Organic Growth: The New Agency Revenue Engine
By Joe Mattson, Mirren
It’s no secret that growing an agency is no easy task. So, unearthing new alternative sources to sustain your growth is key. Of all sources of new revenue, including competitive reviews/RFPs and proactive prospecting, organic growth has the highest ROI.
Your agency already has a relationship with the client, the door is open, and you understand their business. You have a talented team in place actively servicing the Account. And in many cases (hopefully), the client actually likes and trusts you and your team. That’s some pretty fertile ground to harvest.
Compare that to the standard Competitive Review situation. You get an RFP from a client with whom you have no relationship or trust, usually full of an unfocused laundry list of objectives and a ballpark budget. The timelines are tight, meaning you’ll need to pound through several months’ worth of work in just weeks if you’re going to have a shot at winning, asking your already stretched internal resources to work nights and weekends to get there. You probably have little experience in the category, and the friendly Procurement team is most likely blocking access to the senior decision maker who could actually help you uncover their true needs. Just reading the RFP you can already hear the time, energy, cash and morale slowly draining out the back door of your shop.
Given the jarring difference between that and the organic growth opportunities waiting to be harvested, why have most agencies established so little method, motivation and accountability when it comes to this essential piece of their business?
Focusing on organic growth is not about turning your account teams into salespeople.
The good news is that focusing on organic growth is not about turning your account teams into salespeople. It’s about helping them become proactive problem solvers by identifying and resolving your client’s most meaningful challenges and most viable business building opportunities. That approach will consistently create and convert projects, mining incremental revenue from this alternative source of agency fuel.