Increasing Revenue at Your Advertising Agency
Read time: 3 minutes
We have been providing timesheet and project management solutions to advertising agencies, interactive firms and design studios for many years. Through the good times and during recessions we’ve see the fluctuations in number of staff, general revenue and the change in morale that is associated. The purpose of this post is to point out that during all economic cycles you have a choice to make. Do you want to pursue new business? Do you want to step out of your comfort zone and attempt to improve your business by creating opportunities, creating new relationships and ultimately creating new revenue? From my experience there are a few things to consider if you are driven to grow your advertising agency.
Two Key Pieces to Remember:
Think Big, Start Small
You’re going to need some fresh motivation. There is nothing like getting fired up and committed, but remember, Rome was not built in a day. You need to think of this as a change in how you approach business. A long view of the future with small incremental changes will produce the best results.
Get a Little Help From Friends
You’re going to need some advice. Getting insights into how firms are approaching ad agency new business will be very valuable and there is no resource more valuable than the experience of others who are willing to help. Seek out people whose business you admire. There’s also always the vast resources of the internet. Additionally, here is a list of a some strong thinkers in the creative agency space and a couple of conferences.
- Michael Gass of Michael Gass Consulting. Michael consults on ad agency new business development and writes a regular blog.
- Blair Enns, the author of Win Without Pitching. Blair’s Win Without Pitching Manifesto is a very powerful read. If you implement his work you will transform your agency and are sure to grow your profits. (I’m buying his book for my entire team today).
- Cameron Herold: One of the guys behind 1-800-GOT JUNK. I saw a two hour presentation from Cameron last week and he is just releasing a new book called Double Double. I have not read it yet but believe it will grow on the teaching of Verne Harnish. Verne is all about The Rockefeller Habits and the One Page Plan. I can’t wait to finish Great by Choice by Jim Colins and start Cameron’s book.
- Attend a trade show: Function Point will be attending the Mirren New Business Conference as a sponsor, but we are eager to participate and apply the learning to growing our business relationships.
- The 4A’s conference “How to Jump Start Agency New Business Through Social Media” is coming up next week. This show will speak to the changing market and the influence of social media on new business development.
A mentor in my life, Ralph Turfus, always tells me that “revenue cures all business ills”. There is no better time than now to commit to growing your business, so I’ll see you at the book store and at those events.
Founder & CEO
Chris started Function Point over 20 years ago in his basement as a way to help professional service agencies run their businesses more efficiently. Since then he’s grown FP into an international success, working with over 600 agencies from around the world and continues to run the company from the head office in Vancouver, Canada.