Category: Uncategorized

The Magic 40%: A Redefined Success Metric for Marketing Agencies

Why you could be making 20% net profit but still be classed as a STANDSTILL agency…

Net profitability, often benchmarked at 20%, is a frequently used success measure for agencies. Achieving this in todays market is no mean feat, but even those that do aren’t necessarily STANDOUT agencies.

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Best practice when tracking time in your agency.

We’ve all heard the sighs, seen the eye-rolls, and perhaps, even been a part of the collective groan when the word ‘timesheet’ is mentioned. But nothing will convince me they’re not a key tool in creating a STANDOUT agency. Here’s how…

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Don’t wait to cut headcount!

The process of downsizing a team is undoubtedly daunting and emotionally taxing, but it’s a critical measure to ensure the sustainability and resilience of the agency in turbulent times.

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There is a difference between willingness to pay and ability to pay.

It’s never been more crucial for agencies to qualify new business prospects. With tighter budgets and decision-making often met with hesitance, understanding a potential client’s financial comfort level has gained importance. But a key factor when qualifying leads is also understanding if a potential client can afford our services right now.

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You’re hard wired to be lazy, that’s why you need an advisor.

As a former agency owner and current advisor, I understand that implementing advice can be more challenging than formulating the right strategy.

Humans are inherently programmed to conserve energy. This trait was vital for survival during the early stages of human evolution. When food was rare, using less energy equated to a longer lifespan. Our brains are designed to find the easiest, least energy-intensive path to reach our goals. This behaviour is often misinterpreted as ‘laziness,’ but it’s actually a survival mechanism.

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Stopping the silent agency killer…

Some agencies are working a 4 day week…and they don’t even know it.

The 4 day week has been adopted by many companies in the last few years. Some of my agency clients are committed to it.

There are, however, many other agencies effectively doing a 4 day week, but their owners and employees are not seeing the benefit of it. Far from it.

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What is Revenue Recognition?

Financial literacy isn’t just for the accountants. It’s for every agency owner who wants to understand their business better and set it up for long-term success.

Take the topic of Revenue Recognition. This might sound like financial jargon, but in simple terms, it’s about recognising the revenue your agency earns, at the correct time.

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Creative agency owners face a unique dilemma…

Creative individuals often face a dilemma between pursuing work they are passionate about and meeting client demands. To grow a sustainable and profitable agency, it is crucial to strike a balance.

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STANDOUT agencies do difficult work.

STANDOUT agencies take on difficult work. What sets difficult work apart is its inherent complexity and the fact that not many people have the skills, expertise, or sheer will, to handle it. As a result, clients are more than willing to pay a premium for it.

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Agency leadership is only for agency leaders.

STANDOUT agency leaders collaborate.
STANDSTILL agency leaders abdicate.

As an agency owner, you must strike the right balance between empowering your team and providing guidance. While employees crave autonomy, they rely on your experience and vision to steer the agency towards success.

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Don’t write proposals, write business cases.

When it comes to pitching prospective clients, agencies often resort to writing proposals. However, there is a more powerful alternative that can make an agency stand out over its competitors – the business case.

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How your agency can achieve £1M revenue

Most marketing agency owners aspire to achieve sales of over £1 Million. Whilst it’s a common goal, it’s not as easy as people think.

The data shows that only around 7% of all businesses exceed $1M in revenue. Moreover, on average, it takes agencies 7 years to reach the goal. Many never do, of course.

If you’re struggling to crack the Magic Million, pricing often holds the key.

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The difference between STANDSTILL and STANDOUT agencies…

It is not enough for agencies to simply excel at delivering services. Many STANDSTILL agencies do this very well. The most successful agencies not only excel in their core competencies but also have a deep understanding of effective business management and marketing strategies.

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Why do agencies struggle to charge for strategy?

Reluctance in charging for strategic work stems from perceptual barriers and undervaluation of intellectual capital. Fostering confidence, transparent communication, and value articulation allow STANDOUT agencies to assert the true worth of their strategic talents.

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STANDOUT agencies work with somebody

If you’ve read my book STANDOUT OR DIE, you’ll know I’m a big advocate of agencies niching down to a specific target market.

To be fair, I’m not alone, most agency advisors promote this strategy. The difference is I used it to grow my agency to £12.5M turnover and 175 people.

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STANDOUT agencies say No

STANDOUT agencies have the edge on others when it comes to recruiting clients and people; they say “No” more than they say “Yes”.

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STANDSTILL agencies rarely actually stand still.

If you get into a pattern of doing the work and moving on. You get trapped in a delivery mindset. You convince yourself that your value is in your delivery…and your clients believe that too.

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STANDOUT agency owners invest in networking

For most of us, the word conjures up the image of standing in hotel meeting rooms sipping lukewarm coffee making small talk with strangers.

Not my idea of fun, or a productive activity, yet networking is so important to agency new business lead generation. STANDOUT agency owners simply can’t avoid it completely.

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STANDOUT agencies work their CRM

STANDSTILL agencies don’t want to swallow their pride.

STANDOUT agencies don’t want to miss an opportunity to reconnect and rekindle an old opportunity.

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STANDOUT agencies are not banks II

Your monthly reminder that STANDOUT agencies are not banks or charities.

If clients owe you money they also owe you some respect.

If you have sent all the usual reminders and invoices still remain unpaid, you must stop work until you receive the money you are owed.

STANDOUT agency owners want to look after their thing.

I occasionally hear agency owners talking about stepping back from the day to day running of their business to focus on “other things”.

This always worries me. Whatever the motivation behind it, I rarely find the idea palatable. Agencies are not “set and forget” businesses. Far from it.

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#10 How to become a sales driven agency.

#10 – The tenth and final factor in my series of how to become a sales driven agency, is something agencies always seem to talk about, but often seem to forget to use. I’m talking, of course, about data.

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#6 How to become a sales driven agency.

#6 – The sixth factor in my series on becoming a sales driven agency is a hard one for some agency owners to accept. You must have a culture of commercial success, not artistry or perfectionism. 

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#5 How to become a sales driven agency.

#5 – The fifth factor in becoming sales driven agency is simple: you need a system.

If you want to generate a consistent pipeline of leads for your agency, you need a system that delivers them for you.

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#4 How to become a sales driven agency.

STANDOUT agencies have a culture of winning. What does that mean? It means they are driven to grow. They get a buzz from every new lead, every pitch, and every new client. The whole business is involved and engaged. As the saying goes, agency new business is everybody’s business.

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