I see the same problems over and over again. Of course, there are situations where the owner had absolutely no control over what ultimately happened, but this is rarely the case. Below, I share the 10 most common reasons why small agencies fail and the tips for overcoming them. If your marketing agency is going to thrive, you need to overcome these common pitfalls that often cause agencies to fail.
Sometimes, despite all their hard work to close the deal, they suddenly pull out before their agency can fulfill the contract. NTUC is also working with MRSS (Singapore Market Research Society) %26 DMAS (Singapore Data Driven Marketing Association) on deep learning programs and future trends. IMPACT has helped thousands of companies build resilient businesses and generate millions in revenue using some of the most effective marketing agency acquisition and retention strategies out there. When your agency lacks the capabilities, consider partnering with complementary agencies to sell combined services to customers, so they can approach you as a one-stop-shop for diverse digital marketing capabilities.
We have also been there, and although it comes from a good place, nothing is more likely to position your agency for failure. If there is one thing that always sounds true, it is that many marketing agencies that fail seek to be and do everything for their customers. Your company may be exposed to a risky scenario where if a major client leaves, your agency is forced to fill a huge revenue gap, which is far from ideal. Of course, there are also people who charge more, but, for some reason, few agency owners respond by increasing their rates.
Based on my 14+ years as a global marketing agency owner, here are five things I see most digital marketing agencies getting their services wrong. This usually happens when one or two of your agency's top clients account for the majority of a company's revenue. However, regular bookkeeping is something that the agency owner or CFO must do on a daily basis. These tips will help your marketing agency not only avoid total failure, but will also have the best possible chance of succeeding in today's competitive market of inbound marketing agencies.
While these obstacles can be more than frustrating, if your agency is structured to withstand the challenges that arise (frequent client turnover, major staff changes, whatever), it will be easier to deal with and overcome them on your path to continued success. Some of them will mature to address the business market, while other digital marketing companies fail. When a marketing agency offers quick jobs or relies heavily on a project-based model, where your staff takes on a smaller component of the overall inbound marketing process when that work is done, there's nothing else to do.