Episode Details

Being an agency owner can feel isolating and lonely. But it can be a whole lot better when you hear from others in the same boat. So, check out the stories of not one but two super successful agency owners as we cover everything from overcoming their biggest challenges, to increasing prices and growing their teams.

In this episode, we'll cover:

• Overcoming the pipeline problem.
• 4 tips on increasing prices.
• What agency role to hire for first.
• What to do about a weak link on your team.

I could not be more excited to share this episode with you because it's my first three-way! :) Today's show guests are two digital agency owners Zach Williams, of Venveo, and Todd Earwood, of Money Path Marketing. These guys have been super successful - Todd's agency doubled their business in 4 months and Zach's did 4X revenue in one year, so listen close! They're here to talk about the similarities and differences in their journeys as agency owners, as well as share some golden nuggets of wisdom and inspiration.

One of the biggest challenges as an agency owner is continuing to find new clients and sell, while serving your existing clients. Both guys agree, it like it's a vicious cycle! You're a marketing agency, but there's never enough time to practice what you preach…

You work hard on your own marketing to attract new clients, then you get busy with them and end up neglecting your own marketing, so when those projects dry up you end up scrambling to procure new clients again… and the cycle repeat itself over and over.

The solution? Todd and Zach both say defining a specialization and positioning the agency to a specific audience greatly helped their pipeline problems. Todd said it made a major impact on business when he identified and communicated: who they are, the market they serve, and what they stand for.

Are you charging enough? Zach says he didn't fully understand the value his agency was providing to their clients… in some cases it was up to 100X! They were under valuing services by not charging enough.

1- Measure and quantify value

Chances are, you're not charging enough! Clients should see a 10X return on their investment working with you. So, the key is to work backwards to determine the value of your work and divide by 10.

One of the best ways to determine value is to understand their 3 I's - issue, impact and importance. Once you know what a project is worth the client, you can better estimate it's value.

2- Ask the right questions upfront.

As Todd said, there's nothing worse that estimating a project at $50,000 only to find out the client was prepared to spend triple. So you've got to ask all the right questions to qualify your client, scope the project and determine what the outcome is worth to them.

You can't fully understand the scope of a project without all the right information. You have to gather as much information as possible from your client so you can fully understand what they need or rather, what they think they need and how you can help. Here are some of the questions you should ask new clients to determine value.

3- Sell outcomes and ROI.

A lot of agencies try to sell based on their portfolio and what they've done for others. Zach adds says past work can very subjective but outcomes and ROI are concrete evidence of value. It's so much easier to sell on black and white facts.

4- Report and