From large-scale, , every business is vulnerable to the possibility of declining revenue and a shortage of clients.
If your agency is experiencing a difficult time, it’s important that you try and stop the landslide in its tracks; losing clients or employees during a tricky time could be devastating for your business.
Here are a few strategies to consider to improve your company’s functionality and income.
Keep your clients happy
Before you tackle anything else, try and fix any issues with your clients. If your main source of income is unhappy, you need to find the solutions immediately. Here are a few considerations:
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Your service is too expensive
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Your account managers are unreliable
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Your communication with them is poor
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There are other agencies offering better for less
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The quality of your work needs to improve
Improve your HR strategy
A high employee turnover is incredibly damaging for a company. Only a reckless agency director believes that everyone is replaceable. Putting out job adverts, interviewing, and taking time out to re-train costs money and therefore time.
Nowadays there are modern, more efficient ways of improving your HR strategy, such as online platforms, which include the likes of Inpulse. Being able to track your employees’ satisfaction and keep constant communication with them are some of the best ways to maintain happiness. There is nothing worse than feeling as if your company won’t listen to your grievances.
Find a niche
One clever way to grow your agency might be to find a niche. In fact, you may already have a niche that you’ve inadvertently been sticking to.
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Do you have a particular area of expertise? Motors, luxury, lifestyle?
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Have you won any awards for a particular brand of marketing?
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Could you re-brand your agency to cater to a particular area? Would it chase away other clients if you did?
Once you’ve discovered your niche, you can start to advertise with it as your main appeal. You can target specific companies and start pitching with your area of expertise in mind.
Re-evaluate your content marketing
If you produce content in any form for clients, you may need to assess how this can be modernised and adapted. Videos and blog posts are incredibly popular, and discovering ways of taking them to the next level could boost your appeal to clients. Could you invest in VR or 360-degree technology, for example?
If you are going to offer clients and potential new companies a content strategy, it cannot be behind the curve. You must be able to provide them with a reason for shelling out for your marketing services.
Keeping a marketing agency alive and well in the current economic climate is all about being savvy enough to know your weaknesses and strengths.
Spotting weaknesses allows you to fix them, and honing in on strengths allows you to develop niches and specialisms, which could just win you a few pitches in the future.
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How to engage with customers on emerging channels – new research – TheMarketingblog https://t.co/ZYvSezLJvQ pic.twitter.com/H7IldwGmIB
— Will Corry (@slievemore) May 3, 2019