If your agency’s growth has become stagnant, you need to take steps to prevent it from failing to figure out why this has happened. Some of the most common reasons your agency may not be growing can be found here.
Your Unique Selling Proposition Needs to Be Revised
The unique selling proposition your business creates is a statement of value. It lets your audience know what you offer of value and how you are different from the competition. For example, is your SEO agency marketed as the fastest option to get to the first page of search results? Are you known as the top PPC manager for law offices?
Creating a USP means you have figured out where your business fits in your industry and why they should choose you over the competition.
When you begin to define your value proposition, make sure you are clear on your specific sweet spot without making the definition so specific that it limits the opportunities you have as the market changes and shifts.
If you aren’t growing, it may be because your USP is too specific. Now is a good time to expand your focus past your set niche to include other professional services. With a broader focus, you have a bigger pool of possible clients. There is also the possibility that you aren’t specific enough. Be sure to evaluate your USP to determine how you may change things to encourage growth.
Fees Are Too Low
While being overly busy can be problematic, most agencies would love to have this issue. However, it may also be a sign of more serious problems. For example, you may not be charging enough. If you are doing more work for less money, it results in slow growth.
Structuring your pricing can be tricky. But if you focus on value over cost, then you can provide better services and make more money. Try to customize your pricing for every client by learning the cost of customer acquisition and the total customer lifetime value.
Crunch the numbers and make promises that are based on the top-of-funnel metrics, such as leads, traffic, and more. The bottom-funnel results, such as sales, are related to your client’s ability to close the generated leads. You should never match your pricing to this until you are sure your client can convert on what you are delivering.
Making the Right Changes to Grow Your Agency
If you want to grow your agency, you may have to make a few changes. Consider the factors here, which will help you decide what you should do and what you need to do to ensure ongoing success and growth for your business. Being informed is the best way to ensure that you get the results desired and that you don’t become stagnant in your growth.