Apr 30, 2019
If your digital agency is under $500,000 in revenue, here are the mistakes you're probably making that are holding you back. I worked with tons of agencies big and small. And, of the smaller ones, I'm seeing three common mistakes they're making consistently that is stunting the agency's growth.
1- Not charging enough.
Most agencies don't fully understand the value of the service they're providing their clients and are undercharging what they're worth. First, get a full understanding of the value you're bringing your clients. It should be 10X of what you're charging. I'll bet with certainty that once you're aware of your value you'll discover you need to raise prices. Not for the existing clients right away, but for new clients, you need to increase your pricing. Over time, there will be a big discrepancy between the "old client pricing" and the "new client pricing." But, you'll have so many new clients, you won't care if you lose a couple of the old ones by increasing their prices.
2- Not hiring a project manager at the right time.
When you're first starting out, it's natural for the owner to wear many hats. You're making good money but you're stuck doing everything. And if you're doing everything then you cannot focus on growing the business, so you're feeling a lot of ebbs and flows. When you're focused on new business, your pipeline is full. Then you have to focus on delivery for the new business and your pipeline suffers. You're on a constant roller coaster. Look for the right PM and higher then early they can manage projects and YOU can focus on growing the business, filling the pipeline, building strategic partnerships... everything except direct client work.
3- Not being patient.
We all want things right away and everyone's looking for a silver bullet. But, you have to be consistent and patient. It takes tons of hard work and plenty of time to build a successful business. Overnight success just isn't possible. So have patience and give yourself the time to be focused and clear the directions you're taking the business.
If you want to know more about growing a successful agency, make sure you check out The Agency Playbook (http://theagencyplaybook.com) where I give you the 8 Systems you need for growing and scaling a successful digital agency.
I'd love to hear your comments below. Tell me what challenges
you're experiencing with your agency and what advice do you
Thanks for watching. I hope you keep up with the daily videos I post on my channel. Make sure you subscribe and share your learnings with others. Your comments are why I do this, so please take a second and say hello.
JASON SWENK IS AN AGENCY ADVISOR THAT GUIDES MARKETING AGENCIES THROUGH A PROVEN FRAMEWORK FOR GROWING THEIR AGENCY FASTER & EASIER.
Fresh out of college Jason was off to work for Arthur Anderson,
one of the big 5 consulting firms. He quickly realized that he
could never work for anyone other than himself. He decided to
change direction, launch a digital agency that quickly grew to a
multi-million dollar operation working with brands such as
AT&T, Hitachi and Lotus Cars. After 12 years of steady growth,
the agency caught the attention of bigger agencies and Jason sold
it in 2012.
Now, Jason leads http://JasonSwenk.com, a unique media company & consultancy helping marketing agencies grow & scale their agencies faster by applying the framework that he used to grow, scale and eventually sell his agency. Jason has helped over 10,000 agencies in 23 countries meet or exceed their business goals.
Jason currently hosts two shows that are available for download…
The Smart Agency Master Class Podcast, dedicated to providing tactics and strategies to agency owners and decision makers that cut through the BS, focus on exactly what works and what doesn’t; and
SwenkToday a weekly VLOG that documents the entrepreneur journey of building another multimillion-dollar business, where he shares the latest strategies and answers the most burning questions entrepreneurs have.
TUES VLOG #SwenkToday
Q&A from my digital agency audience
Ask me A Question
(Digital Agency Interviews)
Follow me here:
Music by epidemicsound.com