In 2017, the global advertising industry’s net worth was $1.2 trillion, as per a report from PQ Media. Indeed, that’s a lot of money. Even if that number is lower today, the advertising industry is still worth a lot. And, it’s safe to assume that its net worth won’t go below the billion marks. That’s because advertising is essential for businesses around the world. They’ll continue doing it as long as it helps in generating revenue and profit.
Because there are no signs of the ad industry slowing down, your advertising agency will be facing plenty of competition. Other ad agencies out there are also gunning to get more clients. And your ad agency’s brand could be left out if you stay idle. Of course, you don’t want that to happen. So, here, we’ll show you seven strategic ways for your agency’s brand to stand out.
Keep Your Focus on One Industry
This strategy may sound counterintuitive, but it’s practical and useful. Catering to clients from various industries might seem to be a better approach, but it isn’t, especially if your agency is relatively new. You can attract more attention if your agency focuses on one industry. Having a narrowed niche can imply that your agency specializes in a particular industry. Hence, the prospective clients of the industry you’re focusing on will find your agency interesting.
Clients prefer ad agencies that focus only on their industry. They know that such agencies are aware of their industry’s trends and that they can deliver the best service fit to their needs. Though, with all these said, you can still diversify your niche. But it’s advisable to do so once your agency earns widespread popularity across multiple industries.
Adopt Performance-Based Pricing
Part of every client’s preference checklist is to get a win-win deal with ad agencies. Well, that should be the case all the time. And as an ad agency owner, you should always gun for win-win deals too. For that to happen, you need to establish a pricing model. There are several pricing models you can choose from, and each of them aims for a win-win deal. But, not all of them can fully guarantee it. The only pricing model that can ensure win-win outcomes is performance-based pricing.
As its name implies, in performance-based pricing, the price quotation that you’ll charge to a client will depend on the performance level of your service. For example, if the ad you made for a client is successful and generated decent revenue, he or she will be open to paying the highest possible price. Both parties will be happy. Your agency’s services won’t be undervalued, and your clients will get every drop of their money’s worth.
The risk of this type of pricing model is this: If your services are lackluster, clients will pay a low price. However, that risk shouldn’t be a problem as long as your agency performs well consistently.
Build a Personality
Attracting clients isn’t just a mere business strategy. It’s also a social activity. And in a social activity, two personalities are interacting to know each other more. That said, you need to build a personality for your agency as if it’s a real person. In doing so, connecting with prospective clients will be easier.
Furthermore, an ad agency’s personality is also one of the things clients look for. It’s their way of knowing if an agency can complement their businesses’ standards, principles, operations, and needs. So, if your ad agency doesn’t manifest a personality, some clients might ignore it. Take note that having a sense of personality is one of the vital marketing strategies.
Resolve Problems with a Unique Perspective
The majority of ad agencies are using traditional solutions to overcome advertising and marketing challenges. Although such solutions do get the job done, they might not help your agency’s brand to stand out. Why? That’s because as good as those solutions are, they’re clichés. If you present traditional solutions as a proposal to a potential client, he or she might say, “What’s the point of choosing your agency? I can get the same solutions from other agencies, and probably at a lower price.”
With those in mind, having a unique perspective in solving client problems would be better. And yes, that will undoubtedly help your agency to stand out. Promising innovative solutions is what clients ask for nowadays. Some of them already perceive traditional strategies and methods less convincing. They want fresh ones, especially during such times when advertising trends are always shifting.
Structure Your Workforce Differently
Only you have a say on how to structure your workforce. But to stand out, you must consider structuring it differently.
An excellent example of this matter is the workforce of O’Keefe Reinhard & Paul, a Chicago-based advertising agency. Their organization consists of only 30 people or lesser than that. They partner with hundreds of talented creatives to let them produce advertising materials in their stead. In other words, they let their creative partners do the heavy lifting. What those 30 people usually do is mainly managing their client relationships. Speaking of client relationships, they have some bigtime clients, such as the likes of Big Lots and Taco Bell.
Be Transparent to the Public
The days when agencies hide some things from their clients is a trend of the past. Today, clients prefer transparent agencies. But, some agencies just won’t budge for whatever reason they have. So, if your agency has nothing shady to hide, let it be an open book. Let the market know everything about your process, principles, track record, and anything that concerns its brands. That approach will help your agency win the trust of more clients.
Publish a Research
Some clients want concrete proof of your agency’s expertise. For us, the best way to prove your agency’s advertising prowess is by conducting and publishing research. Of course, the research should be an in-depth study of certain advertising or marketing elements. You can publish the research online or through magazines, books, and podcasts. Through your research, the clients will get a glimpse of your agency’s point of view regarding advertising. It immerses them into your brand and convinces them of the benefits of your services.
When you execute these seven strategic ways, they might prompt you to change some of your planning and management tactics. That’ll be a lot of work, and it could mean revamping your advertising agency business plan. But in return, you’ll be many steps closer towards being an owner of a standout agency.