If your digital marketing agency is doing well, you may be reveling in your profits and not thinking too hard about what you could be doing differently.
A word of advice: don’t get complacent.
Digital marketing is an ever-changing tide, and trends that are popular today could be defunct tomorrow. Diversifying your revenue streams is an important step in protecting your agency against financial risk. It can also amplify your profitability without requiring too much extra work on your part.
Explore these digital marketing agency tips for revenue streams your agency could add to your toolset.
Marketing Automation
As a marketing agency, your first instinct may be to shy away from marketing automation solutions out of fear that they will replace your agency.
In reality, offering marketing automation is an excellent way to increase your revenue streams in a world that is only becoming more automated. And marketing automation won’t completely replace the need for personalized marketing services — instead, it can expand your offerings to clients.
Many agencies have begun offering consulting services to help businesses choose the right marketing automation software and roll it out. Your agency can develop a strategy to incorporate automation features into your marketing plan, delivering even more powerful results for clients.
Traditional Marketing
You know how to sell a business’s goods or services, so why not expand your digital marketing services to include a few traditional ones? Print advertisements, direct mail, and phone calls are all still relevant to businesses in 2023. Your agency can offer full-scale, comprehensive marketing solutions, eliminating the need for clients to have any marketing professionals in-house.
Your agency likely already has the skills and infrastructure to deliver these services; for example, content writers can write print just as well as digital advertisements. You’ll just need to adjust your strategies to expand your services into the non-digital space.
Niche-Specific Offerings
Tailoring your services to a specific niche is a great way to land more clients, but you can also use your niche to expand your revenue streams. Consider specific services the businesses in your niche may appreciate. For instance, a digital marketing agency servicing gyms may offer remote fitness classes, while a church-oriented agency may provide a 30-day Bible study plan.
While you can make these services free to entice more clients, adding a small fee can contribute to your agency’s bottom line.
Managed Services
Even if you don’t currently offer managed marketing services, your agency is probably only one step away from providing these services to clients.
Business owners want a completely hands-off approach to digital marketing. With managed services, you can take over the full responsibility for maintaining daily marketing operations for current customers and offer more value to potential clients.
Managed marketing services give business owners reliable marketing expertise without needing to pay in-house marketing staff. You can limit your managed services to specific software, such as marketing automation or CRM, or provide full-scale marketing strategies remotely.
Creative Services
Many digital marketing agencies have only dipped a toe into creative marketing, but with the explosive popularity of social media platforms like TikTok, YouTube, Instagram, and Facebook, your agency has a huge potential for extra revenue. Expanding your creative services to include video blogging, Instagram stories, Facebook posts, and TikTok videos can help your clients stay relevant in 2023 and boost your profitability.
CRM Implementation
Customer relationship management and marketing go hand in hand, but most likely, a portion of your current clients don’t have CRM software in place. They may fear the onboarding process or not have the expertise to manage the software long-term. Your marketing agency can take this responsibility off your clients’ shoulders while expanding your revenue streams.
You can handle CRM services similarly to marketing automation by providing a completely hands-off approach for business owners without needing to alter your services too dramatically. You can also implement CRM-driven marketing campaigns to help businesses make the most of their new software.
Final Thoughts
As a digital marketing agency, you must diversify your revenue to protect your brand against dying platforms and services. The internet is constantly growing, fluctuating, and shifting, and the popular services you provide to clients now may be all but extinct within five years.
Effectively growing your digital marketing agency involves being proactive about your revenue streams. At the Seven Figure Agency, we’re committed to helping agency owners land more clients, deliver better results, retain clients, and scale their businesses. Check out our book and podcast to learn more, then schedule a 1:1 agency acceleration session to get started.
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