Business might have been booming in the first few months since you launched your marketing agency. However, you might have reached the dreaded revenue plateau, where nothing you do significantly improves your profits. Even though you aren’t struggling to stay afloat, you aren’t satisfied with your current profit levels and would love to see a change. If you are ready to get out of the revenue plateau, here are some tips on how to grow your agency.
Consider working with entry-level talent
Your employees can make or break your brand. However, hiring the best talent can be expensive, especially when stuck in a revenue plateau. A better alternative would be to work with entry-level writers, web developers, and graphic designers. You can shape their abilities to suit your organizational goals better and get the work done for almost half the cost.
Polish up your website
Prospective clients, investors, and potential partners turn to your website to gain more insight into your brand and what you offer. If your online presence is anything but polished, you might lead others to believe you are not serious about doing business. Therefore, examining and updating your website to reflect your brand would be wise. Start by looking through the lens of a potential client to help you identify any problems with the interface or the content that you can correct.
Review your pricing strategy
Perhaps your selling price is the reason for your revenue plateau. The goal is to set a competitive price that doesn’t affect your perceived value while simultaneously maximizing your profits. If your current pricing strategy doesn’t check off all the boxes above, it is high time you go back to the drawing board.
Partner up with other agencies
You can also partner with other agencies to scale up your services and revenue. For example, if you might be looking to start offering SEO services to your clients but you might not have the expertise or human resources at your disposal. In this case you can use White Label SEO, where you partner with an agency with the expertise to offer SEO. The partner company does the work for you in the background as you resell the services under your brand.
Boost your reputation
In the past, prospective clients mostly cared about the end product or service. Today, things are much different, and potential clients also consider what other clients and brands say about you. Once you boost your reputation, you increase the likelihood of gaining more clients. You can improve your reputation by listening and acting on customer feedback and reviewing your online presence to ensure it paints an accurate picture of who you are.
Zero in on repeat clients
Last but not least, you might spend too much time trying to find new clients when you have loyal customers who still support you. One repeat client is just as valuable as ten one-and-done clients who might never invest in your business again. Therefore, it would be wise to focus on customer retention and show your existing clients you haven’t forgotten they exist.
In your current situation, the seven-figure mark seems so close, yet so far. You will get closer to your goals with the tips discussed above than ever. We hope you can find a few strategies that will work best for you and help scale your marketing agency to greater heights.