There are some things to keep in mind when launching a marketing consulting company. You should remember that even small mistakes up front can have drastic effects later in the process. Below are some situations to avoid when starting a new marketing consulting company:
Don't ignore the client - Many marketing consulting companies make the mistake of taking too much control in the advertising process. You need to remember that on any project, the stakeholders have the final say, so encourage their input and make changes when necessary.
Don't undervalue your employees - These days, most companies don't care about their help because they see people as an expendable resource, when in reality there is too much lost in training and skill when you have to constantly hire on new hands. Having a strong base of core workers with knowledge and experience is worth paying a little more and treating them right. What you get in the end is immeasurable in terms of quality, and besides, if you lose them, how entrenched is the client with that person? You might be firing your business as well as your workers.
Don't knee jerk - So many businesses make detrimental and permanent decisions based solely on their last thirty days of business. Remember, the market isn't always going to be great, so don't expect it to be. If things take a sudden down turn, look at your past numbers and wait to see where things go from there. If the market is following a trend, then it's not worth it to cut employees or other costs to handle a temporary problem. Ride it out, and keep the medium and long term in mind.
Don't take more than you can handle - Many times a company will overextend its reach by not saying no. The philosophy of satisfying all that you can in the short term never works, because as you spread yourself thin you lose the ability to focus on quality. Remember, there is no shame in passing up work to maintain a quality relationship with an existing client who may buy more in the future. Screwing up a $10,000 job is not work losing $50,000 of continuous work for the rest of the year, so take what you can manage and do it right. Your clients will notice and appreciate this.
Don't market yourself through every channel - Despite popular opinion, most companies can get by without any direct marketing and advertising. Remember, no matter what service you offer, there's always someone else who can offer it just as well, so get the best kind of advertising; your clients will talk you up if you do well, and that is worth more to businesses than all the ads in the world. For an example of a company that never marketed itself and succeeded, look at Starbucks. They never once filmed a commercial or radio spot, and I dare you to find a magazine ad for their stores, yet their coffee is know the world over simply by word of mouth.
M. H. "Mac" McIntosh is described by many as one of America's leading business-to-business marketing and sales consultants and an expert on sales leads. He is president of Mac McIntosh Inc., a sales and marketing consulting firm that helps companies get more high-quality sales leads and turn them into sales. More tips at Mac's Sales Lead Insights: B2B Marketing Blog.
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