The entrepreneurial age might be well under way, but that doesn’t mean that the road to long-term business success is not long and winding. In fact, if you take into account that the majority of new business ventures are destined to go under in their first year, digital agencies included, it’s only natural to be wary of the future and try to develop an edge over your competitors.
In a competitive environment such as the digital marketing niche, the client pool might be rich with opportunities, but that doesn’t guarantee that you will be able to snag your piece of the proverbial cake. Ensuring long-term growth will come down to a number of key factors and tactics you should implement right away. Here’s what you need to know.
Focus on building a recognizable brand
First things first, the road to online superstardom in the modern business world begins with the creation of a unique brand identity. Being the only real thing that sets your brand apart from all other look-alike companies in your niche, branding aims to create a deep, inextricable bond between your company and your potential as well as existing clients.
This is achieved by carefully and meticulously selecting and creating unique brand visuals, such as colors, fonts, and of course, your logo, but also by crafting a distinct tone of voice, a captivating brand story and set of values your demographic will find compelling and inspiring on an emotional level. With such a powerful, enticing image, your brand will have what it takes to attract and retain a loyal following. However, branding is but a piece of the puzzle.
Lead by example
If you hire a personal coach to help you build a muscular body, and they’re obese and constantly running out of breath, would you really be able to believe in their methods? Not really, and the same goes for every industry, every niche, and every scenario. Your company needs to lead by example; you need to effectuate and implement what you preach.
If you guarantee better SERP rankings to your potential clients, should your own website find itself anywhere lower than, say, the third spot on Google? No, it shouldn’t. If you’re offering stellar social media management, should your own brand boast a sizable following across numerous SM channels? It really should. Following this mindset, put yourself in the shoes of your potential clients, and ask yourself what the key indicators of reliable digital agencies are that would incentivize you to get in touch. And remember, there is no better incentive than following the voice and image of a true industry leader.
Strive for innovation and progress
The term “innovation” tends to get thrown around the business world quite a lot nowadays, and even though this buzzword won’t mean much to your clients or affect your marketing in any way, it can have a profound impact on the future of your company. Provided that you actually implement innovation into your growth strategy, of course.
The difficult truth is that if you’re not innovating, you’re falling behind, so you always need to have a pool of fresh ideas at hand that you can gradually incorporate into your offering to make it new, exciting, and enticing. Keeping up with the latest trends and educating your employees on the latest practices will help you craft a strong innovation strategy and implement valuable solutions your clients will love. Think outside of the box when hiring new employees and widen your search by using disability employment services. This way you can find innovative talents from the industry whose way of thinking can help you grow your company.
Improve your account’s receivable rates
Finance management is the foundation, the hallmark of a successful 21st-century business. Without expert finance management, you cannot expect to effectuate any growth strategy, any marketing campaign, or bring top talent in the industry into your ranks. Now, one of the areas digital agencies struggle the most is managing accounts receivable – or simply, getting paid by your clients.
Late payments are going to happen, that’s a given, but that doesn’t mean that you cannot stop runaway account receivables from hindering your cash flow and ruining your financial situation. By simply organizing and automating your invoicing methods, diversifying payment options, and researching your client’s habits, you can eliminate late payments and effectively shorten the waiting period. Remember, optimizing cash flow should be one of your primary growth tactics.
Base your communication on transparency
It might sound like a bit of a cliché, but honesty really is the best policy. In a world where customers and clients are constantly looking over their shoulder and wondering which of the too-good-to-be-true companies are going to stab them in the back, it would be a refreshing change of pace to actually know what they’re getting into. So, instead of trying to bank in on vague statements and catchy selling points everyone uses, why not introduce a policy based on honesty and transparency?
If you just told your existing and potential clients what it is exactly that you’re going to do for them, what they can expect, and what the process is going to entail, then you would have a much easier time piercing through the veil of skepticism and inherent distrust. Keep in mind, clients stick with the agencies they can trust, and trust is difficult to earn.
Nobody can guarantee you unparalleled growth and success in the competitive business world of tomorrow, but that doesn’t mean that you cannot ensure a steady climb to the top with the help of some time-tested tactics. With these five growth principles on hand, you have the recipe to build the future your digital agency deserves.