7 Strategies to Grow a Marketing Agency to 6+ Figures in Revenue a Month
Does it seem impossible to grow your marketing agency, let alone see six-figures in revenue each month? Well for some, this is a reality and it's happening for agencies all around the world.
This unbelievable success takes planning. Most agencies just don’t see such an astronomical growth because they’re skeptical from the start and hesitant to do the legwork. However, if you focus on the long-term goal and do what needs to be done, it can happen. We’ve seen agencies soar to the top while helping companies grow as well. You just need to have the right goals, the right attitude, and the right team.
Consider the following foolproof tips:
1.Know your niche for your agency.
Many budding marketing firms struggle to find their place in the industry. This identity crisis is common among young companies and teams, who still have to figure out where they stand. If your agency is at this stage, you have to act fast, think fast, and convene. Discuss what you have at the moment and who you can serve the best.
Every kind of company has a field they’re most suitable to. Photographers, for instance, have to decide whether they want to do landscape photography for magazines or wedding photography. Food service companies need to decide who their market is and what type of cuisine they want to serve.
You can’t serve everyone. You can’t work with all types of business, and doing so slows your success. Select a niche, and be the best in that niche. Focus your resources on building your name and reputation in this niche. Streamline your marketing budget to target your specific audience.
How do you pick a niche anyway?
Ask yourself who you want to work with and what expertise you currently can leverage.
Do you have a background in photography? Why not help photographers promote their services?
Do you know cosmetic surgeons in your state? That means you have some understanding of how these professionals work. Why not help them get more clients?
It doesn’t mean that you should focus on this niche for the rest of your life, but focusing on it right now allows you to create an impression of expertise in that field, hence setting you apart from the others and reducing your competition.
Another way to approach this part of your strategy is to look for underserved sections in your industry. Again, it’s another way to reduce competition and establish a specialized expertise.
Mandy McEwen says her number one tip is to specialize. “Specialize in a type of client and a core service offering,” the founder of Mod Girl Marketing & a Digital Agency Growth coach continues. “By doing this, you can position yourself as the expert to that particular subset of prospects, making you stand out from the competition.”
McEwen further explains that you can attract more qualified prospects when you specialize. That’s why you need to optimize your LinkedIn profile and website using targeted keywords so that your dream prospects will find you.
2. Create a lead magnet for your agency website.
Seeing increasing inbound traffic is great. It means more people are visiting your website. But if that’s the only thing happening, you’re not taking advantage of the site visits you’re getting. The thing is, most people coming to your website won’t be interested in your services for a number of reasons. Maybe they don’t like to commit. Maybe they’re not seeing the services they actually need. Maybe they don’t trust your agency.
You have to offer them something to win their trust. Offer something valuable to your potential clients. It could be a free SEO audit or free social media marketing trial.
Don’t even bother to make them subscribe to your newsletter or ask about their business information. At least, not yet.
3.Set up outbound sales and fill the pipeline with leads.
Most agencies are also scared to do phone calls to potential customers to get leads. If you’re scared to do the first move and ask companies to try your service, you’re vastly limiting yourself.
If you have a specific niche and offer specialized service, you’re in an even better position to give cold calls or send cold emails. Companies may just consider you when you’re offering something your competitors are not. This is especially great for young agencies who still have to rely on a few, if not zero, client referrals.
Just because no one’s checking out your Facebook page or blog, it doesn’t mean people are completely uninterested. They just haven’t found you yet, and one way to be known is to let people know you exist the traditional way.
4. Build case studies from successful clients.
You may have the best marketing team in the world, but it’s hard to prove that at first, especially if you’re still struggling to build a name. There are key self-promotional tactics that can help you build a solid reputation in your niche. Making client based studies is one of the best tactics there is.
A case study boosts your credibility by showing how successful your strategy is. Potential clients then begin to tune in. In addition, you can repurpose case studies as marketing tools to bring in more leads in the future.
It’s not hard to find a willing client who isn’t hesitant to share their stories. Your task then is to outline your methods and assess results with data. This whole process entails a lot of work, but one that pays off in the long run.
Guest blogging isn’t just for SEO specialists. Even marketing agencies that don’t offer SEO can take advantage of showcasing their expertise on someone else’s blog. Guest posting on a high-quality blog or website drives significant traffic to your website and increases your site’s ranking. In effect, the organic visibility of your website improves as well.
Writing on someone else’s blog also allows you to build a relationship with important figures in your niche, thereby strengthening your foundation and enhancing your reputation. Not to mention, you’re leveraging their authority and the trust their audience has in them.
Many bloggers allow other people to guest post to break the monotony in their content and provide a fresh perspective for their readers. If you’re invited by a top blog to write on their platform, take advantage of this opportunity by showing your best, well-researched content. New marketing agencies, on the other hand, will have to spend some time making connections and building rapport before they can ask someone relevant to write on their blog.
6. Build a client onboarding process.
The steps above are important in attracting potential clients. But what do you do once they become actual clients? Here’s when your client onboarding process plays a crucial role. How you welcome your new clients and how you start working with them to determine how long they stay as your clients and whether they will refer you to their associates.
A client onboarding process can be made efficient by defining goals, streamlining resources, and reducing unnecessary tasks. From arranging the contract to launching the project and fine-tuning your set-up, improving your client onboarding process ensures satisfaction.
7.Partner with other agencies.
Your marketing agency can do only so much. As you specialize in certain aspects of marketing for businesses in a specific niche, you may miss clients who are looking for other things. For instance, if you specialize in social media support for wedding photographers, you may miss professionals who need to optimize their wedding photography blogs. If you partner with an SEO company, you both can create a fantastic partnership that allows you to tap into each other’s expertise -- and audiences.
Consider white labeling related services you’re not offering but are being offered by another agency. This can only be done once you’ve partnered with the other agency.
At the end of the day, your willingness to change or upgrade your strategy and explore creative avenues to gain more clients determines the health of your marketing agency. Still, the best way to raise your revenue is to stop tying your agency to a chair. Embracing revolutionary approaches can take your agency to the sky. It’s up to you to make the bold steps.