeted niche can drive attention and expand your audience reach.
4. Pursue Protection For Your Assets And Services
Finally, consider protection options for any assets or services you may provide. Any new business should take steps to protect itself from any property loss/ damage or liability claims.
In these cases, as a digital marketing consulting business, you will be providing a service in the form of advice and guidance on their digital marketing strategies, so consultant insurance will form an important part of your business insurance package.
This will ensure that you’re protected against any claims of misguidance or damage to your reputation from disgruntled clients. If you do rent or purchase separate premises, property and content insurance will also be needed.
Lastly, if you plan on employing contractors or full-time staff, you will be required to get worker’s compensation (depending on the state rules), disability and unemployment insurance.
There has never been a better time to venture into the digital marketing world. The increasing demand for such services provides the perfect backdrop for launching your own digital marketing consultancy business.
However, it does not guarantee its success. For that to happen, you must take key steps to prepare yourself, your business and your employees to skillfully navigate the challenges most new digital marketing agencies face.