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Clients Long for Brave Agencies: 3 Fears to Conquer

Launching an agency means challenges are bound to arise, and these challenges often revolve around money and perspective. When the two collide, that’s when most brave agencies stumble a bit. As soon as the words “revenue” and “loss” appear in the same sentence, many brave agencies understandably freeze with fear. It’s easy to lose objectivity and the ability to stay focused on the big picture. That often leads to an agency scrambling to take on new clients, regardless of their suitability. This “any port in a storm” mentality can really jeopardize an agency’s ability to create stability and profitability. It also leads to brave agencies being less willing to stand their ground and advocate for what they know is the best solution for their clients. It’s easy to capitulate when you’re worried about making payroll. But when clients search for brave agencies, they’re looking for that outside perspective. They don’t need a “yes” man; they need objectivity and an outside viewpoint they can’t find internally. This difference in opinion won’t always have you seeing eye to eye, but that’s usually what sparks the big idea—that collaborative, 360-degree viewpoint. If you’re challenging one another, ideas get better. And it’s the co-creation of those ideas where trust is earned. The bottom line: Your agency must have the confidence—or dare I say, the bravery—to find your voice and speak up. That’s the value you bring to your clients, which in turn is what creates value for you as a business. How you go about finding your voice and solidifying those bonds with clients is entirely up to you, but it often starts with mustering the courage to do the following: 1. Hold Strong Opinions To be treated as [...]

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Your clients are still struggling with ROI from existing customers

Despite a mandate to drive growth, chief marketers are still stuck in a decade-long rut that has yet to see them fully optimize the lifetime value of existing customers. In 2008, when asked if brands were fully realizing the revenue potential of customers, 76 percent said no. Ten years later, 77 percent of respondents to the same question in a new Chief Marketing Officer (CMO) Council audit still say no, and 10 percent say they are not even sure. This is why you and your AEs need to understand the math of a lifetime customer.  We talk about/teach this is all of our AE bootcamps (live and on-demand) and I'm always surprised at how few of the attendees have been exposed to the idea of calculating, monitoring and monetizing the lifetime value of a customer. This failure to capitalize on customer revenue potential does not come as a surprise as the majority of marketers are missing an opportunity to leverage opt-in, triggered communications, including transactional email, to further relationships with customers. According to the latest study by the CMO Council and communication management platform Sendwithus, just 36 percent of respondents are leveraging transactional emails as an opportunity to further the value of relationships. While 30 percent believe they are engaging through triggered emails, it is only to reaffirm or acknowledge a past transaction, not to intentionally develop a more meaningful customer relationship. This occurs despite 94 percent of respondents’ belief that delivery of personalized communications across all customer touchpoints is critical to achieving profitable customer experiences. The new report, titled “Gaining Traction With Every Digital Interaction,” reveals that collaboration around the channels of choice for the customer is critical to turning an automated touchpoint into a [...]

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That Potential Client Is Judging You So Focus on Making a Good First Impression

No, thin-slicing isn't a phrase to describe the way you cut a loaf of bread; it's a term that denotes what we do upon first meeting people. According to Oregon State University professor Frank Bernieri, people make immediate judgments about others from observing only mere seconds -- aka a "thin slice of" -- their behavior. "From the evidence gleaned in not much more than a few glances, we decide whether we like another person, whether they're trying to flirt with us, whether they're friend or foe," Bernieri suggests in a Guardian article. Regardless of environment or circumstance, this very thin-slicing -- otherwise known as making a first impression -- can make or break your chances of coming across in a positive light, and it’s especially crucial when vetting new business. Case in point: Guard for the Golden State Warriors, Stephen Curry, opted against doing business with Nike in 2017 because during an in-person pitch, a Nike rep butchered Curry’s name. To make matters worse, the rep left a placeholder name -- Kevin Durant, Curry’s teammate -- in the published write-up. Because of this, the NBA player decided instead to partner with Under Armour. Say it with me: It’s all about first impressions. Screw it up once, and you’ve likely lost business for good. The scene is no different in the marketing industry. An owner prepares to nab a prospective client, but when it comes to awareness of his behavior and presence during the pitch, the owner can’t see the forest for the trees. Even if that’s not the case, the owner hesitates to identify areas of specialty for fear of leaving money on the table. The result? He comes across as he never intended: like a dime-a-dozen marketing sheep. While [...]

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Go beyond Google Analytics and use data to educate your clients

Numbers and data are no longer a daunting task — they’ve now become an integral part of a company’s operations. The issue is most companies are only given the basic facts of their data without the what’s, how’s, and why’s that are driving the analytics. Jaywing, a British data-based digital agency, found that brands across the board are failing to take advantage of marketing technology innovations, including how data can lead to larger explanations of how their audiences consume. Further, the agency’s 2017 Data-Driven Marketing Report found that 23 percent of marketers rate data science and analytics as the least important marketing skill. By contrast, the Data & Marketing Association found that 33 percent of marketers said having the right technology for data collection and analysis as the most important tool for understanding audiences. Given these disparities (and the fact that marketers are expected to spend 11 percent of their budget on analytics), it’s important to understand why data is an essential part of your client's business and how you should present it to garner the best results.  How companies are using marketing analytics:   1. Clients now expect more from analytics. As clients get more familiar with data jargon, they begin to understand more about what is being collected. Further, they’re hearing buzzwords like “big data,” so naturally they want more than just numbers thrown at them — they want an explanation. Clients now want to know what data does, its fluctuations, and how it will affect their business. Agencies are currently searching for the right direction to send their clients in as well as condensing data into points of value. Data is coming from all directions, and having the right people on staff who can analyze it well [...]

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A Summer Silent Client Doesn’t Have To Equal Lost Revenue

The only thing worse than losing a client is working with one who stalls. As an agency owner for 20 years, I have seen clients hesitate for every reason imaginable, and I've developed best practices to limit lost resources and keep projects moving. Understand How Project Delays Happen Every stalled situation starts the same way. The client is in panic mode. He needs this project now. You pull strings and work overtime to solve the crisis, but the next time you check in, the client says he needs to hold tight for a day or two. That day turns into a week, then two, and then into months, and all the while you’re waiting and bleeding resources that could be put to better use elsewhere. Delays cost money to maintain and money to start up again once the client is ready to get back at it. The longer you stay away from a project, the more factors change, and the longer you need to become reacquainted with the work and its objective. When you finally get to finish what you started, you have to shift work away from other projects because (again) this client needs it done immediately. You don’t want to fire the client -- but you can’t afford to let him dictate your workflow. You can’t send a bill for the time you spend nagging him, so what can you do to keep your stalling clients happy without sacrificing profits in the bargain? Change The Rules The fairest way to keep projects moving without angering clients is to change the wording in your contracts to account for periods of dormancy. Adding fees for reactivation of dormant projects sounds harsh, but in my experience, [...]

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Sell What You Do, Not What You Make

Agencies love to talk about their “stuff.” From event strategies to promotional packages, they get deep into the nitty-gritty. Although nuts and bolts might be great for a home renovation project, they don’t produce tons of revenue. What’s the problem? Selling tangible things limits the conversation to stuff that everyone offers. You create websites? Great, but so does every other agency in your marketplace. In other words, by emphasizing what you make, you inadvertently level the playing field. And that’s bound to kill your conversions. Instead of pontificating about features, focus on the service elements that make your agency the most powerful on the globe: It’ll oil the sales funnel and help prospective audiences slide into client roles. It’s what Accenture does, and it’s why it’s the No. 1 agency in the world. Ironically, the company barely makes anything and it’s prospering to the point that its 4,000-employee company just announced the addition of 800 jobs in Atlanta. Those are some serious numbers in a notoriously tough arena, and they do it all by highlighting what can’t be commoditized. Accenture sells its thinking, strategy and planning; in other words, it sells what it knows about the industry. Its expertise — not its products — is its strength, and that’s worth loads to eager customers. Other agencies receive $125 or $150 an hour; Accenture commands up to $400. The company has hit upon a truth in selling and agencies are poised to do likewise if they shift their mindsets from making to doing. What does your agency bring to the party? Prospects are accustomed to playing a price tug of war with their agencies, but when the talk moves toward what you do instead of the cost [...]

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How to Stop Your Client from Shopping Around

Think of the last time you went shopping online. Was it for clothes? Shoes? Maybe even a graphic designer? We live in an age where creative contractors are only a click away. More and more, clients are hiring them for single projects or just a few months at a time. The industry has moved to this project-based model, and partnerships between clients and agencies no longer mean as much as they once did. This trend is anything but surprising, however, considering the way the nature of the work has changed. In the past, advertising agencies did advertising: They created ads and bought space to run those ads. Usually, those media buys were for longer periods of time, and agencies made most of their money off the commissions. To guarantee the agency was paid and the client’s budget was maximized, they had to enter into a long-term contract before any work could be done. Today, agencies are doing much more than advertising. They’re developing strategic sales plans. They’re helping with client retention. They’re fostering brand evolution. These are fee-based projects, which means they don’t depend on media commissions. In the midst of this industry shift, the way your agency sells — or doesn’t sell — its value to clients can make or break your chance for a long-term partnership. Sell Solutions, Not Things When an agency makes the mistake of teaching its clients it sells things rather than solutions, clients begin to think of it as a place to shop for a website, brochure or TV spot – rather than looking to invest in long-term strategic ideas and business solutions. Think about it: People don’t change accountants or attorneys every six months because there is value [...]

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Why Fickle Clients Are More Profitable In the Long Run

Everyone wants to be the quarterback — the agency that signs a client and is ushered right into the C-suite to serve as the backbone of the client’s marketing strategy. Your agency loves clients like these because they value the same thing you do: the work. They expect you to be the workhorse of their marketing department that can do it all, which leads to a partner dynamic rather than a vendor relationship. According to an Agency Management Institute report, these “looking for love” clients make up 29 percent of companies out there. And while you probably enjoy working for these companies, they might not be the best for your agency. Demanding, Fickle Clients Are Actually More Profitable The AMI report identified another subset of organizations looking for agencies: the clients who like to play the field. These clients see their agencies as a necessary evil, not a core part of the team. They usually look for specialists, rather than generalists (such as PR or SEO), and often have a number of agencies on retainer at the same time. They tend to be fickle and apt to change agencies frequently — even if their current agency is doing a good job. These clients won’t give you the warm fuzzies, but they can come with big benefits in terms of pricing, budgeting, and time commitment. Because playing-the-field clients are specifically looking for tactical expertise, you don’t have to work hard to sell them on your agency. They already know what they need, and they wouldn’t be talking to you unless they’d recognized your ability to fulfill that need. These clients also tend to have bigger budgets and are willing to pay a premium for your brand of [...]

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Sharing Data: Why It’s Crucial To A Successful Agency Partnership

You wouldn’t visit a tailor and request a custom-made suit without providing measurements, would you? So why would you approach an agency in search of better lead generation without sharing data? In short, you wouldn’t. Yet this happens all the time—to the detriment of an otherwise fruitful agency partnership. Just as it’s impossible to make a suit fit perfectly without measurements, it’s difficult for agencies to deliver qualified sales leads without access to critical data. Meaningful lead generation is only possible when an agency can build, execute, and monitor the right plan for your company. If you don’t grant an agency access to sales data, prospect databases, sales calls, follow-up reports, and other crucial information, you’ll never get a tailor-made solution. The Right Data Makes A Difference Right now, agencies and CMOs are under incredible pressure to leverage their marketing dollars to deliver leads. This is happening for a few reasons. First and foremost, they know that 79% of marketing leads don’t convert into sales and that up to 50% of qualified leads aren’t ready to buy. Furthermore, layoffs during the recession created leaner sales teams that need more support from marketing to drive leads into the sales funnel. As a result, CMOs have to fight to grow or even maintain their marketing budgets. On top of that, to justify any marketing spend, CEOs demand data that shows marketing initiatives move the bottom line. That’s why it’s so important for clients to allow open access to their sales processes. This way, an agency can dig deeper into the sales funnel. The more it knows, the better results it can deliver. For example, one of the agencies I work with insists on having sales data, sales-cycle data, [...]

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Sales Prospecting: How to Talk to Prospects & Win their Business with Robin Boehler

Prospects. Ever thought about dating them?  Sounds odd I know but my podcast guest Robin Boehler has developed a matchmaking skill between clients and agencies that is bar none. Robin is the co-founder of Mercer Island Group, a boutique marketing and management consultancy. Their analogy of the review process as a form of dating really helps agencies examine how they present themselves to prospective clients and then Robin and her team help them tweak that to differentiate themselves so they stand out from the crowd. Most people want to date the stand out, not the wallflower. Come learn from Robin and I how to stand out by: Getting the agency-client relationship right from the very beginning Why truly differentiating your agency is so crucial The importance of doing your research on a prospect before ever speaking to them and how to do it well Why you should never start out a pitch talking about your agency (and when is the right time to do so) Why networking is the best way to get the opportunity to have quality conversations with prospects Robin’s sales prospecting methodology How to spark curiosity in communication to prospects Robin’s strategy for reaching out to connections that you haven’t spoken to in a while Why you shouldn’t hold back a really smart question just because you don’t want a competing agency to hear it Why each conversation you have with a prospect is the only one that matters Why you must show true interest in a prospect’s business and then learn from what the prospect tells you Robin Boehler is a co-founder of Mercer Island Group, a boutique Marketing and Management Consultancy, a pre-eminent agency search consultant to clients and growth [...]

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5 Mistakes that cost agency owners money.

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