Start A Marketing Consulting Business
About
Starting a marketing consulting business requires a great deal of effort, dedication, and most importantly passion.
If you're interested in how to sell marketing consulting business, or selling marketing consulting business online, you can use this page as a guide for everything you'll need to know.
Want to learn more? You can check out our full guide on how to start a marketing consulting business ➜
Key stats
Startup Costs
| Min Startup Costs | Max Startup Costs | |
|---|---|---|
| Office Space Expenses | $0 | $7,000 |
| Employee & Freelancer Expenses | $151 | $352 |
| Website Costs | $223 | $7,215 |
| Business Formation Fees | $5,600 | $20,400 |
| Software Expenses | $162 | $3,094 |
| Advertising & Marketing Costs | $0 | $2,800 |
| Training & Education Expenses | $0 | $1,000 |
| Total Startup Costs | $6,136 | $41,861 |
Successful Businesses
| Business | URL | Rank | |
|---|---|---|---|
|
Birlasoft | birlasoft.com | #141,648 |
|
Flevy | flevy.com | #163,616 |
|
Flying V Group | flyingvgroup.com | #199,955 |
|
The Abraham Group | abraham.com | #205,754 |
|
SegMetrics | segmetrics.io | #219,134 |
|
Digital Pi | digitalpi.com | #486,383 |
|
Illumination Consulting | illuminationconsulting.com | #489,005 |
|
Inquivix | inquivix.com | #701,716 |
|
Email Marketing Rules | emailmarketingrules.com | #728,049 |
|
IKON Marketing Consultants | ikonmarket.com | #767,065 |
|
MSZ Consultants | mszconsultancy.com | #865,701 |
Pros & Cons
| Pros | Description |
|---|---|
| Flexibility | You can put as much time into the business as you'd like. If you like the work and have some initial experience, you can start small and manage all aspects of the business on your own. |
| Ability to start your business from home | It's not necessary to have a physical storefront or office space to get your business started. You can do everything from the comfort of your own home, at least in the beginning! |
| Little startup costs required | The cost to start a marketing consulting business costs significantly less money than most businesses, ranging anywhere from 62 to 41,861. |
| Traffic to your website | A marketing consulting business gives people a reason to visit your website and to keep coming back to you! |
| Gain exposure and experience | This career allows you to gain experience working for multiple different businesses - which will benefit your resume and also keep things interesting for you! |
| Unlimited income potential | With starting a marketing consulting business there is no cap as to how much income you can make. The stronger your business skills and the more energy/time you put into your career, the more you'll make. |
| Cons | Description |
|---|---|
| Churn | In this business, customers can cancel their membership or subscription for your services - which can make revenue forecasting challenging and unpredictable. It's important to focus on your churn rates and trends so that you can prevent this as much as possible. |
| Time commitment | With starting a marketing consulting business, all responsibilities and decisions are in your hands. Although this is not necessarily a negative thing, work life can take over at times. This can place a strain on friends and family and add to the pressure of launching a new business. |
| Difficult to build trust with your customer | With starting a marketing consulting business, there can be minimal face-to-face interaction, which means it can be a lot more difficult to establish trust with your customers. You'll need to go the extra mile with your customer to grab their attention and business. |
| Complex development process. | The development process for a marketing consulting business can be quite complex, which may cause delays and challenges when launching and growing your product. |
| Impatient customers | You may offer an engaging user experience for your customer, but customers expect a lot and may be impatient if they aren't pleased with your product or service. |
| Difficult to scale | With a marketing consulting business, it can be challenging to find ways to scale. Check out [this article](https://www.inc.com/jeff-bussgang/scaling-a-business-is-hard.html) that discusses scaling your business and the challenges that come with it. |
Marketing Ideas
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1
Direct Sales
Direct sales strategy implies a direct contact between a seller and a consumer without the involvement of any third party. Direct selling is popular in sectors where sellers communicate with their clientele personally. The sales technique occurs at non-store locations which include at home, work, or online.
For direct selling to succeed, hire a few (or many) salespeople to support the sales conversion process. It's critical that you assign them specific roles and responsibilities to nurture the client and provide excellent support.
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2
Word of mouth
Word of mouth is when a consumers reflects their interest in a company’s product or service in their daily dialogues.
Therefore, word of mouth advertising is essentially a free advertising triggered by the customers experience.
According to Nielsen, 92% of people trust recommendations from friends and family.
Therefore, in today’s hyper-connected world, a single recommendation through a word of mouth can have a huge impact to your business.
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3
Social Media Advertising
Social media advertising is the use of social media platforms to connect with your audience with the objective to build your brand, increase sales, and drive website traffic.
According to Oberlo, approximately 48% of the global population use social media, and the number is ever-growing.
Therefore, social media allows brands access to cost-effective advertising by enabling them to interact with a large audience.
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