Elevating Your Agency’s Game Plan
Strategy Roadmap: Elevating Your Agency’s Game Plan
As December rolls in, a familiar quiet settles over the business world. This lull, often seen as a slowdown, is a rare opportunity to pause and ponder. Let’s use this moment not only to reflect on your wins for the past year but also to identify areas for improvement that set the stage for a remarkable year.
When many of us think about strategic roadmaps, we usually think of visioning exercises or strategic frameworks such as SWOT Analysis and Gap Planning. In other words, we think of exercises that require mental exertion but usually don’t provide the type of ‘do this, not that’ answers you want to start a new year.
I’ve found a helpful exercise that I’ve used with much success. One simple question allows people to dream bigger about what their agency could become while also informing their next move.
Here’s the question:
"Imagine you have a silent partner who is willing to invest $1 million to improve the competitiveness of your agency. How would you invest the money?"
This idea, inspired by David Maister, is a powerful tool to overcome the 'analysis paralysis' that often accompanies resource limitations. Every time I've facilitated this exercise, agency leaders identify actionable ideas that don't need a million-dollar budget to start implementing.
So, let's apply this thinking to your business. If you had this windfall, where would you invest it, keeping in mind these two conditions:
No spending on current employee salaries or bonuses.
The entire sum must be strategically invested within 12 months.
Try posing this question at your next leadership team meeting or agency offsite. It's always fun to see the diversity of ideas that emerge.
Here's a sample of what I've heard in the past (I hope this inspires additional ideas):
Technology upgrades: Your creative team will often request newer computers or larger monitors.
Business Development Person: The idea of someone dedicating their time to generating leads and filling your pipeline is exciting.
Project Management Software: Projects don't move efficiently through your system, leading your team to recommend switching tools.
Training: You've outsourced too many projects that you'd prefer to keep in-house. This is a good opportunity to invest in your people and upskill your team.
Paid Online Ads: Someone on your team (or you) has said these words: "we are the best kept secret in [insert your area of expertise]." To counter this, you might consider using the money to increase your awareness via paid ads on Google, Linkedin, and/or Instagram.
New Location: For many agencies, most of their clients are within driving distance of their office. The thinking is that a new location could open doors to new clients.
New Services: You've had a new service on your roadmap for the longest time and believe once launched that you can increase your appeal to new clients and drive incremental business from current clients.
These ideas are smart and will improve morale out the gate but not where I recommend you prioritize investment. Remember, this investment should be used to meaningfully differentiate you from competitors. And the differentiation should enable you to charge a premium for your services.
My Investment Recommendation
If I were in your shoes, I would invest in research studies on topics that resonate with your target market. To be truly differentiated in the agency space, you must provide insight that prospects cannot get anywhere else. This isn't about spending a fortune; it's about being smart and strategic. Start with a modest, yet incisive study that addresses your clients' pressing concerns. This could be something like, “What are the emerging trends in [your industry] according to 25 industry experts?”
This research isn't just about gathering data; it’s about fueling your thought leadership engines—speaking events, webinars, podcasts, articles in trade publications, and impactful social media content. Primary research also opens doors to partnerships with industry associations, adding credibility and potentially sharing costs.
The big question for you as we head into 2024 is this: What kind of insightful research will you initiate?
Bonus question: How will it shape your agency's narrative and client interactions?