Winning in a Recession: Strategies for growing your Agency’s sales
On the 23rd of February, we hosted a great webinar, "Winning in a recession: Strategies for growing your agency's sales" in partnership with Vendasta. Under the moderation of Dakota Zirk from Vendasta, Robert Craven and Chris Beckwith-Taylor shared their answers and experiences on how agencies need to act during a recession. Here's a quick recap:
Agency Pricing
When it comes to agency pricing, there is no one-size fits all solution. Each agency must evaluate its own costs and goals before determining an appropriate rate for its products or services. The speakers concurred that lower prices do not lead to more business, and wherever possible, Agencies should seek to raise their prices and not be afraid to do so.
Sales Strategies for Clients in Economic Slowdown
During the webinar, Chris explained that digital agencies should develop a sale strategy for clients in an economic downturn. This may include offering customized solutions, and it must contain full transparency. Additionally, digital agencies should ensure they keep an open line of communication with their customers to inform them of any upcoming storms and economic changes.
What should agencies do in a recession?
During a recession, digital agencies should be careful and tight with their money, but they should also chase opportunities to use their budget cuts in a productive manner. This could involve exploring digital marketing trends, developing new services, or investing in digital tools that will help increase customer engagement and retention. By being frugal and taking advantage of any available strategies or resources, agencies stay ahead of the curve and maintain a competitive edge.
Is growing about tactics and strategy?
Strategy without tactics is a slow way to win, but tactics without strategy is just the noise before defeat. Those are Sun Tzu's words!
Digital agencies should understand who they are trying to engage and the tactics and strategies that will reach them. It's also important for agencies to develop a plan that works for their particular business model and customer base. In order to be successful, agencies must understand their customers' needs, how they can leverage digital strategies to meet those needs, and how to measure the success of their digital campaigns.
Knowing your customer and being able to put them first is essential. This means digital agencies must focus on creating a personalized customer experience and building relationships with their clients while always keeping their digital marketing strategies authentic.
Watch our session recording and learn more about how to beat the recession.
You may also be interested in these:
Robert Craven - How To Come Out of The Recession On Top - Agency Growth Book Launch Event Video Blog
