What does growth even mean? We find most agencies think growth is about adding more and more new clients to their portfolio. Other agencies believe growth is about long-term marketing efforts to build stronger awareness with prospective clients, and driving inbound new business. From our 15 years of experience working with agencies of every size and kind, we see two core things that successful agencies do well under the banner of “growth”. First and foremost, they focus on building success for clients with quality work and measurable impact in order to drive retention and organic growth. Second, they have a clear plan to drive new business through these 4 essentials to sustainable agency growth:
1. Have a workable, proactive sales process in place.
Without a structured sales process, you may take on any opportunity thinking it’s essential for the financial health of your agency. However, the cost of the client can sometimes be more expensive than the revenue it brings in. Taking on any and every opportunity happens when your sales team doesn’t have appropriate guidelines to work with. If a proper sales process is designed to help them drive quality leads, you’ll save time and money, allowing them to work more strategically and more effectively.
We find every great sales process includes:
- Understanding the buyer’s journey and using it as your starting point to an approach based on the needs of your prospect.
- Clearly defining each stage of the journey and what activities are involved.
- Identifying the value for your agency in each phase of the process.
- Creating a strong connection between the marketing and sales team.
- Finding the pain points of potential clients and highlighting your solutions in solving them – this is what makes your agency hard to dismiss.
2. Define your ideal client.
Buyer personas are not a new concept, but in today’s competitive agency landscape, it’s more important than ever to understand who your ideal client is, what their needs are, and whether your agency has a “right to win” with them. An effective buyer persona answers the following:
- What industry do they work in?
- What is their company size?
- Who are the key decision makers (and influencers)?
- Where do they look for agency partners?
- What are their key pain points?
- Which services do they need?
- What kind of budget are they working with?
These questions will help focus your efforts and generate the opportunities you want.
3. Upsell and retain clients.
Many agencies are a bit passive when it comes to expanding scope with current clients. Account teams are not natural sales people, and are (rightly) focused on billable time and the business at hand. So how can your new business team help? Create a plan for each client that helps them understand other ways you can help their business. It’s an effective sales approach that benefits the client who has already experienced the quality of what you have to offer. And think about the energy and resources you’ll save as opposed to looking for new accounts. Focus on keeping current clients happy and identify new ways your expertise can bring even more value.
4. Refine your unique selling proposition.
To understand your current unique selling proposition, ask your existing clients where they look for a new partner and how they found you. Most importantly, why they chose your agency and the measurable impact you have on their business. Your USP should not be centered on a philosophy or theoretical outcome, but rather a quantifiable one focused on your particular expertise. This is critical to differentiating yourself to prospects, helping your agency evolve, and supporting your growth.
Creating, understanding, and working these 4 essentials to sustainable agency growth will create a sustainable pathway to revenue generating opportunities. We know it seems challenging to navigate the overcrowded, undifferentiated landscape at time. But by making these key areas a priority, your agency will be on the right track to repeatable, revenue generating opportunities.