Opportunities for your agency in 2021.
Peter Czapp, Co-Founder of The Wow Company, The Agency Collective and the BenchPress report presented the latest results from the largest study of independent creative agencies in the world. Peter and Andy discussed what really happened last year, how agencies have come through it, whether we’re now more resilient and setup for change than ever before AND what do we need to rethink for the year ahead.
Top 5 take-aways for creative agencies:
- KNOW THEIR BUDGET. Only 19% of agencies know a client’s budget before quoting a project. Top tip? Give your client some rough budget ranges in your initial conversation. That will help them to understand how serious both you and they are about a worthwhile project.
- GIVE OPTIONS. Nearly 50% of agencies only give one option when it comes to price. Pete’s tip? Offer options to your clients so that you can control the process of your client’s assessment of value.
- GROSS PROFIT. If you’re not hitting a gross profit level of 50% go and check where the profitability is leaking out of your business.
- RETURNING TO THE OFFICE. For all of the talk and mostly successful move to remote working, over 73% of agencies will keep their offices. BUT, it’s now a great opportunity to rethink what our offices will look like, AND their purpose.
- BREAKTHROUGH CHANGE. Set yourself a challenge to change something fundamental about your business by the end of the year. This is one of the greatest opportunities yet to work on your business and not just in it. (nudge nudge – check out the Stronger, Better, Happier course).
Thanks again to Peter from The Wow Company.