You know the importance of advertising, but you’ve got a business to run. There is only so much time, and you need help.
Finding and hiring an ad agency feels like just one more task to put on top of a million. But you know you need the help because there isn’t enough time in a day, week, or even a year to do it yourself. You want your business to grow and hiring an ad agency is the next step.
So Where Do You Start?
Pause, take a deep breath; you got this! Approach hiring an ad agency like you would hiring a new employee. Do your pre-work to find the right candidate, schedule some interviews and check references so that you feel 100% confident about your choice. Because nobody likes looking in the mirror and saying, “I told you so!”
Conduct A Needs Analysis
Before starting your search for the right ad agency, it’s essential to do some self-reflection, a simple internal needs analysis. The goals for your particular business should drive / lead to the type of agency that is right for you. Are you focused on brand awareness, customer acquisition, average transaction value (ATV), revenue, etc., maybe some or all of these? Finding a reputable agency with experience in your business’s needs will save you time and money.
A business’s ad budget depends on its size, competition, industry and advertising goal. The 5% Rule recommends you put at least 5% of your revenue toward marketing. In comparison, the U.S. Small Business Administration sets the number at 7-8% of gross income, with more research saying that new businesses should spend 12-20% and established businesses should spend 6-12%.
