As the owner of a marketing agency, I know that there are times when you need to step back and look at your business from a different point of view. As an entrepreneur, you never stop dreaming about expansion and growth, but sometimes what you have isn’t quite up to the task.
If this sounds familiar, it might be time to make some big changes in your organization. But how do you turn your marketing agency into a product company? Here are ways that I did just that:
|1. Transforming a marketing agency into a product company involves strategic planning and adaptation.|
|2. Identifying market demand and creating a valuable product is key to success.|
|3. Learning from the journey can provide valuable insights for others considering a similar transformation.|
|4. Balancing marketing expertise with product development skills is essential.|
|5. Effective communication and collaboration with teams contribute to a successful transition.|
If You Want To Go Fast, Go Alone. If You Want To Go Far, Go Together
If you’re a solo entrepreneur working from home, this is especially important. You need to be able to trust the people who are helping your business grow and making sure it runs smoothly 24/7/365. It’s not easy to do that when you’re on your own. I know because I’ve tried it before:
Trying to be an entrepreneur while working alone in my house with no one around me but my husband (who was also busy with his work) made for some tough days at times.
The only way we survived those stressful periods was by having very clear communication about what each person’s responsibilities were so there were no surprises when something went wrong or something needed doing urgently late at night… just sayin’ 😉
Exploring the journey of transforming a marketing agency into a product company has taught me valuable lessons. Reflecting on what I wish I had known before embarking on this path could have paved a smoother way forward.
Hire Your Weaknesses
The best thing you can do to grow your agency is to hire people who are good at what you are not good at. The most successful entrepreneurs I know have learned this lesson, and they’ve hired their weaknesses.
They don’t hire just anyone. They try their hardest to hire people who are passionate about what they do, better at what they are not good at than they are, get along with other people in the company, and will be part of the team for years to come and if possible, all four together!
In case you’re wondering how that works out: it works very well indeed. For example:
- My business partner Mark is great at customer service; we built a system so he has more time for it instead of me doing customer service myself (it’s called outsourcing). I am still involved in some aspects of customer service but overall it’s someone else’s responsibility now.
- We have a designer on staff who also handles many things related to design like graphic design work or artwork creation as well as helping us with marketing materials (like our newsletter) when needed because she loves doing this kind of stuff and she does it better than me.
It frees up my time so I can focus on other important things like working on contracts or growing our client base through networking events or cold calls etc…
Move Away From The Daily Tasks And Focus On The Big Goals
When you’re in a business where you’re working for clients and are either in charge of managing the team or running clients, there will be many things to do every day. Even if you have a small team, it can feel like an endless cycle of meetings, emails, calls, etc.
However, as entrepreneurs, we need to get out of this mindset and start focusing on our long-term goals rather than just doing what comes next using our current resources. This might sound scary at first but it isn’t as we will see in the following paragraphs.
In today’s digital landscape, utilizing social media for marketing research can unveil profound insights into customer behavior and preferences. Leveraging these platforms strategically can lead to more informed business decisions.
Focus On Revenue Generation, Not Sales
When I started my company, we were focused on selling our services to businesses and organizations. We would spend most of our time trying to get more clients and trying close deals with them.
Now that we are a product company, we’re still selling but now it’s through our products instead of the service side of things. The only difference is that we’re focusing more on how we can make more money from each customer instead of how many customers do we have?
Do you see how this changes things? Instead of thinking about getting as many clients as possible, what if you started thinking about helping your existing customers make more money?
Once you start caring about your clients’ success instead of just selling a service or product to them (because at the end of the day people buy because they want something), then everything else becomes easier and less stressful.
Be A Leader Make A Decision And Move Forward With It
- Be a leader – make a decision and move forward with it.
- Always be on the same page with your team members. Let them know what’s coming, why it is important, and how it will affect them (and you).
This is especially true when you are working in an agency environment where people come from different backgrounds and cultures (like me). It can get hectic sometimes as everyone is on their wavelength but if we are all aligned, things run much smoother.
- Make sure that everyone understands the goals of the company and what their role is in achieving those goals.
The clearer this understanding is between us all, the more productive our work becomes because there is no confusion or uncertainty about what needs to be done or why something needs to get done by someone else outside our circle of trust
Keep In Touch With Your Team Members And Make Sure Everyone Is On The Same Page
The more you can work together, the better. As a team, make sure everyone is on the same page and motivated to help you reach your goals. That’s why it’s important to hold regular meetings with all of your staff members at least once a week.
I also recommend that you set aside time every day to check in with each team member individually. This shows them that you care about their progress and it makes sure that nothing gets lost in translation between departments or projects.
Discovering a market that craves your product is a pivotal step in the journey. My experience on how I found the market that had a demand for my product highlights the significance of identifying and serving a target audience.
Get Rid Of Bad Customers And Their Problems As Soon As Possible
According to a study by the Corporate Executive Board, it takes an average of 6 months and $14,000 in lost revenue to replace a customer relationship. If you have bad customers, they’re not just costing you money they’re also hurting your brand and the productivity of your team.
Your competition wants nothing more than for you to lose customers because they know that if they can win them over, it will be easier for them to win business from other potential clients. When you have bad customers who are difficult to deal with or unresponsive about making payments.
It’s easy for them or someone else on their side of things (like an agency) to tell stories about how terrible dealing with your company is. This can quickly become damaging gossip in the industry around town that could turn away potential business from other companies looking for new agencies or services.
Share Information About Clients, Profits, And Expenses With Your Employees
Share information about clients, profits, and expenses with your employees; it will help you to motivate them and increase their engagement in helping you reach your goals.
This is one of the best ways to motivate your team because it creates a sense of transparency within the company. It will also help you make better decisions when hiring new people or deciding on what projects to take on next since they will have more information than just numbers in front of them.
Additionally, since more engaged employees tend to stay longer anyway (which means reduced turnover), this step is highly beneficial for any company looking at long-term growth potential.
Conducting market research in both online and offline spaces offers a holistic view of your audience. Delve into the nuances of this approach through my insights on marketing research: conducting it online, offline, or both, and gain a comprehensive understanding of your market.
Turn Clients Into Partners: Share Some Risks In Return For Some Profit Later On
To do this, I had to decide how much time we would spend on each project and what the scope of work should be. I decided that our team would only take on one client per month, which was more than enough to scale our business quickly while maintaining quality results.
We made sure that if we accepted a project from a new customer, it would take at least fifty percent of our time (and preferably more) so that there’s no room for error or distraction from other projects.
If a customer isn’t ready for such commitment and wants quick results instead of building a long-term relationship with us, then they aren’t the right fit for us either way.
Make Sure You Have Enough Cash Flow For At Least Three Months To Keep Things Running Smoothly During The Transition Period When You Change The Business Model From Agency To Product Company
Cash flow is a measure of how much cash a business is generating and spending. Cash flow is an important metric for a business because it can tell you whether or not your company can pay its bills, invest in growth and expand.
You need enough cash on hand to keep things running smoothly during the transition period when you change the business model from agency to product company. You should be able to pay all of your employees and have some money left over for marketing purposes (website redesign costs come up suddenly).
Plan Strategies For Hiring New People Three Months Ahead Because Recruitment Takes Time, Training Takes Time, And Making A New Team Member Productive Takes Time Too… So Plan Carefully
Recruitment is one of the most important parts of any business, but it also can be very time-consuming. It’s not just about finding someone who is a perfect fit for your company; you also need to make sure that this person will be reliable and show up on time every day.
Once you’ve found the right candidate, there’s still more work to do before they can start working at your company. You have to train them on how everything works at your company (from processes to software) so that they can become productive as soon as possible after being hired.
The last thing you want is to have someone who isn’t ready for their job yet join your team and then leave after only a few weeks because they weren’t prepared enough or didn’t have enough experience in what they were doing here.
Choosing the right market research method is key to generating actionable insights. Learn how to navigate this decision-making process in my article on how to decide which market research method to use, and ensure your efforts yield meaningful results.
The journey has been a long one, and I’m still figuring it out each day. However, the important thing is to keep moving forward.
The threats of complacency and stagnation are always at hand and they’re not your only enemies. You also have to deal with internal issues like hiring the wrong people or having your best employees sign with competitors.
Overcoming these challenges means finding ways to stay motivated, which is easier said than done when you’re trying to manage an ever-growing company. But if you can persevere through all this adversity, there’s no telling what success awaits on the other side!
Explore these additional resources for insights and guidance on related topics:
Transitioning Into Product Marketing Learn how to smoothly shift your career into product marketing, acquiring the skills and knowledge needed for success in this dynamic field.
Effective Client Acquisition for Digital Marketing Agencies Discover strategies and techniques to attract and acquire clients for your digital marketing agency, fostering growth and long-term relationships.
Starting a Digital Marketing Agency: A Comprehensive Guide Delve into the essential steps and considerations for launching your own digital marketing agency, from business planning to operational execution.
Got questions? Here are some common inquiries related to the topics above:
How can I transition into product marketing effectively?
Transitioning into product marketing requires a blend of strategic thinking, communication skills, and domain expertise. Consider upskilling and networking to position yourself for success.
What are effective strategies for client acquisition in the digital marketing agency landscape?
Effective client acquisition involves a mix of networking, online presence, targeted outreach, and showcasing your agency’s unique value proposition to potential clients.
What are the key factors to consider when starting a digital marketing agency from scratch?
When starting a digital marketing agency, factors like niche selection, business planning, team building, service offerings, and marketing strategies play crucial roles in your agency’s growth.
How do I build a strong online presence for my digital marketing agency?
Building a strong online presence involves creating a professional website, leveraging social media platforms, publishing valuable content, and showcasing case studies and client testimonials.
What skills should I focus on developing to succeed in the field of product marketing?
To excel in product marketing, cultivate skills such as market research, messaging, positioning, competitive analysis, collaboration with cross-functional teams, and the ability to translate technical details into compelling value propositions.
Costantine Edward is a digital marketing expert, freelance writer, and entrepreneur who helps people attain financial freedom. I’ve been working in marketing since I was 18 years old and have managed to build a successful career doing what I love.