Promoting your business or brand in today’s complex and competitive global market is a tremendously tiresome task. Most corporations simply do not have the time or labor to invest in advertising as they also have to do several other critical tasks such as business management, production, shipment and finances. This is where many firms seek the services of marketing consultants and advertising agencies. For every flourishing and big business, the need for advertising increases beyond what they can fulfill within themselves. These professional agencies work on creating awareness and elevating the image of your brand with a third-party perspective and marketing expertise. By working on diverse communication platforms such as social media, activation events and email marketing solutions among many others, marketing companies aim to take your brand standing to the next level.
However, for many, especially small businesses, hiring an agency does come with its fair share of risks. There is no guarantee of success that they would be able to make a brand successful and increase their sales. That probability depends on several ideal circumstances, a probability small business owners can hardly afford, making them reluctant on growth. All seasoned entrepreneurs know that having a business means the chance of financial loss and failure. You can minimize the chance of financial loss by selecting the right advertising agency. Here are 3 fundamental tips to help you select a marketing agency:
1) Identify your objective
What do you seek from a marketing consultancy? What are your goals? Do you want a campaign strategy or PR development? An ongoing relationship with the agency or a one-time affair with the development of image materials such as logo, letterhead, web site, newsletter templates or any other client service. A good habit and insight to offer your agency is a sales target document or company vision.
2) Budget and Cost
Establish what you can spend. Unfortunately many businesses, especially startups do not and end up in bankruptcy. Avoid that grim fate by wisely allocating your advertising budget. You may get a less attractive promotional package but think long-term. Whether it is acquiring email campaign services, social media promotion or creating TVC’s, all can mean nothing if you are left broke in the end. You can increase your marketing budget overtime with each successful campaign and profits. A smart strategy would be to divide your budget based on the percentage of the anticipated sales volume you expect annually, quarterly or from one campaign, as per your requirement. Patience is key!
The choice of agency is also essential. A respected market giant will obviously charge as per their reputation. On the other hands those prices are also associated with elite services.
3) An insightful look
Inquire about what you are getting yourself into. Question experts, coworkers and on online forums. There are several ways you can get information about advertising agencies from experienced clients. From competitors and trade publications to Yellow Pages and Companies themselves.
Question potential agencies with a list of current and former clients. Contact these clients for their experience and learn whether the agency was of value and helped create brand awareness and eventual sales for them.