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Digital Marketing Agency, the new Podcasting?

Discussion in 'Business Models, Niches, Industries' started by MJ DeMarco, Feb 6, 2019.

  1. Andy Black
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    Andy Black Any colour, as long as it's red. Staff Member Read Millionaire Fastlane FASTLANE INSIDER Speedway Pass LEGENDARY CONTRIBUTOR

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    This.

    I don’t know how to spell it out any plainer:
    • You get paid.
    • To learn how to generate more website visitors and sales (a useful skill right?).
    • Using *their* ad spend.
    • In multiple industries (so you get incredible learnings that can transfer across industries).
    • Till you find the industry that has your name on it.
    • While rubbing shoulders with business owners who will “mentor” you by showing you what they do (rather than telling you what they’d do).
    • While building quality and deep relationships with your clients.
    • That lends itself to growth by referrals.
    • That naturally shows you the productised services to offer your market.
    • That could naturally lead to a product or SaaS offering.
    • And is a springboard to many different directions if you want to move beyond providing services (such as rank-and-rent, directories, marketplaces, your own eCommerce stores, revenue shares, pay-per-lead, etc.)
    • Oh, and did I mention you get paid while doing this?

     
  2. Andy Black
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    Andy Black Any colour, as long as it's red. Staff Member Read Millionaire Fastlane FASTLANE INSIDER Speedway Pass LEGENDARY CONTRIBUTOR

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    Not many people who do can teach. (In your face those who keep spouting “Those who can, do; those who can’t, teach.”)

    Not many who can teach WANT to teach.

    Not many that want to do both have the time/mental bandwidth to serve their current market (the DFY business owners), at the same time as serving their DIY market.

    Fewer yet can put together a course that actually helps their students.



    Did anyone spot that @Fox spent a chunk of time and money improving his video skills so he could better serve his students?

    Did anyone spot that he is still in the trenches building a DFY business while using that journey to help his DIY students?

    That’s a super hard line to walk, and I think his content and courses are a steal for what he charges.


    Me? I decided this year to firmly close the door on new course creation, my own fledgling forum/Facebook group, and training/coaching. Splitting my focus between serving my DFY and DIY markets wasn’t serving both as well as I wanted.

    Hats off to those who can pull it off.

    Hats off to those whose business is to help beginners all day every day.


    EDIT: Hats off to all the business owners in here who spend their time, for free, helping people get started.
     
  3. Conor506
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    Conor506 New Contributor Read Millionaire Fastlane

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    This has really been my approach the whole time.

    My business plan, that I created in spring last year, was to first get good at web design. Mostly so I could design good landing pages for sales.

    Next, to learn paid advertising to make it easier for me to demonstrate a clear ROI on the money that businesses invest with me. Also, I can set up my services on a retainer basis to avoid the feast famine cycle of web design. On top of that I would be using other people's money to fund my education!

    Finally, move into using the skills I learned above to launch my own CENTS business.

    So far I've done a couple of websites for other people in my own network. Just 1K but I'm happy with it as I progress and because living full time off of web design was never the long term goal. On top of that my design and technical skills are much better.

    I just got Google Ads certified and am going to start asking charities if they need help managing their campaigns and are willing to give me a shot. Then move on to businesses.

    I've already had people close to me begin talking about me as the "digital marketing guy" and having people ask about how to promote their businesses or events.

    So everything you just said in the quote above really hit home for me!

    I don't see the "digital marketing" side hustle I'm doing right now as something that's going to create job replacing income in a few months, or even a year, but I'm learning awesome skills, building a net work, and getting paid to do it. I'm bringing in some extra money for my family that is only going to grow over time.

    And eventually it will give me the skills to launch more impressive projects in the future if I want to move in that direction.
     
  4. BlackMagician
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    BlackMagician Bronze Contributor Read Millionaire Fastlane I've Read UNSCRIPTED Speedway Pass

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    THIS!

    Just half hour ago, the same steps were playing in my mind while i was walking. The new client i closed the deal yesterday mentioned his biggest pain point, if solved can bring massive value in his business, literally almost 10% - 20% more sales.

    If i can find the solution for his pain point and solve it through website i am building, and SMM i am going to handle, will lead to create big value.

    After that, the same steps came into my mind:

    Gain experience in solving the client problem
    Take that skill/solutions to solve some other business in same vertical
    Scale it
    Find a SaaS solution which solve the same problem


    I don't know i will be able to pull it off as i am expecting, but @Andy Black hatsoff to you to layout such a roadmap in simple steps.
    Well it sounds simple, but it is not. Just to understand the pain point of this client, it took 3 full days of extensive research in his vertical, asking some smart questions in almost 6+hours of communication.

    Web Design (DM) business is very competitive and difficult, but as @Fox said, with right mindset, ability to learn, being persistent and providing value will make this biz successful after many failures. haha.

    Caution. This biz looks shiny, but if you(I) want to make it success, the i need to learn from people who know (fox), jumping on the market(as MJ preach) and executing every day.

    Thanks everyone for so many valuable posts and tips in this thread.
    At least make it Notable

    and Finally @MJ DeMarco, i can't thank you enough for creating such forum.

    Thanks to all those who share there experience, knowledge which can't be found anywhere else (i think).
     
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  5. Andy Black
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  6. eliquid
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    eliquid ( Jason Brown ) Read Millionaire Fastlane I've Read UNSCRIPTED FASTLANE INSIDER Speedway Pass LEGENDARY CONTRIBUTOR Summit Attendee

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    I didn't want to stick my neck on this, but I think I will.

    I've been in the web design/marketing area since 1996-1997. I've seen a lot of shit come and go in many of the areas.

    I personally feel digital marketing is completely and utterly saturated.

    Meaning, I can go on UpWork and find thousands of people with PPC or SEO or Social This and That in their profiles and I can pick any flavor of UpWork contractor I want. It is saturated from a "spin the wheel and win a digital marketing agency today" perspective.

    I could probably walk down my street, throw a dart, and it would land and prick someone. And that someone would probably be a "digital marketing agency" person.

    Where it is NOT saturated is with quality. Original thinkers, doers, mavericks, people who get performance or care for their clients and actually get their hands dirty with things they didn't hear from a blog.

    Also, the hardest thing in digital marketing is not the work or skill, its winning the client. The "foot in the door" that Lex speaks about.

    Any of these new digital marketing agencies can walk down their street, enter a club and ask to manager their Instagram profile. But hardly none of these people will research companies that do $100m a year with 100+ employees and gatekeepers in a skyrise and try to pitch them.

    The easy shit is walking into a club during the day where the manager is right there wiping down tables in the off hours. The hard shit is going after bigger catches that require more work upfront or getting clients that aren't just "on the street" and require a bit more crowbar.

    So yes, it is saturated from a number of people's game.. BUT its not saturated in the quality/value/thinking/bigger fish game.

    If you can distance yourself away from the "numbers" people, you will have it made.

    This is one reason I don't price myself low. Nothing against people who do, but I try to find reasons to stay out of the same pool the numbers people are in even if it means pricing myself out of certain clients, niches, industries, verticals, etc

    .
     
  7. Jonathan Hoch
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    Jonathan Hoch Bronze Contributor Read Millionaire Fastlane I've Read UNSCRIPTED FASTLANE INSIDER Speedway Pass

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    Earning to learn, while learning to earn. There is no better way.
     
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  8. Andy Black
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    Exactly.

    So you’re going to spend $250/mth learning digital marketing?

    Cool. I’ll earn $250/mth doing it live for a real client.

    (Change $250/mth to whatever you’re planning on spending on that digital marketing course.)
     
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  9. bobfour
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    bobfour Contributor

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    Digital Marketing is a $120b industry. Capture 0.0083% of that market and you're a millionaire. So why is everyone poor and struggling to pull their businesses out of economic doom?

    It has low barrier entry which means everyone and their mother is your competitor. Entering a saturated market with low barriers to entry is always a bad idea.

    You always want significant barriers to entry in any business you get involved in, and you want to be one of the people who happen to be able to overcome those barriers (for whatever reason - specialized skills, access to capital, or whatever).

    If one has the hustle and bravery to start a business, why not start one where you actually add value and have a competitive advantage rather than a saturated one with low barriers to entry? The only singular reason to do so is because one couldn't think of a better idea. And that's a bad reason to get into any particular business.

    To make this work on both the implementation end and the marketing end, you basically have to have the capital to hire a great team already hired to do one or the other before you ever even open for business regardless of your cashflow. If not, either marketing or implementation will suffer, because no one person can do it all.

    Even if you have a great team you run into another challenge. Scaling.

    How many people who say they run a digital marketing agency are actually scaling it?

    In the agency world, where people billing hours is the product, you can probably assume that revenue is flat for most of these agencies. Flat = death for any company.

    Guess what? Agency growth in the early stages is hard as hell.

    As you get bigger, it gets a lot harder to scale. There are lots of agency founders with the gift of gab who can impress CMOs and secure new business; but they frequently hit a wall when the story gets old and there’s not enough of that charisma to spread to every sales pitch and client meeting.

    See declining employee counts at agencies like Droga5, Laundry Service, and Crispin+Porter for example. None of them has made it over the 1,000-employee hurdle as far as we can see.

    Laundry Service lays off 10 percent of staff, founder Jason Stein out - Digiday
     
    Last edited: Feb 9, 2019 at 12:37 AM
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  10. BlackMagician
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    BlackMagician Bronze Contributor Read Millionaire Fastlane I've Read UNSCRIPTED Speedway Pass

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    The Roadmap is really good for starters like me who know not much about business and have no money. I am learning so much that i feel the previous me was a frog in well.

    It's just that, there is loads of work. Sometimes its frightening. Yesterday i woke up at 6am and slept at 1am. The whole day went on client work, 9-5 job, client meeting, deal closing. It's really tough.

    But you know. I am enjoying it. The feel. The thirst to help someone. The excitement on the face of client when we solve there problems. It's worth it to work my a** off.
     
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  11. Andy Black
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    Andy Black Any colour, as long as it's red. Staff Member Read Millionaire Fastlane FASTLANE INSIDER Speedway Pass LEGENDARY CONTRIBUTOR

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    It never gets old for me.

    Just yesterday a new client was sitting behind me looking over my shoulder as I was creating his ad. I wanted to ask him how to spell something so looked round at him.

    He was leans forward wide-eyed with the biggest goofy grin on his face.

    I’ve known him over a decade and that’s the most excited I’ve ever seen his face.

    We boosted the bids to €10 to make sure Google showed us, then 10 minutes later we did a search on my computer.

    “Wow! There it is!”

    He then did the search on his phone and screenshot it to send to his two business partners.
     
  12. Andy Black
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    Andy Black Any colour, as long as it's red. Staff Member Read Millionaire Fastlane FASTLANE INSIDER Speedway Pass LEGENDARY CONTRIBUTOR

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    Personally, I’m bypassing building an agency that relies on a high body count.

    I’ve clients and a team so I suppose that makes me an agency. I don’t use the “agency” word though. I’m positioned differently in my own mind.

    However, I would still recommend freelancing and building a small agency to people who are interested in digital marketing.

    I don’t think it’s saturated. The barrier to entry is being able to get business, and retain that business. People taking a course, proclaiming themselves a digital marketing agency, but not engaging the market or getting clients aren’t actually in business.
     
  13. Florian
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    Florian Contributor Read Millionaire Fastlane I've Read UNSCRIPTED FASTLANE INSIDER

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    Jop, that's exactly what I did for the last 8 months. I can tell if you're a newbie it makes sense since you're getting paid to learn business. Yet I wouldn't recommend it as a long-term thing.

    It can be very frustrating since clients can hop off very quickly and lead gen (Upwork, LinkedIn, ...) get's more and more competitive.

    Recently I decided to quit the gig I was working on and had the choice: Digital marketing agency or a CENTS business. I asked Emmanuel Fredenrich (multi-millionaire, operating in a very similar field) and he told me the following:

    "To answer your question, I would stay away from the Facebook ads agency
    unless you have an exceptional track record with FB Ads (i.e over
    $500k-$1 million in profitable ad spend). It's an overcrowded space, low
    barrier of entry and hard to automate. I would look into a business with
    higher entry barriers, a bigger need (i.e at least $1 billion industry)
    and that you can automate easily.

    Unless you're a complete newbie, in which case you should just focus on
    getting sales. But if you're already making money, then look for an
    opportunity that fits MJ's book perfectly."

    So that's what I'm doing right now and I think it's a solid approach.
     
  14. BlackMagician
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    BlackMagician Bronze Contributor Read Millionaire Fastlane I've Read UNSCRIPTED Speedway Pass

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    Important part is solving there pain points. In the month of January, i have met 4 clients. All of them have website, doing some kind of seo, smm, BUT getting no results. There pain points are not solved

    They don't even know how to solve the issue because no one is there to guide them, to help them understand technology.

    It's kind of saddening that these real businesses are losing money, time because of noise Digital agencies are creating.

    They are desperately want someone to help them. To guide them in online model and they will just throw there money to us if we REALLY help them.

    So, I will just say, What this industry need is not more Digital Agencies. They need Problem solvers who can relief there pain through online(website, SMM, Ads).

    Let's become problem solver, instead of 'Agency'.
     
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  15. BrooklynHustle
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    BrooklynHustle Gold Contributor Read Millionaire Fastlane I've Read UNSCRIPTED FASTLANE INSIDER Speedway Pass

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    Just my opinion, but would seem to me that either path is still viable, but the difference is the approach...

    Is the person entering after a quick buck, or are they out to become excellent over a long period of time and actually create an amazing experience over a long period of time for their users/customers/listeners/whatever.

    One of these approaches is likely to be successful, while the other isn't (not that I am telling you guys anything new).

    For example, my wife has been doing a podcast since June of 2016 (probably after many people would have said the market was too saturated) and now consistently ranks in the top 200 of business podcasts (out of 10s of thousands of podcasts) and earns a more than full-time income monetizing both directly and indirectly because she keeps an intense focus on knowing who her audience is and what they want from a show like hers. I predict she will continue to slowly grow and become more successful because of this focus. Not incredibly sexy, but it works.

    In that same time period, many other podcasts have probably come and gone or just not gone anywhere because their focus, commitment, and consistency was not right. I am sure there must be examples on either side of the equation in the digital marketing agency space as a result of these same types of behaviors.

    What say you?
     
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  16. adiakritos
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    adiakritos Bronze Contributor

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    Now that I think of it. I'm going to be selling shovels in this gold rush, and I'm happy I found the niche at the start of the rush. As long as the gurus drive demand I should do also do quite well. But yeah - I wouldn't try to start an agency in this climate myself.
     
  17. JustKris
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    Echoing some of the earlier posts, it just feels like the flood of SEO or PPC agencies a few years back, but packaged differently.

    Even though there are a ton of "digital agencies", there's still a need for quality work. And there is a massive difference between some schmo who took a Google Adwords training and someone like @Andy Black .

    And for a lot of businesses, agencies make more sense than trying to hire out a number of full-time employees or manage a stable of contractors.

    What is really insidious are the digital marketing agency gurus who are promising every random person off the street the "rock-solid blueprint" to getting 100k/mo with absolutely no experience. It's insane.

    Usually, these are people with semi-successful agencies who want to pivot into information products to rubes. Dude, if you were really making $1 million per year with your agency, why are you selling coaching for $297?

    (Full disclosure: I'm a marketing consultant for B2B SaaS companies. I guess I could technically be an "agency", but I offer a pretty specialized service that I developed after years at a tech company and freelancing. I am certainly not an expert on everything.)
     
  18. marfling
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    Completely agree with this. I don't think I could price myself low and be all of the things you bolded above either, it takes time to deliver that type of quality. I do have clients on a lower retainers and I still approach them the same way, I just can't get my hands as dirty.

    I also find that this approach leads to a phenomenally high retention rate. All of my clients consistently feedback on my proactivity and ideas. Amazingly, I think this differentiates me from full service agencies!
     
  19. Pat D. Rick
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    Had the exact same thought on that...
     
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  21. jetsetter883
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    The reason there are a lot of digital marketing agencies is because there is a lot of demand for digital marketing.

    There certainly is more quantity than quality these days, but that’s a good thing since it allows actual talent to break through.

    It sure as heck beats some shady “affiliate marketing” scheme or whatever other bs money grab people are pouncing on nowadays for a quick buck. Even then, the cream still rises to the top.
     
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  22. DrunkFish
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    Ahh so all I gotta do is get into a high barrier of entry CENTS business that I can easily automate. Good idea! ;)

    Also, client retention and beating out competition is a nature of most businesses and should be expected I imagine?

    Ive been doing digital marketing for over a year now. Haven't grown it exponentially or anything, but continue to deliver good results for my current clients. I dropped a few and then went into real estate for a bit, but now I decided to get back into this and add some more clients. Just for context.
     
  23. Andy Black
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    I think Digital Marketing freelancing is like blogging, podcasting, YouTube, Instagram, etc.

    There’s a perceived low barrier to entry because it’s easy to put a sign up saying you’re open for business.

    In reality all of the above have an actual high barrier to entry of being able to make it work.

    Of being able to get initial sales, repeat business and referrals. Of getting a steady stream of new clients, until fulfillment becomes the new problem. Of systematising, delegating, outsourcing, focusing, positioning, building a team, having and communicating a vision, etc.

    AKA growing a business that can run without you.

    Just my 2c.
     
  24. Aleks-i
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    I think it's been the case for a while now. Even three years ago, every self-proclaimed online entreoreneur was starting a "digital marketing agency", with a generic WP theme, the mandatory photo in suit on the About page, and reaching out to freelancers making deals and telling them how much work they'd have for them, only to never be heard of again.
     
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  25. DrunkFish
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    DrunkFish Bronze Contributor Read Millionaire Fastlane Speedway Pass

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    Yeah i'm with you on all of this. Sure there's a lot of people doing it and theres competition. Sure some people want freelancers to work with them and then ditch them and never hear from them again.

    These things happen in all business. I had been working with the same freelancer for a year until they went MIA on me. I now work with a partner that's here locally. I do use a photographer and videographer and sometimes if I need a more intense graphic, a graphic designer. But other than that, my partner and I do the strategy, content creation, posting, ads, etc. It's been working out well, which is why I decided to come back to it and try to get some more clients to help out.

    Like other businesses, once we reach a higher amount of clients, probably 7+, I imagine we willing experience some growing pains / topping out. I think hiring someone to answer the more simple emails would probably alleviate that as well as just making sure we do have some systems in place at least.

    Just seems like a lot of the 'issues' with the digital marketing space people are bringing up are the same issues with a lot of businesses and are what separates people who aren't actually interested in doing it as a full time income vs people who are. Of course.

    See the same thing with real estate, forex, stocks, info products, amazon books, yada yada
     
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