How to Boost Your Agency Revenue Next Quarter
It’s a good time to be in the digital marketing business. Marketing agency revenues keep going up, hitting an astonishing $46.8 billion in 2015. A significant reason for that increase is digital revenue, which is making
It’s a good time to be in the digital marketing business. Marketing agency revenues keep going up, hitting an astonishing $46.8 billion in 2015.
A significant reason for that increase is digital revenue, which is making up more and more of total agency revenues every year. The digital share of total U.S. agency revenues was a respectable 25.8 percent in 2009, and by 2015 it had shot to 41.3 percent.
There’s money to be made in digital marketing and web design. Here’s how you can boost revenues at your agency as soon as next quarter.
1. Assign the Right Talent to Each Project
There’s only so much any one employee at your agency can do, which makes it important to find the right projects for everyone and maximize results. For your most high-priority projects, you should assign your top-level talent who has proven they can deliver the results you need.
For other projects, it’s a good idea to use more of your entry-level and mid-level talent. They’ll cost you less, and you don’t want your top talent burning out on projects that aren’t of as much importance.
2. Look for Upsell Opportunities
The easiest person to sell to is the one who is already buying something from you. You can take advantage of that fact by finding upsell opportunities in the current services your agency offers.
Let’s say that a client hires your agency to set up his business website. Instead of just handling that, you could ask about what kind of social media marketing he’ll be doing for his business. He may have been planning to hire another company to set up his business’s social media presence.
Your agency will make more money from a single sale this way, and because it is already building the client’s site, setting up social media profiles won’t require as much extra work.
3. Aim for Long-Term Client Relationships
Client acquisition costs are a killer for many businesses. If most of your clients are short term, your agency will keep spending time and money marketing its services.
It’s important to prioritize building those long-term client relationships. Take care of the clients who have been with you before you accept short-term projects that could interfere.
Search for ways to turn one-off projects into something more long term. In the example above about social media marketing, an agency could turn a client who was coming in for a one-off project (web design) into a long-term client, simply by handling his social media every month.
More revenue plays a significant role in expanding your agency. When your agency brings in more money, it can hire more talent, market to more clients and keep reinvesting its profits for continued growth
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