Forbes Agency Council CommunityVoice

POST WRITTEN BY Forbes Agency Council

Successful PR, media strategy, creative and advertising executives from Forbes Agency Council share trends and tips.

 

Advertising agencies generated a generous $48.3 billion in revenue in 2016, according to a report by AdAge, revenue that was up by 4.4% from the previous year. While these revenue growth numbers sound good, the numbers represent the slowest amount of growth since 2013, according to the report. This means that start-up agencies may find themselves facing increased competition, which can impact growth.

So is it possible for your young agency to make it past the $1 million revenue milestone? And, if so, what works best for your company? Should you diversify your offerings, or would connecting with a strong mentor or investing in marketing and outreach programs serve your company better?

To help get you on the right path, 12 members of Forbes Agency Councilshare their advice for newbie agency owners that can help take your business to that milestone — and beyond. Here is what they recommend:

PHOTOS COURTESY OF INDIVIDUAL MEMBERS.

Members from the Forbes Agency Council share some ways you can improve your revenue.

1. Focus On The Outcomes

Agencies need to shift their focus from their output for their clients to outcome. This will differentiate your firm as one that always has the client’s goal in mind and whose team is always delivering based on those goals. – Paul Roberts, Kubient

2. Invest In Marketing And Sales

Most agency owners end up spending too much time in operations, but that won’t grow the business. If you want your business to grow, you must aggressively invest your time every day into marketing and sales — activities that will actually get you more clients. The No. 1 rule is: Keep the customer lead pipeline full. Everything else is a function of running the business. – Marc Hardgrove, The HOTH

More ways to improve your agency revenue -> HERE