Is it your time to grow and scale as an agency?
The past 18 months have accelerated emerging digital trends and with the shift to consumers moving largely to online, it comes as no surprise that the demand for digital marketing is on the rise. According to study by LinkedIn, despite the pandemic there has been a:
63% growth in marketing jobs in the last 6 months
381k marketing jobs posted in the last year
17k remote marketing jobs posted as companies move to more hybrid working models
50% of marketing jobs posted are in the digital or media space
Considering the turbulent economic climate and prevailing uncertainty, professionals in the marketing sector should celebrate their successes and ride the wave as restrictions begin to ease and consumer habits continue to evolve. Many agencies are looking to grow their business yet are also cautious of the fact they don’t want to scale too quickly. There are some tell-tale signs to look out for, however, that every agency should be aware of in order to seize growth opportunities and drive business success in the ‘new normal’.
Making the decision to expand your agency can be an exciting yet daunting prospect, as not only do you want to avoid anything that will be detrimental to your current success, you need to ensure that you have the appropriate foundation to take those crucial step forwards and continue to drive revenue. To make sure you don’t scale your marketing business prematurely, these are all great indicators that it’s time to take your agency to the next level and thrive:
If you’re receiving interest from prospective leads that are outside your target market, this could be a sign that you need to expand your business and widen your reach, and therefore scale your business!
If you’re drowning in leads and have witnessed a significant increase that have come from organic marketing, then this is an incredibly positive sign and you may want to consider scaling your team so that nothing slips through the net.
When analysing your year-on-year growth, if the increase in profits has been steady and this trend continues to rise, then you’re in a financially stable position and can be confident when engaging additional resources to build upon your success.
A successful and profitable business starts by having the right team in place and this can be hard to come by. If you’re happy with the individuals that help run your agency and believe that they are here long-term, then scaling and growth should be something you openly discuss and consider. Not only will existing team members be able to train and onboard new staff, they will be equipped to handle business operations at a larger scale.
Scaling your business can often have a domino effect, where your agency just continues to grow and all of a sudden you’re finding you have to expand into a larger office space, with ever-increasing outgoings, even if your business is a profitable one. Before making the decision to scale, ensure you have figured out your finance and have plenty of wriggle room to cover additional costs if needed.
If you are struggling to meet demand and are finding yourself in a position where you’re having to turn people away, then it’s time to grow! Recruit management level staff so they can handle new client accounts and support you as you expand your business and portfolio of clients!
Our global talent consultancy at DMCG Global helps to quickly connect marketing agencies and brands with the right individuals anywhere on the planet. If you are looking for marketing professionals and would like a bespoke, high-quality recruitment service, our expert consultants will be happy to help. Get in touch below to find out more.
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