There is lots of talk of a looming recession so what should you do and what should you be focusing on right now to ensure that your agency is recession-proof?
What is the difference between an agency that thrives in a recession and one that just scraps by?
These questions and more are answered in this broad-ranging discussion in today's video. And I'm really excited to have with me, Ollie Duffy-Lee, who is the founder of the Authority Agency, the growth agency company that supports agencies with their business development strategies.
Time Stamp
[01:45] What should agencies be focused on right now as we are heading towards a recession?
[02:35] Why you should never rely on referrals for new business - especially in a recession
[03:55] Focus on client retention and stop expecting instant gratification
[07:43] What are some of the smart non-negotiable strategies an agency must put in place?
[09:02] Build a personal brand around you, the founder
[10:00] If we are not focused on lead gen how does the sales funnel look?
[12:50] The importance of building and nurturing your email list
[15:25] How to manage clients and your business during a recession
[17:40] Don’t talk yourself into a recession!
[19:00] Ask yourself “does my client see us as a safe pair of hands (a brief taker) or a strategic partner (a brief maker?)”
[19:45] What does an agency need to do to be seen as a strategic partner by its clients?
[21:06] What internal changes should an agency make in a recession?
[22:23] The importance of knowing your data and metrics
[23:43] How big a financial buffer should you aim for?
[26:35] Ollie’s business advice to his younger self
Quotations
“If you want to retain your clients be a ‘brief maker’ not a ‘brief taker’” - Ollie Duffy-Lee
“If someone says NO to buying from you TODAY, it doesn't mean they won’t buy from you TOMORROW” - Rob Da Costa
“I am a big believer on BRAND over LEAD GEN - focus on being in ATTRACT mode rather than CHASING mode” - Ollie Duffy-Lee
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Useful links mentioned in this episode:
The Agency Accelerator
Busy agency owners can have a hard time balancing delivering exceptional work with finding ideal new clients - all the while, ensuring the smooth running of their agency.
Every Thursday, join Rob Da Costa, agency owner and coach, as he explores the key topics that affect you and your agency. I share tools and ideas to aid your profitable growth as well as interview industry expert guests, who share their experiences of working in or with agencies just like yours.
Whether you are just starting out or running an established growing agency, whether you run an online or bricks & mortar agency, this is the podcast for you.
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