Questions

Broad Online Marketing Agency or Specialized?

A year ago I started my first startup, an online marketing agency. I do a lot of things (web development, email marketing, social media, seo, ppc and content marketing). I have sold most of my clients web design, seo and ppc (which are my specialities) and now it is time to hire someone else because I have a lot of work. The questions is, in the future should I offer all these services or should I specialize in one or two fields and stop offering all the other services?

4answers

You should remain focused on what you do best.
Have a broad approach on different markets/requirements from your clients (current and to come) and same time have few employees specialized in the most demanded fields.
As a general rule, a professional which provide results in a mixed environment is to be preferred to one which excels in just one field. Is about adaptability and the ability to get the things done in the way to produce results.
There is another issue: could happen to design a campaign which you know for sure that will produce results, but your client to dislike it. If the client is big is difficult to convince about your opinion.
Bottom line, work on a wide spectrum and have few collaborators specialized in niche markets - even just for ideas and insights.
Another useful approach is to design several drafts for a campaign, which to be as simple as possible, only to show the direction and reaction of your client, and to refine that one which have the biggest chances to balance your gut and clients desire.
If you need more let me know by email at bogdins at gmail dot com or by skype at technobogdins.


Answered 5 years ago

Your question is a good one - and one that quite a few entrepreneurs struggle with.

The (very) short answer is...Specialize.

Specializing will (usually) help you make MUCH more money per sale.

People (aka potential customers) typically perceive products and services from a specialist to be more valuable than from a generalist. And that means they will usually pay more for it.

You can also run leaner when you specialize (therefore business expenses can be kept lower).

But alas (yes I just said "alas" and yes there's a "but") there is not a simple answer to what YOU should do.

Choosing your products / services is a KEY part of constructing your Strategy and your Business Model. And in order to choose wisely you will (among other things) need a deep understanding of your market.

-What problem(s) does your product resolve? (or what desire does it fulfill?)

AND

-What stipulations does the solution need to consider?

In other words - What does your market WANT?

If you discover that your specific market (aka niche) wants a specialized product or to work with a specialist versus a generalist AND they're willing to pay more for that AND they want it from YOU... then specialize.

I hope you're starting to sense that all of this leads to the bigger picture question: "What are my Goals and what Business Model am I going to test in the marketplace?"

Your current level of success - the fact that you have clients and are making money - is a great sign that you have something the market values. To take things to the next level (to move beyond being self-employed) and GROW a business - you would be wise to proceed with a plan that dictates tactics (like choosing products and pricing).

Send me a message to set up a call to discuss YOUR specific situation and grow your business.

In any case - I wish you massive success!

Cheers,
David


Answered 5 years ago

I faced a similar issue with my company, C&M Group. Our speciality is business strategy. No matter who comes to us, we offer business strategy, and THAT is our speciality. In the beginning, we started doing everything under the moon to make our clients happy, including SEO, PPC, content marketing, web development, and Business strategy.

2 Lessons learned.
#1 - No differentiation. We were every other firm.
#2 - Lack of focus - we didn't know what we were doing, other than everything. This also meant we did not know how to improve.

Instead, we started over and decided to focus solely on business strategy. This helped us differentiate ourselves as the TOP individuals in the market, and also gave us opportunities to network with other award winning firms that did what our clients wanted. Referrals work in both directions, which brings in more $$$ as well.

I hope this helped. Let me know if you would like to chat further about this.


Answered 5 years ago

Focus on what you do best and if possible create a new category and be remarkakble. That might be sector specific or that you share the risk. Mark


Answered 5 years ago

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