3 Tips for Growing Agency Revenue 

Growth. It’s the No. 1 goal for agency owners worldwide, and it’s not hard to understand why. 

With growth comes profit, security, and stability. As your agency grows, you’ll find it easier to attract new leads and transform them into loyal, long-term clients. You’ll make more money, take on bigger projects, and gain trust within your chosen field – whether that be advertising, design, PR, or something else altogether. 

Unfortunately, growing your agency’s revenue is often much easier said than done. 

In such a competitive world, where there are always dozens, if not hundreds, of other agencies vying for the same clients, getting ahead can sometimes feel like an impossible challenge. Many agencies simply struggle to stay afloat, unable to raise the revenue they need to reinvest in genuine growth and expansion. 

If it feels like your agency is stuck in a similar rut or you’re seeking new ways to accelerate growth, this guide is here to help. Below, we’ll look at three proven, expert-recommended methods to help any agency optimize its operations, get ahead of the competition, and make more money. 

Tip 1 – Adjust to the Latest Trends to Get Ahead of the Curve 

Trend-chasing isn’t just for social media influencers. It has a massive part to play in agency work, too. In fact, the next big trend could be the difference-maker that sets you ahead of your competitors. You just have to be able to identify it in time and leverage it to your advantage. 

It doesn’t matter whether you’re in marketing, design, or some other sort of agency work – every industry has its trends. As time goes by, new ideas and ways of working emerge, and the industry shapes and evolves accordingly. 

Look at advertising, for example. If you go back a couple of decades, advertising was a totally different ball game. It centred so much around physical media – leaflets, posters, magazines, brochures, business cards, billboards – and it was far less personal and tailored as it is today. 

Then, the internet came along, and everything changed. 

Email marketing emerged as one of the most affordable, accessible, and effective advertising channels of all time. New trends emerged, like the use of social media platforms to market products and services, the concept of “influencer marketing,” and a much heavier focus on tailoring and customizing ads to suit different segments and demographics. 

That’s just one example. The same phenomenon occurs in lots of other fields, and it’s an ongoing process. 

In PR, for example, many of the latest trends revolve around authenticity and building personal connections between brands and their customers. Meanwhile, in app development, there’s a big focus on embracing 5G technology, and many trends focus on wearable devices. 

In short, no matter what sort of work you do, there are bound to be big trends emerging that are relevant to that work – trends you can latch onto and draw value from. 

Step 1 – Find Ways to Identify Relevant Trends for Your Field 

If you want to make the most of new and emerging trends, you first need to be aware of them. Unfortunately, this is something that a lot of agency owners struggle with. Many only find out about trends once they’ve truly taken hold. By that point, every major agency is already invested in whatever the trend happens to be, and you’re left chasing the pack. 

For that reason, start looking into ways in which you can learn about trends before they become big. Find resources – like blogs or newsletters with industry insight – you can use to find out more about your industry. Use other methods, too, like customer surveys and feedback forms, to figure out what your clients want and identify trends that are relevant and worth investing in. 

Step 2 – Devise Strategies to Extract Value from Emerging Trends 

Once you’ve identified a trend you want to get involved in, you need to focus on how you’re going to use that trend to your agency’s advantage. 

For this, you need ideas, tactics, and strategies. It often makes sense to bring in your agency’s most creative minds here – like the heads of your various teams and departments. Challenge them to find ways to make the most of a trend. Then, run their ideas past other team members to improve and fine-tune them. This’ll help you develop the most effective strategies to start implementing. 

Step 3 – Act Fast to Get Ahead of Your Rivals 

When it comes to trends, speed is of the essence if you want to make the most of them truly. When some new innovation or idea emerges, it doesn’t take long for agencies to latch on and figure out dozens of different ways to make it work for them. Just look at how quickly AI has been adopted by agencies in various fields, which is a prominent recent example of this. 

Once you’ve got some solid strategies in place, carefully roll them out. Next, seek feedback from your customers to improve on those strategies over time and fine-tune them to ensure you continue delivering the kind of quality experiences they require. 

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Tip 2 – Diversify and Expand to Appeal to a Broader Audience 

By far, one of the most effective ways to increase agency revenue is to offer additional services that will allow you to reach a broader audience. 

This is based on simple logic. 

Imagine you’re running a grocery store, but you only sell fruit and vegetables. Sure, you might attract a good number of customers looking for their apples and oranges each day. But anyone looking for meat, dairy, frozen goods, and so on will have to look elsewhere. If you started offering some of those products, you’d naturally be able to bring in a bigger crowd, thereby raising your revenue. 

That same logic applies to agencies. 

Say you’re running an ad agency and offer a few core services, like ad strategy consulting, social media campaigns, and audience research. If you then decide to start offering SEO services or content creation, for example, you could bring in many more clients or even expand your offering to your existing audience, doing more for them and making more from them in the process. 

Of course, this all comes with a caveat. 

If you want to diversify and offer new services, you need to make sure you can provide them all to a good standard. It’s a delicate balancing act. You don’t want to make your agency too narrow and miss out on so many potential clients. But you also don’t want to stretch yourself – and your team and resources – too thin, diluting the quality of your work in the process. 

Here are some steps to help. 

Step 1 – Review Your Competitors and Consider Your Audience 

A good way to get started if you’re considering expanding your agency’s service selection is to review your competition. Look at similar agencies to yours and see what sorts of services they’re offering. That might give you some ideas about how you can expand your offering. 

Be sure to keep your audience in mind throughout this process. A common mistake agency owners make is to start offering services their clients don’t necessarily want or need, which leads to a ton of wasted money and effort. So, take time to consult with your existing clients. Ask them if there are any additional services they’d like your agency to provide, and focus on those. 

Step 2 – Evaluate the Best Way to Use Your Agency’s Resources 

You can’t just go from a specialist agency to a full-service agency overnight or suddenly start offering your clients half a dozen new services. Each new service is an investment. You must have the staff, expertise, and resources to provide it. 

As such, it’s important to evaluate the resources you’ve got and work out how best to invest and allocate those resources to support new services. Think about your existing staff, for example, and whether they’ll be able to supply a new service or whether you’ll need to expand your roster. 

From there, you can hone in on the most value-adding services that won’t require too much extra investment on your part but should still provide a notable boost in revenue. 

Step 3 – Market and Upsell Your New Services to Draw Initial Interest 

Once you’ve decided on some new services to provide, you’ll need to make people aware of them. A good place to start is with your existing client base. Contact loyal, long-term clients and inform them about the new services. You should also invest in marketing methods to raise awareness of the services you offer, as well as update your website and rate card accordingly. 

Tip 3 – Invest in Tech to Optimize Your Agency’s Operations 

We’re living in a technological age, with apps and software to help with almost every aspect of agency work. There are programs that help you build better connections with your clients, automation apps that drastically reduce the amount of tedious and time-consuming tasks on your staff’s agenda, and so much more. 

If you want to survive, thrive, and prosper today, you simply can’t afford to ignore technology. Instead, embrace it. Find tools and apps to take your agency to the next level, improving your operations and streamlining your day-to-day processes. 

Step 1 – Identify Your Agency’s Most Pressing Needs 

First, figure out where your agency is going wrong or which areas you could use a helping hand with. That’s the best way to identify which tech tools you need to prioritize and get up and running rather than wasting money on software you might not need right away. 

Maybe your staff feels overburdened or forced to spend too much time on mundane, monotonous tasks that fail to make the most of their skills. Or perhaps you have a problem with deadlines, routinely delivering work later than expected. You might also have issues in other areas, from scheduling to marketing, payroll management to client communication. 

Step 2 – Find the Right Apps to Meet Your Needs 

With your situation identified and understood, you can proceed to find the right technological solutions to improve it. 

Returning to some of the above examples, a company that has issues with deadlines, for instance, might like to invest in scheduling software. Similarly, an organization that’s struggling with staff feeling overworked or limited might want to focus on automation tools to take care of trivial tasks automatically. This will free your workforce to focus on other, more engaging aspects of their work. 

It’s all about matching the apps you buy to the issues your company has and the areas you want to improve. Alternatively, for a more complete and thoroughly effective solution, you could opt for an all-in-one agency software package with multilayered functionality to help in almost every aspect of your agency operations. 

Step 3 – Train Staff to Make the Most of Every Tech Tool You Use 

Software is only as good as the people using it. If your staff doesn’t know how to make the most of an app or program, you won’t truly be getting value from that app. Always take the time needed to train staff – both existing workforce members and new hires – on how to use the tools your agency wants to use moving forward. 

Elevate Your Agency’s Revenue Today 

There you have it. Three proven methods that really do get results when it comes to maximizing agency revenue. With these tips, even a small and struggling agency can turn its fortunes around and start bringing in more money each month. 

As all three methods show, if you want your agency to start making extra revenue, you can’t simply rest on your laurels. You have to be proactive, think outside the box, and push the boundaries of what your agency has been capable of up to that point. 

That might mean investing in new tech tools to fine-tune the way you work and free up your staff, getting ahead of the game by latching onto an emerging trend or offering whole new services to reach a bigger audience than before. 

Ideally, you should try to use all three of these methods to have the best chance of boosting your revenue. And when it comes to the software side of things, Function Point is here to help. Since 1997, our all-in-one agency management software has helped creative agencies reach their goals and be the best they can be, and it can do the same for you. Book a demo today to learn about how Function Point can help. 

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