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Tips for Creating, Sustaining and Building Your Agency with Mitch Joel

Throughout the entire process of building your agency, you have a lot on your plate. Depending on where you’re at in the life of your agency, you may be struggling to eat something other than ramen noodles or on the flip side of the spectrum, you’re spending all your time servicing your clients and trying to keep up with the demand. Ideally, you are working towards being able to step away from the day to day and focus on big picture of working on your agency. You may have aspirations to sell your agency some day and really reap the reward of all your hard work. No matter where you are at, my podcast guest Mitch Joel can probably relate.   He has taken his Toronto based agency from a small three-man shop to a global juggernaut by doing all the things that AMI preaches to agency owners every day. He quickly moved his agency to specializing in a niche, he focused on what it took to be acquired – growth and margin, he found his sweet spot client filter, and on top of it all, he kept on learning and growing and gave his team the time and space to do the same.   Try to keep up as Mitch and I take you through all of these phases of agency life by showing you: Mirum’s unique structure Generalists vs specialists: the philosophical and financial reasons agencies should specialize instead of generalizing Building your agency so that it is sustainably specialized How to figure out if a client is a good fit for your agency Mad Men vs. Math Men: how to blend creative and data Why it’s more important than ever to stay [...]

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How to Develop a More Profitable New Business Process with Lee McKnight Jr.

“We're a full service integrated marketing agency.” Sound familiar? Trying to be everything to everybody is just one of the big mistakes that agencies today are making when it comes to attracting new business. Agencies hate to leave money on the table, even if it’s “bad money.” But we all know what happens when you chase after or work with clients who aren’t in your sweet spot. They clog your new business processes and cost you time and money. My podcast guest, Lee McKnight, Jr. helps agencies solve this conundrum and many more in the dreaded agency quest for new business. He helps agencies get out of their own way and identify what makes them a unique option and just what certain prospects need. We cover a lot of ground in this podcast including the following: How to prevent your agency from making the major mistakes that agencies make all the time Why agencies need to specialize instead of generalize New business: how to develop a better, simpler new business process How to use a delicately balanced process that uses all different kinds of marketing Why patience is so key in closing on new business The importance of having one person who is the leader on a project Why there needs to be a balance between showcasing the figurehead and the agency The tools you’re going to need to put into practice the objectives discussed in this episode Lee McKnight Jr. is the Director of Business Development for RSW/US in Cincinnati, Ohio. They are a new business development firm that works solely with agencies and marketing services firms. After graduating law school, he ran away as fast possible from that profession and worked for an [...]

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What Are Business Processes with Brian Shea

What are business processes and systems? Most business owners flinch at these words but the truth is that your agency cannot grow/scale without both. Processes and systems actually increase the ability to be creative by freeing your team from re-inventing the wheel every time they’re trying to get something done. That’s exactly what my podcast guest, Brian Shea brings to the table.  Brian and his firm, Shea Consulting take process and systems to the next level by helping agencies customize them so they can grow and scale efficiently. Through the use of systems and processes, they minimize the stuff you don't want to do so you have more time and energy to do the stuff you want to do.    In this podcast, Brian covers: How implementing systems is vital to successfully scaling a business. How looking at a business’s current processes can help business owners structure the company in a way that allows them to focus on the creative and strategic work, and delegate more tasks to employees, thus developing the employee’s abilities. How to dig deep and get to the actual cause of why processes, systems and software fail. The consequences an agency may face if they do not implement processes and systems. Great, easy to implement ideas for helping agencies connect with their dream clients. About Brian Shea Brian Shea is the founder of Shea Consulting, where he helps companies become more proficient with their business development systems so they can enjoy consistent, sustainable success. To listen – you can visit the Build A Better Agency site (https://agencymanagementinstitute.com/brian-shea/) and grab either the iTunes or Stitcher files or just listen to it from the web. If you’d rather just read the conversation, the transcript [...]

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The Power of Audience Segmentation Strategies with Susan Baier

In today’s world of clients needing more data/insights, ROI for their marketing spend and micro targeting to avoid waste, research is key. Clients want an agency that not only knows how to gather data, but how to work with it, how to interpret it and most importantly, how to use it to the client’s marketing advantage. That can be a tall order when it comes to quantitative attitudinal audience segmentation strategies and research but my podcast guest, Susan Baier and her team know the ins and outs of this kind of research and know how to make it relevant to what you do every day. This kind of research goes beyond demographics to really understand what's going on with people; what they think, what they believe and what they want.  And it’s done in such a way that it provides you with a large enough sample of respondents to make it well worth your while. In this podcast, Susan and I uncover the power of specific, segmented research.  Among other things, we cover: how to find the right audiences for your client’s money how to better sell the idea and value of research to a prospect or existing client how to use quantitative attitudinal audience segmented research to turned an upcoming event into a major win how to use research in an agency setting including common mistakes to avoid. Susan Baier began her career as a brand manager for companies like Dial and ConocoPhillips and then switched over to the agency side leading strategic marketing initiatives and market research. A few years ago, she launched Audience Audit (http://audienceaudit.com/) where she conducts custom quantitative attitudinal audience segmentation research. She helps her agency clients develop marketing and [...]

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Guaranteeing Your Work Using Predictive Marketing with Stephen Woessner

I know and work with a lot of agency owners who do incredible work for their clients but very few of them are willing to guarantee that work with predictive marketing and write their clients a refund check if it doesn’t deliver the results. Are you willing to guarantee your work? To make that kind of promise — you’d better be ready to bring the goods. In my podcast conversation with Stephen Woessner we dig into how today’s agency needs to understand their client’s need for verifiable and predictive ROI and that the agencies that can deliver on that expectation, can plan on a long and fruitful existence. To build that kind of agency — it takes a brilliant methodology, incredible transparency and more accountability than most agencies have in their processes. But it is possible.  And highly profitable. Stephen and I talk predictive marketing specifics about how agencies can deliver leads and sales for their clients and best of all — get credit for doing so. We get into the nitty gritty of issues like bounce rates and the impact that has on sales and we talk philosophically about recognizing that your clients exist in a holistic ecosystem and their agency had better be able to influence every facet of it. You’ll be taking notes through this one so be prepared. To listen – you can visit the Build A Better Agency site (https://agencymanagementinstitute.com/stephen-woessner/) and grab either the iTunes or Stitcher files or just listen to it from the web. If you’d rather just read the conversation, the transcript is below. If you're going to take the risk of running an agency, shouldn't you get the benefits too? Welcome to Build a Better Agency, [...]

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2015 Salary survey results tell an interesting story

Business trends including changes in salaries and benefits can make or break an agency’s profitability from one year to the next. That’s why we conduct a comprehensive annual salary and benefits survey and we’ve just wrapped up our 2015 edition (you can buy the 40-page final report here). The results are quite insightful.   First a few facts about the respondents: 1,537 respondents Agency size ranged from 1 employee to over 150 employees All regions of the US and Canada were represented although there were not enough Canadian responses for statistical validity Salary Observations: Most salaries either held steady or rose in the 2015 results. One area that that saw its salary range decline or at best, hold steady was the CEOs salary. As agency salaries increase and the ability to increase billable rates or project pricing has not – it appears as though some CEOs are robbing from themselves to increase the pay of their key employees. The media department also took a hit in some cases. This may suggest that as agencies buy less traditional media (it seems like agencies are either specializing in this or hiring it out more and more) they are trimming some of their more expensive employees and keeping those middle-income team members. Copywriters and content writers also saw a healthy increase in salaries, ranging from 5-10%. Interestingly art directors and graphic designers did not see that same kind of increase; in fact in most categories they stayed steady with their 2014 salaries. The most significant increases came in the digital departments, with programmers leading the way. The average increase in this department was 10+% over the 2014 salaries. Benefits Observations: Clearly, agencies value their employees and try very [...]

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Hey agency owner — 3 Keys to Working On the Agency, Not in It!

Drew’s Note:  I’m pleased to bring you this guest post.  Meet another  thought leader who shares his insights via the blogosphere. So without further ado…Chris Wilson.  Enjoy! Implementing the proper business growth strategies is tough when you are spending a large portion of your time still working in the day-to-day operations of your agency. If you want it to grow the way it should, you need to take a step back and work on long-term strategies. You’re good at what you do, right? Well, if you’re like the majority of agency owners that we at Function Point interact with, then you’re very passionate about your firm. You started the business because you had a competency for creating great creative work, and your entrepreneurial spirit drove you to make a living out of it. Your friends have probably suggested at one point or another that you’re a little bit of the best kind of crazy — always dreaming bigger and reaching higher! That’s all great, but here’s the crux: For a creative agency to be successful, the owner has to move past all the details of the day-to-day operations. This isn’t easy!  You have to figure out the art of working on the agency, not in it. At the end of the day, though, you need to be dreaming of what you want for the company, setting the big goals and business growth strategies for the future and building up the people around you. In my 18+ years of working with agency owners, I’ve found that those who focus on client profitability, team member contribution, strategy and culture are the ones who have succeeded at getting their business scaled up. Directing your attention to these 4 areas will help [...]

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Advertising agency management tip — employees first

Looking for tips on advertising agency management? Look no further. I just attended a Disney Institute event where I was reminded of Walt Disney's business philosophy. I am paraphrasing here, but basically Walt said, "If you take good care of your employees, they'll take good care of your customers. And that takes good care of your bank account."  In other words -- employees first. Agency owners are so busy with advertising agency management, chasing after new business and putting out fires that it's easy to take the employees for granted.  (Unless they're the ones on fire -- then they occupy all of your attention!) The speed of agency life often gets in the way of an advertising agency owner really focusing on if they're setting up their employees to be successful. Now when I say employees first in advertising agency management -- I'm not suggesting they only work 35 hours, get foot massages at their desks and that you keep the fridge stocked with caviar. We all know that working at an agency is not for sissies -- it's tough stuff. The deadlines can be killer, the clients are demanding and when the work load is heavy -- the days are late and long. All the more reason to create an environment where your employees know that you have their back and you want them to be successful. What does an employees-first agency look like - it has vision/values that defines who they are The agency has a profile of the kind of person who thrives in the agency (hire for attitude, train for aptitude) The agency has a strong sense of its own traditions and heritage and a way to share/teach them to new recruits There's [...]

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What does an advertising agency consultant do?

There are a small handful of advertising agency consultants out there and each of us serves our clients a little differently. I thought it might be helpful for you to see our ad agency structure and how we define the role in our work with small to mid-sized agencies. An advertising agency consultant is: 1) Experienced --a seasoned pro in the business of successfully running an agency.  I’ve been running my own agency for the past 20 years. 2) Someone who understands that to offer relevant counsel, he/she must stay relevant.  That’s why I still run my agency. 3) Actively working with all variations of agencies — advertising, marketing, digital, media, SEO, PR etc. 4) A teacher — I try to be a thoughtful teacher in as many ways as possible:4) Our workshops, offered for agency owners/leaders and account service staff Our agency owner peer networks — each one facilitated by me My work as I consult one on one with agency owners  Through my writing, both on this site and in other publications 5) Going to ask some pretty uncomfortable questions sometimes.  It's my job to listen and hear what's underneath the first answer.  Sometimes you already know the answer -- you just don't want it to be the answer.  And other times you need someone to tilt the mirror slightly, so you can see the truth. 6) A BS meter. Part of my job in this ad agency structure is to help you see when you’re telling yourself things that don’t serve you or your agency.  Call it tough love, call it accountability or call it caring enough to tell you what you need to hear.  You’ll always get a straight answer from me. 7) A networker.  Part of my [...]

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The perfect new business specialist for your agency

I work with hundreds of agency owners a year.  We spend a lot of time talking about what's working and what's not working.  If there's one common frustration among agency owners it's the hunt for the perfect new business specialist for your agency. I hate to tell you but your hunt for the new business guy or business development guru is a little like chasing the Loch Ness Monster or Big Foot.  They don't exist.  In fairness, I will say that I know of one or two.  But that's it.  There are some exceptions to the rule but for the most part -- those hired specifically to sell an agency fall short and usually are fired (or leave for a better paying gig when your commission structure leaves them wanting) within 18 months. But have no fear -- there is the perfect new business specialist for your agency out there.  It's you. No one else can talk about your client's successes like you can.  No one else can ask the questions that get the prospect to say "hmm, no one has ever asked me that before."  No one else can look at their current marketing efforts and spot the places that need shoring up or could be so much better than it is now.  You can uncover their pain points because you've been in the trenches with your clients. Only a person who has grown up in the agency business and sweated it out with clients can have those kinds of conversations. This is why you - agency owner - are the perfect new business specialist for your agency. Can you arm a salesperson with a set of door opening questions?  Yes.  Can you teach [...]

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