Modern Currency

Tag: Social Media

  • 5 THINGS TO THINK ABOUT BEFORE STARTING AN AGENCY

    Join our leading lady Michelle Palmer as she shares her insights into the little, (and not so little), things you need to think about before starting an agency.

    It took me a couple of years to decide to go out on my own. The reasons why? Apart from being ambitious and a desire to be my own boss, I was driven by my creativity – I found that ideas I had for branching out and changing how we approached things were sometimes met with ‘no’ and this was frustrating to me. I also wanted to create a different kind of culture. A lot of my friends and colleagues kept encouraging me, telling me I ‘have what it takes’ to be a business owner, a leader and a manager. So here are my tips on things to consider…

    1) Are you ready to deal with people in a different way?

    All of a sudden you’re responsible for the lives of your team while at work and beyond. Yes, there’s the obvious responsibilities like what work are they doing, when, is it being done correctly and on time, project management, communication – but then there is HR – sick leave, pay, Work Cover, mental and physical health concerns, individual views on so many varying situations (there is absolutely no one way anymore!) People management is a huge part of my job and probably way bigger than I ever expected it to be; as with time, people’s needs change. So it’s not just, “here’s your job, here’s your clients, off you go” – it’s much, much more!

    2) Where is your business coming from?

    How will you make sure you have a steady flow of clients? How do you ensure you charge the right amount? Do you understand how consulting works to allow you to not only make enough to pay your team and your bills/overheads, but to have a little extra for a rainy day? How will you keep work coming in the door and what happens if there is a lull? Can you troubleshoot? Do you know how to deal with it when someone doesn’t pay their bill?

    3) Have you thought through the hidden costs?

    There are many things I was totally naïve about at the start, I won’t lie… like payroll tax! Once you have wages over a certain level, the ATO likes to tax you – just because you pay people. Yep, go figure.
    There are many other hidden or surprise costs – insurances, legal costs for contracts (because you really should have proper legally binding contracts and agreements for your employees, your partners, your contractors etc). Unless of course, you’re fortunate enough to be a lawyer in another lifetime as well as an agency consultant.

    4) Do you have a strategy of how you’ll market yourself and what your longer term goal is?

    It may seem so simple at the start because you’ve got friends saying “hey I’ll send work your way” – but the world changes, every year. Pandemics, economic downturn, inflation, people’s behaviours and their expectations of their employer. So you need a strategy of how you will market your business, what and how you want to be seen and known for, and to give yourself a goal – what will I do in a year, where will I be in two years and ideally where will we be in five – and how can I get there? And who can help me get there? What do I need?

    5) Bad debt and mistakes and who wears these?

    This is another one I went into naively, even though in my role as a Senior Principal (GM) at a former global PR & Communications firm I came across dodgy business owners and operators, I just didn’t think it could or would happen to me. But it does. People won’t pay. People sell their company to a friend for $1 so your contract with them is null and void. People do not even respond to debt collectors. And what if one of your team doesn’t do their job properly because they are meant to check something frequently and they don’t and then you overspend on something, or do not check an order properly and order 5000 of something instead of 500? Who covers it? These are things that you have to be ready for when you go into your business.

    Starting your own agency is a lot of fun, incredibly rewarding and provides an amazing sense of freedom but there is also a lot of really hard stuff to face and cope with. So you need a thick skin, a great support team, and to be prepared for surprises (if you don’t like surprises, this is not for you!).

  • KNOW YOUR CONTENT PILLARS

    KNOW YOUR CONTENT PILLARS

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    Building a brand can be daunting, and trying to stay relevant can sometimes feel as though you are constantly reinventing yourself.

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    When it comes to having an online presence – whether it is for a brand, individual influencer or content creator – it is crucial to establish and maintain content pillars. Our content pillars are our overarching topics and themes that center around a brand or individual’s identity, core values and objectives.

    Our content pillars are what set us apart from our competitors and are what we use to create an engaged and trusting audience to buy our products or services. When introducing a brand or an individual to an audience, it’s all about consistency, you want to give your audience the opportunity to understand why they are following you, and what they are getting out of it. By staying consistent, we can also maintain a level of reliability.

    Content pillars are also imperative when it comes to content planning and strategy. It gives a brand or influencer a steady stream of content that is relevant, valuable to your audience, and begins to establish you as an authority within your industry. While it will provide you with a framework, you still have the ability to explore various angles and styles while still staying true to overarching themes.

    So, as an example, let’s create content pillars for a skincare brand. This skincare brand offers 5-6 affordable products, utilizes only natural ingredients, and focuses on minimizing breakouts, with a focus on an audience of younger females.

    1. Education – Educating the audience on the ingredients, the benefits of the product, how to use them and when to use them. This pillar would be great for video content to show skincare routines, a walk through of the key benefits of a product, and before and after examples.

    2. Customer stories and testimonials – This is going to be what drives sales the most, as it demonstrates your audience of potential customers how well the product actually works.

    3. Lifestyle – Creating a lifestyle community can bring people across the health and wellness space together. Sharing different recipes, ingredients and exercise that promote a healthy lifestyle and assist with having good skin further adds to messaging around the brand’s core values.

    4. The product – Ensure your audience is familiar with the brand by placing the product, brand colors and logos in as many frames as possible. This helps with brand recognition and authenticity.

    5. Promotions and offerings – This doesn’t have to be a large part of the brand, but anytime there is a bundle or a sale it is a great way to entice new customers who have hesitated to make a purchase.

    6. Trends and pop culture tie-ins – As we are targeting Gen Z and Millennials, it always helps to make the brand as relatable as possible. Talk about things that are trending or utilize music and visuals that are popular at that time. For example, many Gen Z and Millennials love Hailey Bieber, and are always following along with her latest skincare and makeup tips and trends – this would be great to re-share with your audience and demonstrate how your product could replicate the look or routine.

    Building a brand can be daunting, and trying to stay relevant can sometimes feel as though you are constantly reinventing yourself. By sticking to your content pillars, you minimize any risk of drifting from your core messaging, and ensure consistency for your audience. It provides structure and helps you navigate the digital space, while still allowing you to adapt and evolve as your brand does.

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