How’s your year going so far? I might have a pretty good idea already. We work with and see how 250+ small to mid-sized agencies are doing every year and there are always patterns that emerge.
Every spring, I give a trends presentation to all of the agency owners in AMI peer groups. Together we explore how those trends are showing up in our world and how they’re impacting the industry.
Then, in the summer – I share those same trends with my podcast audience. If you’ve been listening for a while, you know this is an annual feature of the show.
In this episode, I share the financial picture that is emerging from the data. How are clients spending their marketing dollars? Is this a good time to be an agency owner? I’ll share what the numbers are saying. We’ll also talk about the mood among agency owners and whether or not they’re bullish on 2019 and 2020.
There are too many trends to cover in one episode, so this is part one. Check it out so you’re ready for part two next month.
What You Will Learn in this Episode:
- Top agency trends in 2019
- Understanding the rise of project work
- How to manage after a gorilla client suddenly breaks up with you
- Why transparency in markups and commissions is so important
- Why agencies are earning more dollars, but those dollars are harder to acquire
- How to regain that spark when agency work makes you weary
- New trends in agency succession planning
The Golden Nuggets:“Agencies are earning more dollars these days, but each of those dollars is harder to come by.” - @drewmclellan Click To Tweet “Agency owners fall into two camps: the bone-tired and the super-excited. Which one are you?” - @drewmclellan Click To Tweet When the time is right, there are a lot of creative ways you can choose to exit as the owner of an agency.” - @drewmclellan Click To Tweet “The billable hour is almost completely extinct.” - @drewmclellan Click To Tweet “While there are more marketing dollars out there in 2019, more hands are reaching for those dollars.” - @drewmclellan Click To Tweet
Drew McLellan is the CEO at Agency Management Institute. He has also owned and operated his own agency since 1995 and is still actively running the agency today. Drew’s unique vantage point as being both an agency owner and working with 250+ small- to mid-size agencies throughout the year gives him a unique perspective on running an agency today.
AMI works with agency owners by:
- Leading agency owner peer groups
- Offering workshops for owners and their leadership teams
- Offering AE Bootcamps
- Conducting individual agency owner coaching
- Doing on-site consulting
- Offering online courses in agency new business and account service
Because he works with those 250+ agencies every year — Drew has the unique opportunity to see the patterns and the habits (both good and bad) that happen over and over again. He has also written two books and been featured in The New York Times, Forbes, Entrepreneur Magazine, and Fortune Small Business. The Wall Street Journal called his blog “One of 10 blogs every entrepreneur should read.”