As entrepreneurs, bettering ourselves and evolving our business should be rooted in our very core. Always itching to do more and adding more excellent value to the lives of our customers is practically our mantra. One method in which we can achieve this is by finding new avenues for providing service.
Diversifying your marketing agency will level up your company beyond just a boost to its financial security. Your products will be tailored to fit the needs of your existing customers, while prospects will be attracted by the variety of offers in your brand. It will definitely be the leg up against your competitors that will keep your agency on top.
So for your motivation, we compiled several surefire options for you to increase the profits of your marketing agency:
10 Revenue Streams to Scale your Marketing Agency
- Upsell & Cross-Sell
Upselling and cross-selling are undoubtedly the easiest ways to supplement your bottom line. All you need to do is pitch a package of a higher pricing level and recommend they add on related services. But, a word of caution, they must be executed strategically to work.
While you certainly can try to upsell your new customers, they will most likely pick up on that and may think that you’re only out there for the money. This is why it’s advisable to upsell mainly to long-time clients who already know your company’s value. You should also ensure that whatever you’re upselling or cross-selling is aligned with their business needs.
- Offer SEO & GMB
Search Engine Optimization (SEO) and Google My Business (GMB) are influential in driving organic traffic to a website. Lead generation should result from it and, in turn, an increase in the clientele of the business if done the right way. Regardless, if you offer this as an extra service, you should definitely be employing this on your own brand.
While creativity is certainly vital in hooking buyers, it will be pointless if they cannot read it. Imagine all the effort you put in your marketing and sales only for it to go down the drain because your blog is somehow on page 28. Hence, offering SEO and GMB basically completes the package as the tactical use of hot keywords and phrases will ensure the visibility of your customer’s brand.
- Utilize Partnerships & Affiliate Links
Partnerships work in two ways. Either you become the exclusive provider of a specific service to another company or vice versa. Or, you become each other’s advocates through promotions which widens the reach of your business. Basically, partnerships are another solid source of leads since your partner’s clients also become your prospects.
Affiliate links are included in partnerships. Affiliate links are just as helpful in boosting your revenue as you get a commission whenever someone clicks the link or purchases the product on the link. While it may not seem much on its own, the ancillary profit may accrue considerably as long as proper marketing is done for the product on the link. And the good news is you can even create your own affiliate links.
- Manage Social Media, Reputation & Advertising
Even if you produce the best-owned media for the client, without proper management, it will all go to waste. To start, offer to manage the social media channels of your client. Take note that this is management and not sales, so you don’t really need to increase the followers. Their social media followers do reputation and advertising management. If your client does not have a PR yet, excellent reputation management will entail that situations in which they would need a PR would be prevented. You’ll guard your company against social missteps by strategically considering the norms and current trends when doing marketing.
On the other hand, advertising management would mean that you also handle the release and engagement of their sponsored content. It’s pretty common for companies to produce an ad and then leave the outcome to the mercy of the algorithm. With proper management, though, the most value will be extracted as ads will be timed properly and comments will be responded to, thereby securing leads.
- Design Their Creative Assets
If you have a creative wing into your marketing agency, chances are that you can take care of the creative needs of your client. This means that apart from the assets needed for marketing, your agency will be able to produce the graphics and web design needs of their brand. This will be a great source of additional income for your company if you already have the resources and manpower needed for this venture.
- Produce Educational Materials
Customers may not be ready to sign a contract with your marketing agency yet, but they may welcome guidance in figuring things out independently. This is the time when courses, e-books, seminars, webinars, guides, templates, and training manuals will be of great assistance. Many of these materials are passive in nature, too, so your agency won’t even need to spend too much time maintaining them.
The educational materials will also establish your authority in the field. It advertises your agency as not only an expert but an all-around value provider that shares its learnings with others. Of course, once your customers have applied your techniques and gained results, they will likely use your company for their marketing needs.
- Provide Marketing Strategy & Exclusive Coaching
Even if a company has an in-house marketing team, marketing strategy is a new field altogether. If your agency is pretty good at getting results and optimizing marketing processes, this may be a lucrative venture for your brand. You can even do a free consultation and start charging on succeeding sessions to hook more customers.
There’s also coaching, which is slightly different from marketing strategy. Coaching involves more than just strategy; it can be for multiple brands. Coaching is getting one-on-one guidance where you get to the bottom of the issue with a seasoned veteran of the field. You can do the same tactic of offering maybe 15-20 minute free consultations to get more leads.
- Explore Local Clients
For a lot of agencies, the local client base is an underutilized source of revenue. Do not underestimate the cumulative profits gained from local clients. Like affiliate links, the earnings will add up to a hefty sum. Besides, apart from extra income, this can become the main revenue stream if you establish yourself as the top marketing agency in your geographical area.
- Ask for Referrals
Normally, you would get referrals from your own clients who are happy with the company’s products, but it will never hurt to ask. Referrals are excellent in getting ancillary revenue, similar to word-of-mouth advertisements. Your customers will know other entrepreneurs and founders who will benefit from your service. Since the referral is coming from them, there would be added credibility as it’s from a fellow business owner.
- Re-sell a White-Labeled SaaS Product
An amazing way to boost revenues as a marketing agency is to sell a SaaS tool to your client. But creating a SaaS product takes years and tens of thousands of dollars (minimum) for development.
Instead, just use a white-label ready product (like RingBot) so you skip the development timeline and costs, but go right to generating more revenue (as well as helping your clients more). Agencies doing this can earn as much as 25-30% more revenue on top of their agency work revenue. A no-brainer for boosting income quickly.
Scale Your Agency with Ringbot
Now that you know the many ways you can drive more profit to your agency, it’s time to outperform your competitors. To enhance your growth further, try our 7-day free trial of the ultimate SMS marketing app Ringbot. From your revenue generators to your lead management, you now have all the tools to be on top. Have fun scaling your business!