Money makes the world go ’round, as the expression goes, and it’s definitely true for business — revenue is what keeps companies of all types going.
Marketing agencies are no different, but once an agency’s core business has been developed and established, it can be difficulty to generate new revenue streams.
Do you try to scale up and take on more clients? Do you drop smaller clients and try to go after bigger businesses with larger bank accounts? Or do you use some outside-of-the-box thinking to create new ways of making revenue?
Strategizing marketing agency growth doesn’t need to be a zero-sum game. You can take multiple approaches and determine which tactics work best for you and your business.
Let’s look at seven ways you can increase revenue for your marketing agency.
7 Ways to Boost Marketing Agency Revenue
Figure out what makes you unique Offer several pricing levels Leverage data and metrics Stay up on the competition Go the extra mile for prospects Add new offerings to your marketing services portfolio Add new components to your service suite…like ecommerce!
1. Figure out what makes you unique
One way to help drive greater revenue for your marketing agency is to determine what differentiates you from competitors — and sell that. Look around the industry and at your competitors. What sets your business apart? Is it the services you offer? Is it your pricing? Is it the way you interact with and deliver to clients? Be honest with yourself: why would you hire your company to do agency work?
Once you’ve determined what it is that makes your business stand out from your competition, you may want to lean into it; it’s likely what’s drawing your clients.
2. Offer several pricing levels
Another way to increase your marketing agency’s revenue is to offer a range of pricing levels for your services. Give clients the ability to choose the price that’s right for their business at the moment, and show you understand that not everyone will be able to afford your most expensive level.
By that same token, you can gain exposure with new clients who may be cautious of taking on a new agency by giving them a taste of what you can offer their business.
Once you’ve shown clients on your lower-priced levels what. you can do and how valuable your services are to their businesses, upselling them to your highest level — which nets you the most revenue — will be much easier.
3. Leverage data and metrics
Some prospects aren’t going to know how valuable your services are simply from looking at your website and work samples. And some current clients may like what you’ve done for them but not understand how effective it truly was for their business.
So, make the case for yourself by collecting data and defining metrics for your business, and then show off the positive results of your work. Do your blogs boost page views? Do you drive up clicks on landing pages? What’s your email open rate for a given campaign?
This is a relatively easy way to boost revenue for your marketing agency, and it also gives you a sense of how your business is doing.
4. Stay up on the competition
Another way to drive revenue is to stay abreast of what your competitors are doing (and charging!). Smart shoppers know to shop around and compare their options before they buy something, and you better believe your clients and prospects are gauging where you stand amongst your competition.
So keep an eye on your competitors. Are they adding new services to their offerings or cutting some out? Are they raising their prices for some services or dropping them below what you charge?
In addition to informing your pricing strategy, monitoring your competitors can also help guide you in terms of what new services you should offer. If you’re the only agency not offering a certain service, that makes it pretty easy for prospects to go with one of your competitors.
5. Go the extra mile for prospects
If you’re focused on building revenue by bringing new prospects into your fold of clients, consider the value you’re offering them from the get-go. Are you taking the same sales approach that you do for all prospects, or are you tailoring your pitch to what the prospect is actually looking for?
Boost the value of your business to prospects by going a little above and beyond from the very start of your interactions with them. Learn what they need and then offer something that’s relevant to them — audit their current marketing practices, give them a free week of services, etc. — to show off your expertise.
Spend some time learning about each prospect and find a way to demonstrate why your business is perfect for them.
6. Add new offerings to your marketing services portfolio
Aside from your core, established marketing services, you may want to consider branching out and offering new services as a way to grow your agency’s revenue. How, where and why we do business these days is a far cry from 10 or even five years ago, and you want to be able to show that your agency is fluid, flexible and ready to respond to the needs of today’s clients.
Consider adding new offerings like educational material development, strategic marketing planning, reputation management, creative services, ad hoc/custom solutions or whatever else you think will set your business apart from the rest.
Essential marketing services will always be in demand, but plenty of your competitors already offer them. So think of anything new you can offer to clients that’ll put you head and shoulders above the rest of the industry.
7. Add new components to your service suite…like ecommerce!
Each of the strategies listed above is definitely useful, but the easiest and most effective way to add a revenue stream to your business is by adding ecommerce to your agency’s offerings. And this is where Ecwid can help.
Online selling is everywhere these days. Businesses and customers alike are looking for new and more convenient ways to do business online. Offering them a fast, easy way to sell online is a great way to drive additional revenue.
With Ecwid, you can resell ecommerce plans to your clients at whatever price you choose, so it’s perfect for bundling with your core services:
Designing websites for clients? Add an online store.
Building their social media profiles? Make sure they have shoppable posts.
Writing content like blog posts? Embed a Buy Button into the article.
By reselling Ecwid, you’ll be giving clients access to cutting-edge, cloud-hosted ecommerce without any of the heavy lifting of developing and maintaining an ecommerce platform. And the Ecwid platform has been rated the fastest for merchants to launch stores on by G2 — meaning your clients can get their stores set up and selling in no time, so they won’t have any delays in boosting their own revenue, too.
We hope this list has been helpful, but we want to know what your experience has been like. How else can marketing agencies boost their revenue? What strategies have you tried? Let us know in the comments!