Many agencies find it relatively easy to get from start-up to circa £3m to £4m turnover, but then the growth stalls and becomes entrenched at that level, sometimes for many years.
Here are some suggestions to enable you to scale the business, attract bigger clients, and increase profitability.
1. Expertise and Specialisation
- Big clients like working with specialists, and certainly an agency that has taken time to learn about their brand, so focusing on becoming an expert in a particular company, industry or type of service can really help you stand out. By positioning yourself as an expert in a specific area, you’ll naturally attract the attention of larger brands from that sector that want to work with someone who truly understands their business. Once mastered, it’s good to branch out and spread the risk by doing the same in another industry.
2. Expand Service Offerings
- Offering a full range of services is a great way to appeal to bigger clients. They love the idea of a one-stop shop where they can get everything from strategy to execution. Plus, adding new capabilities like AI-powered marketing or data analytics can make you cutting-edge, which is exactly what bigger brands are looking for.
3. Build a Strong Reputation
- Your agency’s reputation is everything when it comes to attracting bigger clients. You can strengthen your brand by sharing thought leadership content, winning industry awards, and building a stunning portfolio. Larger clients want to work with agencies that are known for delivering creative solutions and impactful results – and bigger clients feel more comfortable buying from agencies with a proven track record of successfully working with larger companies
4. Upgrade Talent and Capabilities
- Bigger clients want to work with experienced, top-tier talent. If you bring in seasoned creatives or strategists who’ve handled high-profile projects, you’ll be much more attractive to larger brands. And by building a network of freelancers, you can easily scale up your team when a big project comes in, without the commitment of full-time hires.
5. Proactive Business Development
- Follow the money! Look for the industries where larger spending is to be found. Don’t wait for big clients to come to you—go after them! Build a list of target companies and reach out with personalised proposals that show you understand their challenges. Account-based marketing can also help you tailor campaigns directly to those high-value clients, making it easier to land the big fish.
6. Mergers or Acquisitions
- If you want to scale quickly, consider acquiring another agency that complements your services or has clients in a sector you’d like to break into. This can be a fast way to grow without hiring more staff. Partnerships are another great option. Whether it’s with a PR firm, advertising agency, or a tech company, joining forces with another business can help you expand your services and reach bigger clients. Beware though – merger or acquisition takes a lot of consideration and technical knowledge – luckily, we have it, so get in touch!
These strategies will help you scale your agency and bring in the larger, more lucrative clients you’re after, but it takes time, dedication to research, and, most importantly, investment. In the building stage, inward investment of profits is essential, so it’s by no means a get-rich-quick scheme – more a commitment to building a solid, robust business, not just for the shareholders, but for the clients and staff alike.ot only survive a few more rounds but can become true champions!