Post by account_disabled on Jan 23, 2024 22:50:07 GMT -5
The digital revolution is causing the way marketing works to change not only frequently, but also profoundly. Traditional agencies often find themselves challenged by companies with specialized skills in new areas of digital design or innovative applications. And, as if the constant development filled with challenges, that the new age of marketing has not enough, other extra factors make the competition even more interesting. For example, according to a study by HubSpot, only 30% of agencies today work as "servants" for others - the constant change of jobs brings options for new engagements and "contracts". Likewise, 78% of the respondents stated that they work as a freelancer, as a way to compete, regardless of talent or skills. However, freelancer-based jobs and projects can complicate work processes, operations, and fine-grained control is vital to growing a digital marketing agency. According to marketing expert Karl Sakas, it is critical to set ongoing goals for a company in order to consistently move toward the right objectives. He suggests that leaders prepare for the unexpected so that whatever challenges the company faces, they are one step ahead. In this article we will suggest 5 proven ways to grow your digital marketing agency, with data and knowledge that if you don't know, you will learn in a snap of your fingers.
Understand your customer sustainability data One of the key metrics for gro B2B Email List wing your digital marketing company is understanding the consistency or volatility of your customers. This means that you will lose customers, or a profile will stop buying your products and services, but, the important thing is that apart from these inevitable losses, which do not depend on you, this number of "leavers" should stands at 5 to 7%, according to CoreDNA. " It's important to understand the importance of churn and its impact, including changes in revenue, churn costs and acquisition costs." That said, take a moment to answer the following questions: How much did you earn or lose during the last 3 months of the year? How much have you grown your existing customer base? How much does it cost to acquire new customers (business development, marketing and network costs)? Then, see the increase in revenue generated by your current customers In other words, you need to understand how much or how little income you are generating from your current customers. If you're generating more revenue from your current customers, you're on the right track. If the income is not increasing or is decreasing, then this is a big alarm! There are several metrics you can use in your analysis. The rate of repeat purchases is a useful indicator to understand the loyalty of your customers. If customers are buying more of your services, then they are satisfied. On the other hand, if they cancel the reserved services or products, this is not a positive sign. Late payments are also a red flag.
If customers are late paying you, this can be an indication that customers are unhappy. This obviously requires you to find out why they are not. One way to get the answer is to ask your customers if they would recommend you to a friend or colleague, a metric called NPS (Net Promoter Score). Companies often use a scale of up to 10 to measure NPS, where 10 indicates the highest likeability, while 0 identifies a major problem with your company (at least from the customer's point of view). If you see a lot of votes below 6, you should be careful and take action. Create a customer retention strategy When you're in a service business, customers are everything. Continuously growing your customers is essential and easy to achieve, but keeping them is just as important, if not more important. Studies show that it is 25 times more expensive to acquire new customers than to retain existing customers. Forrester's study shows that adding a new customer requires 5x the spend. In short, if you lose a customer, it will cost you 5x to replace them. Also, if you doubt the value of a satisfied customer, consider this study by Frederick Reichheld of Bain & Company (NPS investors): Increasing the number of loyal customers by 5% can increase the company's profits from 25 to 95%. Find out how engaged your customers are with you and ask yourself a few questions. How is your relationship with customers? Are you leveraging your loyal customer base to grow as a company? Undoubtedly, along these answers you will give yourself, new strategies will emerge that will help you develop.
Understand your customer sustainability data One of the key metrics for gro B2B Email List wing your digital marketing company is understanding the consistency or volatility of your customers. This means that you will lose customers, or a profile will stop buying your products and services, but, the important thing is that apart from these inevitable losses, which do not depend on you, this number of "leavers" should stands at 5 to 7%, according to CoreDNA. " It's important to understand the importance of churn and its impact, including changes in revenue, churn costs and acquisition costs." That said, take a moment to answer the following questions: How much did you earn or lose during the last 3 months of the year? How much have you grown your existing customer base? How much does it cost to acquire new customers (business development, marketing and network costs)? Then, see the increase in revenue generated by your current customers In other words, you need to understand how much or how little income you are generating from your current customers. If you're generating more revenue from your current customers, you're on the right track. If the income is not increasing or is decreasing, then this is a big alarm! There are several metrics you can use in your analysis. The rate of repeat purchases is a useful indicator to understand the loyalty of your customers. If customers are buying more of your services, then they are satisfied. On the other hand, if they cancel the reserved services or products, this is not a positive sign. Late payments are also a red flag.
If customers are late paying you, this can be an indication that customers are unhappy. This obviously requires you to find out why they are not. One way to get the answer is to ask your customers if they would recommend you to a friend or colleague, a metric called NPS (Net Promoter Score). Companies often use a scale of up to 10 to measure NPS, where 10 indicates the highest likeability, while 0 identifies a major problem with your company (at least from the customer's point of view). If you see a lot of votes below 6, you should be careful and take action. Create a customer retention strategy When you're in a service business, customers are everything. Continuously growing your customers is essential and easy to achieve, but keeping them is just as important, if not more important. Studies show that it is 25 times more expensive to acquire new customers than to retain existing customers. Forrester's study shows that adding a new customer requires 5x the spend. In short, if you lose a customer, it will cost you 5x to replace them. Also, if you doubt the value of a satisfied customer, consider this study by Frederick Reichheld of Bain & Company (NPS investors): Increasing the number of loyal customers by 5% can increase the company's profits from 25 to 95%. Find out how engaged your customers are with you and ask yourself a few questions. How is your relationship with customers? Are you leveraging your loyal customer base to grow as a company? Undoubtedly, along these answers you will give yourself, new strategies will emerge that will help you develop.