Are you thinking about taking the leap and starting your own digital marketing agency? Or maybe your agency is already up and running but you are wanting to dial it in and maximize its potential. We have all been there and we are here to help. We are going to go through the tips that we feel are the most conducive to the growth of your digital marketing agency.
Growing Your Agency
Running an agency is a labor of love. It can be hard to make it work because it is a lot of work. We can tell you, it is worth the challenge. If you combine these tips with hard work and talent, you can have a successful agency.
- Specialize in the services you offer. You need to focus on your X-Factor or your specialty. What is it about you that makes you better than everyone else? Some examples of a specific niche could be SEO, Facebook ads, content, copywriting, email marketing, YouTube ads, etc. Keep in mind that this should be something that excites you and you're confident in doing.
- Don't become a commodity. Consumers look at price to value. They want to know how much it costs and what the value of the work is. For example, you would hire Russell Brunson to build your funnels. You'd hire him because you know that he is the best in the world, even though it would probably cost a lot more due to the value of his work. Once you get known as a commodity, you can't just flip the switch and say that you're now premium and worth the new prices you're asking for. If your only selling point is that you have the lowest price, what will happen when someone else comes along with a lower price and more value?
- Have an influential face to your agency. Most successful agencies have a forward-facing influencer as part of their business. For example, Gary V is the face of VaynerMedia. We know that VaynerMedia has a huge team and Gary isn't the only one working there, but a lot of clients hire VaynerMedia because of Gary. They're able to charge a premium because people are willing to pay it to work with him.
- Know when to say no. We know it is hard to say no to money. Especially while you're building your clientele and agency and aren't bringing in a lot of money yet. Being able to recognize a bad product or bad brand is crucial. Be transparent and let the business owner know that it isn't a product you're willing to work with. This is a hard conversation to have but it is better than taking their money and them going out of business anyway. Leave those spots open for a client to come along that will be a perfect fit for both parties.
- Create referral partnerships. Since you're specializing, you're going to have to say no to a lot of people who are asking for you to do work outside of your niche. Take the time to build business relationships so you're able to refer your clients to others with confidence. As you build this network of referral partners, get a system in place where you are making a partial commission off of the clients you are referring to these partners.
In Summary
That's it for part one! Know the value and worth that your agency is bringing to clients. Know when to say no, stick to your niche and create referral partnerships. Keep an eye out for part two for our final 5 tips to creating a fruitful agency.
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