It’s undeniable – running any business is hard. But it’s twice as hard when you don’t have a direction for how to grow your business and a vision of where you want to go from conception.
And if you’re a marketing agency, here’s the reality—most marketing agencies go nowhere. Even fewer achieve scale. But don’t be discouraged because huge losses and failures can be avoided with the right tools and methods to use for your marketing business.
In 2020 alone, there’s a huge increase in the number of advertising agencies in the US, with a whopping 78, 883 recorded from US IBIS World. This is a testament to the constant growth in the industry and a spike in the need for various businesses to be supported by marketing and advertising agencies alike towards their sales goals.
With this information in mind, it is safe to infer that competition is cutthroat within the industry, but at the same time, when you look at the bright side, you will see there’s a massive demand for marketing services, which you may be offering in your business.
So, should you be leveraging growth hacks for your digital agency? Absolutely. Read on to find out the top four growth methods you need to apply now.
- Streamline Your Process
A lack of efficiency in your systems is often a recipe for disaster.
When your process is all over the place, your finances follow. Trim expenses, or risk too much overhead that eats into profits. Make your systems easier to follow, or leave everyone in your team confused.
Negotiate for lower prices from suppliers, landlords, and partners, and seek ways to streamline internal processes to give your agency a financial advantage.
- Pick a Niche for Your Agency
There seems to be a disconnect between what agencies offer and what’s actually thriving.
Case in point: over 32% of respondents in a Moz survey identified themselves as “full-service” agencies or “digital marketing” agencies, making it harder for your agency to scale.
The secret sauce is to have a specialization you can dominate in.
Picking a niche allows you to brand yourself as the expert in that industry and helps you separate from the pack. It also opens up other opportunities, like speaking at industry-specific conferences.
- Create a Lead Magnet
Be creative and offer something of value to your target audience.
Most traffic to your agency’s website won’t convert to leads. There are plenty of reasons for this. One, they may not be ready to commit. And second, they may not be sure what services they need or they may not trust your company yet.
By offering them an alternative to an intimidating phone call, you can collect their business information and move them along the path to becoming a client. For example, HubSpot offers a website grading tool as one of their lead magnets that helps their audience see a glimpse of performance from their website.
- Reduce Your Lead Response Time
Last but not least, respond to your leads within the first 24 hours. Don’t let them bounce.
A study by the Harvard Business Review found that many companies take far too long to respond to leads and just let them go cold.
If you’re collecting leads from your agency’s website, it’s essential that you get back to them as quickly as possible. It’s too easy to let them just sit there for a day or two before getting back to them. These potential customers are shopping around, and your agency won’t be the only one they stumble on.
The best way to avoid this problem as well is to set up an SMS marketing software for your business, which allows you to directly chat with your potential leads from your website. With Ringbot.io, you can now increase your close rate, set more appointments, and engage website visitors in real-time -all with 1-to-1 texts and AI-powered phone calls.
Remember, letting your leads bounce without a proper tool set up on your channel is a big no-no.
Grow Your Agency with Ringbot
Running a business is not an easy feat. Marketing agencies, especially, are more vulnerable to risks caused by inefficient systems, and, sometimes, by scaling too fast without a plan. That said, we advise you to regularly evaluate how prospective customers are moving through your sales funnel. If attrition is more significant than you’d expect at any stage, there’s an underlying issue you need to find and deal with to be successful in the long run.
Make sure you seek the help of professionals, with tools that can be of great help to your CRM. Get Ringbot.io’s help and start a free trial today!