EP 245: State of the Agency 2020 Pt. I with Drew McLellan

06/15/20 • 46 min

The past three months have felt like a bad sci-fi movie. As agency leaders, most of us have navigated the economic struggles right after 9/11 and the great recession of 07-08’. But nothing has come close to the economic, health, and social impacts that we’ve experienced recently. But we need to stay smart and fight our way out of this economic slowdown. I want to share some trends that will help you do just that.

COVID continues to be a major topic of discussion throughout the world. It is still a hot button issue as many agency leaders work to stabilize their operations. However, the pandemic has had to share the spotlight with the global conversation about racism and it’s reasonable to assume these are both conversations and realities we’re going to be wrestling with for the foreseeable future.

In this episode of Build a Better Agency, as I have every summer, I want to look at the trends that are impacting our industry. A couple of them have been altered by COVID but most of these are trends I was talking about in early 2020 and they’re as relevant today as they were in January.

With everything going on right now, it is hard to dedicate the necessary time and mental space to focus on running your agency. The health of your agency is more important than ever before. We have to carve out of the time to protect our businesses and I am hoping that taking a look at these trends will help you do that.

A big thank you to our podcast’s presenting sponsor, White Label IQ. They’re an amazing resource for agencies who want to outsource their design, dev or PPC work at wholesale prices. Check out their special offer (10 free hours!) for podcast listeners here: https://www.whitelabeliq.com/ami/

What You Will Learn in This Episode:

Why the health of our agency is so important in the big picture
How to tee up your agency for a great 2021
What you can to start thriving right now
Trends that agency leaders should be watching for in 2020-2021
Why AMI agencies have been so much more profitable than average privately held agencies
How our clients’ needs have changed this past year
What we can do to map out our sales funnels and increase efficiency
How to take control of the sales cycle by being direct
Why agency leaders have become a bottleneck for strategy
Why we are seeing more employees buy minority stakes in their agencies

What You Will Learn in This Episode:

Why the health of our agency is so important in the big picture
How to tee up your agency for a great 2021
What you can to start thriving right now
Trends that agency leaders should be watching for in 2020-2021
Why AMI agencies have been so much more profitable than average privately held agencies
How our clients’ needs have changed this past year
What we can do to map out our sales funnels and increase efficiency
How to take control of the sales cycle by being direct
Why agency leaders have become a bottleneck for strategy
Why we are seeing more employees buy minority stakes in their agencies

Previous Episode

EP 244: Navigating the complex legal issues that agencies face with Sharon Toerek

Most agency owners would put attorneys in the cost column. Until they get into legal trouble. Then, they quickly realize how much they could have ultimately saved if they’d been a little more proactive and worked with an attorney before they got into hot water. But with the right attorney who specializes in agencies and understands our world, you can navigate common legal obstacles while saving hundreds of thousands of dollars.

My guest is AMI’s go to attorney, Sharon Toerek. Sharon’s depth of expertise in our world makes her an invaluable resource for agencies who have any sort of legal issue that they’re either trying to proactively resolve or when they’re in a jam.

She speaks our language and has spent the last fifteen years carving out her niche. In this episode of Build a Better Agency, Sharon Toerek joins us again to share her expertise and walk us through the new research project that she and her law firm put together, looking at common legal snags that get agencies into trouble.

What You Will Learn in This Episode:

The most prevalent legal issues that agency owners are currently facing
How to approach client contract negotiations from a legal perspective
How to overcome the legal challenges of working with freelancers
How to protect your agency from copyright and trademark issues
How to move out of the anxious and afraid category by finding an agency attorney you trust
Why putting foundational processes in place can make a substantial difference in the way you handle legal issues in your agency
How the pandemic will change language in contracts
The most worrisome part of Sharon’s research findings

The Golden Nuggets:

Next Episode

EP 246: How agencies are putting math behind marketing with Eric Vardon

Most agencies have yet to harness the power of data automation tools, and the numbers reveal a concerning reality. 60% of all agencies believe that they make at least 6 costly digital marketing mistakes on a client’s account every week. 33% of agencies have eaten between $5-$10,000 to fix a single campaign mistake. And it doesn’t get better with size. The number of mistakes nearly doubles when a digital agency scales from $1 million to $5 million in fees. And that’s not the most horrifying news that came out of a recent study conducted by Morphio.

If there’s one thing most agencies have plenty of—it is data. If there’s one thing agencies struggle with—it’s data. That’s what intrigues me about data automation tools like Morphio. They define themselves as a check engine light for your digital campaigns. I invited founder (and agency owner) Eric Vardon onto the show to talk to us about this very real challenge. Out of his agency’s necessity, Eric’s team has been developing data automation tools baked with AI and machine learning. Eric’s products are helping agencies plug their leaks and become more profitable using data and automation, and he offers his tools at an affordable price point.

In this episode of Build a Better Agency, Eric shares his journey as a tech entrepreneur and agency owner. He walks us through the lessons he’s learned about refining agency processes, improving team efficiency, and expanding the agency-client relationship using data automation tools. He breaks down the common mistakes agencies make in that arena and explains how we can improve our own systems and processes. Find out how Morphio is working with other small to mid-sized agencies to bring them invaluable AI and machine learning capabilities that don’t break the bank.

What You Will Learn in This Episode:

How data and reporting have shaped the way clients interact with agencies
How Morphio’s data automation tools help agencies plug leaks in the bucket
When and how Eric decided to offer his automation tool to other agencies
How to leverage AI so you can focus on creativity and client strategy
Why you need a check engine light for your agency’s performance and efficiency
How you can use Morphio to make your agency more profitable
How Morphio has changed reporting, and where it’s headed next
Why data monitoring can help you make more informed decisions as an agency leader