Here is Part Two of my blog post on how to run a profitable advertising agency.
13. Grow your digital assets faster. Bring on more technologists to leapfrog even early-adopter digital agencies. A lot of agencies are now behind simply because they didn’t start hiring more geeks sooner.
14. Pick a growth area. It’s not too late to become the smartest video or mobile agency (no one is yet.) Not even the big boys have mobile figured out. However, it may be too late to be known as the best “social media agency” given the sea of social experts. One more digital point, and I know that you know this — digital agencies have a higher multiple than full-service agencies. If you want to sell in the next three years, you best add valuable digital skill-sets.
15. Provide exceptional client service. All AE’s must know how to think like a client in order to anticipate client needs and address any potential issues before they materialize and metastasize. Consider sending your AE’s to an AE class. The worst call I could ever imagine is a client telling me that our account service sucked. It’s just too easy to fix. Fixing creativity is much harder.
16. Create an agency work process that is dedicated to profitability. Then stick with it. The ever-elastic creative process must be tamed. If you need a work process template ask me and I’ll shoot you one. [Read more…] about How To Run A Profitable Advertising Agency (2 of 2)