Robust sustained growth does not happen by accident or maybe fortuitously.
Ad agency growth occurs when you combine a clear vision/mission with a well thought through growth strategy plan. It’s takes focus, preparation, discipline and excellent execution.
In order to succeed agency CEOs need to build their growth strategy on five pillars and execute against all of them. A failure in one can potentially negate the cumulative successes in the other four.
Build your growth strategy on these five pillars and I guarantee you success!
- Eliminate or reduce churn within your existing customers: Every day treat them like you do new client opportunities. Make them feel important. Be proactive and bring them new ideas versus taking orders. Make their success be your success.
- Actively pursue organic growth opportunities with existing clients: Develop a key account plan against your top 3-5 clients. Identify the opportunities, assign people to them, agree on an action plan and constantly review your progress.
- Pursue the right new business prospects for your agency: Spend time up front identifying what categories and what specific clients you want to go after. Do not pitch everything that comes along and make sure that you have a good chance of winning those that you do go after.
- Optimize your resource management. Every dollar counts to both your agency and the client. Make sure you are getting the most bang for the buck for both sides. Don’t over or under service. Invest in the clients business where it counts and where they perceive the value. Every point gained drops to the bottom line.
- Expand your capabilities offering where and when it makes sense: Strategically add new capabilities as needed. This does not have to be internally from the ground up but can also be through strategic partnerships. This allows you to sell more to existing clients and attract new clients that may not have considered you up to that point.