16 Ways to Strategically Grow Your Agency in 2024
Yes, we agency owners are in the thick of it, planning for 2024. And I don’t know about you, but I’ve been spending a lot of time optimizing my clients' agencies for growth. I want them to hit the ground running when the new year hits.
But I’m not just telling other agencies what they need to do for growth. I'm also ensuring my own agency is poised to take on more work. As an agency, generating leads is pointless unless your agency can easily expand to serve those new customers. Here's how to set your agency up for successful growth.
Steps to optimize your agency for growth
1. Audit your offerings
To start, perform an audit on the services you provide and the industries you serve. Identify which offerings bring in the most clients and then identify which services bring in the highest ROI.
You may be surprised to find that more profitability comes from services you’re not promoting as heavily as others. Or, you may find you specialize in a certain industry and this knowledge allows you to be more precise with the audience you target. It also doesn’t hurt to find out what your competitors are charging so that you can see if your prices are competitive.
2. Get a pulse on your current clients
Understanding what your clients like and/or would like to see from your agency is crucial as these insights translate into actionable insights into landing future clients. Not to mention, client health will let you know which clients will be renewing in the upcoming year.
You can even take it a step further and send a survey to all of your clients to understand their pain points and how your agency does or doesn’t solve them.
3. Analyze current workflows
Make sure your workflows are buttoned up; streamlining is crucial to scaling your business. Look for things like:
- Client onboarding process
- How often you meet with clients
- How accounts get handed off
- Client conversion rate
- How you upsell current clients
- Client retention rates and process
- How you train employees
For each of these workflows, you just need to examine them—maybe document them—and mainly just look for holes or areas where they can be improved. It’s amazing how much an unoptimized workflow can impede the work you do at your agency.
4. Plan a lead magnet for each quarter
I love lead magnets because if you’re strategic in your themes, they’re the best way to generate qualified leads. A lot of time and promoting can go into developing lead magnets so I recommend publishing one per quarter.
Experiment with different lead magnets to see what resonates with your agency. A good plan for the year is to publish an industry report, host a webinar, release an e-book, and develop a downloadable worksheet. Each lead magnet should have a landing page and lead capture form and will serve as a hub for all of your lead gen efforts.
5. Strengthen your lead nurturing programs
I just mentioned lead magnets, and you’ll be impressed with the leads generated from them. But there is no point in generating leads if you don’t have a strong nurturing program in place. Check to see how your agency nurtures leads. Do they all get thrown into one bucket? Do you segment them? How often do you drip them content?
A good rule of thumb is that a new lead gets put in a four-part email sequence. The first three emails are thought leadership and the fourth email is a CTA to book a call with your agency. The goal is to establish trust through thought leadership before trying to convert the lead into a client.
And don’t abandon leads after the initial nurturing sequence. I’ve worked with agencies that drip content to leads for a year before they convert.
6. Aim for more thought leadership
Brands are usually willing to pay more for expertise. Positioning yourself as an agency owner thought leader can do wonders for your business's growth. Here are some ways to promote your expertise in the upcoming year:
- Contribute guest posts to high-profile publications
- Be more active on social media, including joining LinkedIn Groups
- Attend and present at conferences—in-person networking is still the strongest way to land new clients
- Run an active blog on your website
- Sign up for HARO and contribute quotes daily
- Host webinars
- Be a guest on industry podcasts
- Publish your own data
7. Identify guest posting opportunities
Guest posting on publications gets your expertise in front of an audience that someone else has curated. Simply identify and reach out to publications relevant to your target audience. Depending on your portfolio, they may charge a fee. If you have a strong portfolio, you’ll find free opportunities like I have.
A good rule of thumb is to contribute one guest post per month. So right now is a great time to reach out to publications and create an editorial calendar for guest posts in 2024.
8. Update your deck
If you don’t use a slide deck when having an initial call with a potential client, create one. If you already have a deck, update it for 2024. Include things like:
- An outline of your services, including any new services you may be adding
- Your pricing—(update your pricing if your pricing doesn’t align with competitors)
- Results from other client work
- Testimonials from clients
- Logos of your most well-known clients
Also, indicate if you have experience in a particular niche. I am often surprised by agencies who think that casting a wide net will increase profitability, so they end up not conveying expertise on any given service or industry.
9. Become your own client
You're in the business of promoting your clients, so you should know how to promote your own agency. In my experience, it’s not that agency owners are incapable of promoting their agency, they just don’t have the time. My advice is to set aside 1.5 hours a day during which you work on promoting your own agency so that you can achieve growth.
10. Plan your networking events
Post-pandemic, conferences are back and you should plan to attend a few in 2024. Networking at in-person events is arguably the strongest way to land more clients. Here you can find a listing of marketing conferences.
11. Update your website
Your website is your digital storefront, and thus, the first impression a person has of your agency. I'm not saying you need to completely revamp your website, but update things like graphics, content, and testimonials; add any new services you are offering; and perform an SEO audit.
12. Decide if you need to outsource talent
If you need to find specific talent, or if there are areas of your agency that are stretched too thin, you may want to consider outsourcing. It can be more cost-effective than hiring a full-time employee, especially if you don't have 40 hours worth of weekly work. Common areas agencies outsource are:
- Lead gen for the agency
- Copywriting, for a diversity of voices
- Graphic design
- SEO
13. Submit your agency to directories
When brands know they need an agency, but don’t know which one to choose, they often consult agency directories. However, getting your agency listed in directories isn’t enough. To improve your credibility, you also need your clients to rate and review their experiences with your agency on the directory platforms. I’ve had good luck emailing my clients links to all of the directories that my agency is listed in, and giving them a $5 gift card per review per directory.
14. Earn social proof
The reality is that brands do want to learn about your agency, but they don't want to learn about it from your agency. They want third-party endorsements, AKA social proof. Social proof can be in the form of social media shout-outs, testimonials, case studies, or reviews.
However, you first need to earn social proof, which can be done with a little incentive, and you need to promote it so that these valuable insights can reach your target audience.
15. Partner with industry leaders
You probably already know the thought leaders in your space. Have you ever considered forming a partnership with them to get your agency in front of their large audiences? Going into 2024, make it a goal to identify and engage with thought leaders. And then when 2024 hits, you’ll have established recognition with them, so when you reach out, they’ll be more likely to respond.
What should these partnerships look like? Here are a few scenarios:
- Guest post swapping
- Sponsoring a piece of content on their website
- Gaining a spot in their newsletter
- Asking them to promote your lead magnet on social media
- Interviewing them for a blog post
16. Create a referral program
Referral programs are nothing new, but have you been strategic when it comes to getting referrals in the past? Going into 2024, it’s a good time to implement a strategy to earn referrals. Email your happiest clients about your "new" referral program and what they can gain. I usually offer a $250 gift card for any referral that results in a meeting and a $500 gift card for any referral that results in a new client.
FAQs on how to grow an agency
How do I promote my agency?
Promoting your agency with thought leadership and expertise in any given service or industry will get you far. Leverage your expertise and publish your own industry data, implement email marketing, have an active social presence, and partner with thought leaders. A referral program is also one of the strongest ways to get new business.
How do I pitch my agency?
When pitching your agency, don’t lay the sales pitch on too hard. Emphasize your expertise and past client work. Offer insights and examples. A humanized approach to pitching your agency will resonate more than a sales pitch.
How can I make my agency profitable?
To make your agency profitable, you need to have the right people in place. You also need to spend time treating your agency like a client so that it can grow. If you don’t have time to do lead gen for your agency, hire someone dedicated to growth.
Source by: www.allbusiness.com
Post by: Kristen DeGroot
Kristen DeGroot is the CEO of The Campfire Circle where she has been optimizing and growing agencies for over a decade. She actively publishes on a variety of topics for agency owners on publications, including Forbes.
Company: The Campfire Circle
Website: www.thecampfirecircle.com
Connect with me on LinkedIn and Instagram.
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