By Larry Kim
Here’s the reality: most marketing agencies go nowhere. Even fewer achieve scale.
So should you be leveraging growth hacks for your digital agency?
The answer should be: Why wouldn’t you be trying to grow your digital agency?
The number one excuse that holds Donkey agencies back from the wonderful world of Unicorn Agency Land is that they “don’t want to be a big agency.” Some marketing agencies will claim that they are a boutique agency. This typically translates to: “My marketing agency is stuck, and I don’t know how to scale it.”
But why grow your digital agency at all?
Three reasons to grow your digital agency:
- For money. You can make millions. You can speak at all the cool conferences. You can become an internet sensation.
- For a challenge. Some people do things because, “why not?”
- For a purpose. Create a valuable service that truly helps people. Participate in job creation that also helps people.
And thus, we present my top 5 growth hacks for your digital agency.
Agency Growth Hack #1: Be a little bit delusional!
Doesn’t the old saying go, “Dream as if you’ll live forever, live as if you’ll die today?”
Sure, the quote might be about living life to the fullest rather than scaling a digital agency, but it can be applied the same way. If you can dream as if you’ll live forever, why can’t you dream as if you’ll develop the greatest digital agency in the world?
In order to grow a digital agency to the top, you need to project a bold vision of that agency. Take a look at my business plan for my first company, before I started MobileMonkey, from 2008:
The scale depicted by this plan shows the company’s total revenue increasing over one hundred times the starting amount in just three years. Talk about a lofty goal!
But, it worked.
The reason that having bold, bordering delusional, aspirations for your agency is the first step in scaling it is because of what these bold ideas attract (or rather, who).
A lot of people want to simply go to work, do the bare minimum to achieve their base goals, and go home. An agency with goals that show projection of over 100 times the starting revenue won’t attract these types of people. It’ll attract people that share those visions.
Having lofty goals for scaling your agency will attract the employees, partners, and investors needed to make those goals a reality.
Agency Growth Hack #2: Deploy the customer churn detectors and churn busters!
In order to successfully grow your digital agency, you need to have customers. But not just any customers – you need customers with a long customer lifetime – meaning they stay customers for a while!
The longer the customer lifetime, the more profitable the customer is. If you are churning customers after just a couple months, your agency business is not going to grow.
Read more here:: SmallBusinessTrends