Shane Martin

Shane Martin

18-06-2022

14:19

Want to build a successful agency? You better be able to answer these 9 questions first: 👇

I see a lot of agency owners struggling out there. Spinning their wheels Not getting any clients Stuck charging bottom of the barrel prices Why? Because there are glaring gaps in their model that need to be addressed. Want to find your gaps? Answer these 9 questions:

1 - Who are you servicing? This should come as a big duh for most of you… But knowing what customer you’re serving makes everything so much easier. If you nail this you’ll know: - Where to find them - How to speak to them - How to create value for them

Tip: Don’t niche too soon. It’s okay to have a few customer types right now (so long as you know who they are). Define each customer segment: 1. Industry 2. Revenue size 3. Product type

2 - What problem are you solving? Business is about value. You can’t create value if you’re not solving a problem. But any ol’ problem wont do. When identifying what problem you want to solve, ask yourself:

1. How painful is the problem I’m solving? 2. Are they willing to pay to have it solved? 3. Do they even recognize that they have a problem? If you can’t say yes to all 3, keep looking.

Tip: Look for the problem behind the problem. An outdated website is not a problem. A website that can’t convert users to customers is. Uncover the root problem by asking “why” at least 3 times.

3 - How are you solving their problems? There’s always more than one way to solve a problem. As an agency, the solution you provide should be a unique blend of services, process, & style. What is your custom solution to this problem that nobody else has?

4 - What are the existing alternatives? How are your customers solving their problem today? Are they using software? Are they doing it manually? Are they not addressing it at all? Know the current solutions and identify where they fall short.

3 - What makes you different? Did you know that there are currently 6,000+ digital advertising agencies right now? Why will a customer choose you? Is it your unique process? Your experience? Your skill level? Your eye? Speed? Don’t move forward until you figure it out.

5 - How will you reach them? The most under estimated of all the questions. A burning problem and a compelling solution won’t mean a damn thing if you can’t reach your customer. Where do they congregate? And can you get access?

6 - How will you make money? Any good agency owner knows there’s more than one way to make a buck. Sure, they’ll be paying for your primary service… But what are your other potential revenue streams? Think outside the box.

For example… - Commission on ads - Affiliate sales for software/tools - A backend revenue strategy - Upstream/downstream services - Ongoing maintenance packages Getting new customers is hard. Figure out how to get them to pay you more than once.

7 - How will you measure success? A good agency is always testing & experimenting. But you’ll never know what’s working if you don’t define indicators for success. For agencies, metric’s include: - Number of leads - Deals closed - Client churn - Project profitability

8 - What’s your unfair advantage? Every business needs an ace in the hole… a secret weapon. 1. Access to an industry influencer 2. A high supply referral partner 3. A recognizable brand 4. An unmatched process 5. An existing audience on YT or Twitter

In other words: What is your moat? What can you do or have that others can’t buy or copy? It’s okay if you don’t have one right now, but developing this advantage should be on your radar early.

There you have it. You’ve successfully deconstructed your agency business model. By now, you should have a little more insight into your business and your weaknesses should be a bit more obvious. Next up: Identify the riskiest assumptions and get to work plugging those holes

If you’re interested in learning more about building a high-profit, 1 person micro-agency follow @Shane___Martin Coming Threads: 10 strategy for getting your first clients How I landed my first 100k project

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