Hey, it’s Mike Cooch.
In this blog, I’m going to share with you what I think is one of the most important lessons I can share with agency owners.
This lesson is about how to build a profitable and successful agency.
There are tons of people that have jumped into the agency game in the last handful of years.
There are Facebook advertising services, LinkedIn marketing services, social media services, and others like this.
It has really taken off in the last handful of years.
I’ve worked with literally thousands of agency owners over the last five years or so with our training programs.
The far majority of them, unfortunately, got to a place where they are pretty burnt out in their agency. They are struggling to get ahead and they get caught in that kind of client service.
If you observe, each client seems to want something different. They are all very demanding, but they are not paying enough.
They want custom work and that’s okay.
If you’re doing agency work for huge companies, like fortune 500, they can spend a lot of money on you. They can afford to do that custom stuff.
But most of us are going after smaller businesses and they have smaller budgets.
What happens is you get caught in a really bad place of doing all kinds of custom work and you are not really getting paid for it.
Clients firing you after just a handful of months. It can be a really brutal space.
Assets over agency: the way to get ahead
Now, what’s interesting is that I also know a handful of agency owners that are really, really getting ahead. They are really doing well.
They are building absolutely valuable businesses.
These agencies are having a great time and tons of momentum.
The difference between that first group that’s stuck in that swirl of client services and the group that is really getting ahead is what I call assets over agency.
What I mean by that is that the ones that are getting ahead are using an approach to building their business where they’re focused on building assets.
Assets that allow them to sell more efficiently, to a more targeted market and to deliver services that scale. These businesses have high margins without all of the custom work and without all of the fighting the client.
The crazy thing is that when you focus on building these assets you’ll see that it’s actually an easier business.
You got a business that is much easier to handle and your clients are happier.
They’ve got a better deliverable at a typically lower price point. And they are happy with what you’re doing for them.
It’s a win-win situation for everyone.
But the far majority of agencies aren’t running their business this way.
They are doing custom services and they’re getting burned in the process.
If ‘Assets over Agency’ is something that you’d like to know more about, I have a much more detailed post on my DigitalMarketingLab site where I explain what I consider the seven best assets that you can build.
Click here to visit the post and learn seven examples of ‘Assets over Agency’.