Marketing agencies face a unique challenge of growing their business and keep up with the ever-changing digital industry.
Agencies need to focus on running and executing unicorn marketing campaigns for their clients and sometimes, acquiring new ones can be the biggest challenge they tend to face.
Other factors that marketing agencies need to constantly worry about are accounting, hiring, optimizing accounts, automation, marketing ideas, and delivering quality results for their clients.
Nowadays, starting up and running a digital marketing agency means having the need to learn about mobile usage, mobile search, voice search, and artificial intelligence (AI). In fact, marketers who invest more than 10% of their allotted marketing budgets are three times more likely to beat their profit target by more than 25% — this is according to a report from Lyfe Marketing.
Now, if you come to think of it, a successful marketing agency means helping their clients’ business growth while simultaneously growing their own business as well — and no, that can’t be done overnight. Another essential factor that agencies tend to focus on is getting their clients’ messages across the right audience for their industry.
The rise of the internet paved the way for marketing agencies to have access to a wide range of information whenever and wherever they want and need it.
Now, if you’re ready to face these challenges and adapt to these changes — drive incredible growth for your marketing agency, these tips can surely help you on your way up there.
Here are 5 incredible ways to grow your marketing agency startup:
1. Have a Bold Vision
The best place to start scaling your marketing agency startup is having a huge idea and run with it because what’s the use of your brilliant ideas if you don’t execute them? It is also essential to make your vision bold.
Using the right marketing tools is also the key to help your agency grow and the best place to get these tools is from your idea’s inception. Make sure that you attract the right people to work with and that they do their job, delivering quality results.
Having a bold vision for your marketing agency startup helps you attract the kind of people with the same level of vision — it would help you draw partners, investors, employees, and clients which are important to achieve your business goals.
2. Focus on Bigger Customers
If you’re losing customers, it would be difficult for you to grow your marketing agency startup and there are factors that customers often prefer such as having least commitment, low advertising budget options, on a monthly basis client option, etc.
If you want to take the path of a unicorn marketing agency then you may want to consider your customers’ pre-existing monthly advertising budget because that is often their commitment to the marketing channel.
The higher their advertising budget, the more your customers buy into your marketing plans.
3. Use 90-Day Net Promoter Scores
Surveys are essential to your agency because this is where you get your customers’ feedback and opinion about your services. Surveys are extremely significant for any business as they provide Net Promoter Scores. You must be thinking what this is — this helps you measure your customers’ experience and assists you with predicting your agency’s growth.
So how do we compute for the Net Promoter Score? It is calculated by subtracting the percentage of detractors (those who rate your agency from 0 to 6) from the percentage of promoters (those who rate your agency from 9 to 10).
A good Net Promoter Score falls down anywhere from 20% to 30% or above. From here, you can manage your score by taking specific actions using the result from your ratings. If you see that you have numerous detractors, reach out to them and ask them how you can do better — offer them discounts or upgrade their accounts.
For your promoters, they are the ones to refer your agency to others and ask them to do so because a happy and satisfied customer is a good customer.
You can send your survey or your referral encouragement message using an SMS chatbot like MobileMonkey. This would be a lot easier for you because you can directly send a message to your customers. In your template, you can include a link to your survey which makes it convenient for your customers too.
4. Improve Customer Service
By integrating a cost-saving 24/7 customer support chatbot for your agency, it’ll improve your customer service. Having happy customers lead to a growing agency — did you know that your customer’s happiness and satisfaction is linked to marketing agency client retention over account performance?
It is crucial that you make an effort to review your customer satisfaction and retention metrics every month so you can incentivize excellent service from your own staff by tying 10% to 15% of a client service representative’s compensation to tangible performance.
To improve your customer service, you utilize a support webchat that assists your customers 24/7. A webchat is a software programmed to accomplish support tasks automatically. Now, it’ll be easier for you to provide your customers with the information they need and even resolve their issues when needed. All your customers need to do is visit your website and a webchat is readily available to assist them.
5. Hire More Sales People
Every single one of your employees is important because these individuals help you grow your marketing agency. But keep in mind that your salespeople are the ones selling your product or services. Hiring more salespeople would simply mean more chances of sales — getting higher revenue would lead you to become a unicorn marketing agency.
Having more salespeople not just increases your marketing agency’s rate of growth, but it also decreases your customer churn rate because there would be more customers committing to your product.
These are unicorn ways to grow your marketing agency startup and maximize your profit. However, it is wise to bear in mind that success doesn’t happen overnight — it takes proper planning, effort, and time. Customers are always on the lookout for a wide range of services from marketing agencies — the reason why you should also keep up with the demands and expectations.