A Marketing Agency Startup
A newly formed marketing agency based in a tier 2 city in India was facing issues with a lack of profitability & increase operational overheads, including increasing marketing costs related with customer acquisition. They were also not able to provide the customers with a level of service which was expected hence leading to customers leaving after an average of 2 months (rounded off). This was leading them to onboarding customers who were paying at lower than optimal margins. This combined with increasing overheads, cost cutting measures had a very adverse impact to their overall business health.
We conducted an assessment of the agencies current operations, its revenue distribution & earning sources
- Team Skills & Performance Assessment to understand what are the gaps & what can be improved the quickest
- Lead & Sales Funnels to track and manage the flow of users into the sales funnel
- Customer Communication Processes
- Sales Propositions for higher conversions
- Client Survey & Feedback/Reviews to understand the reason for customer departure
- Analysis of the current marketing efforts & why they were failing
- Analysis of additional value add’s that could contribute to the overall revenue of the agency
- Competitor analysis and to understand what is the gap
Our understanding of the client’s situation was that due to a lack of expert leadership their team was not able to perform and due to this lack of performance, their customer lifecycles value and customer acquisition value were much closer than desired. They needed to rebrand themselves in order to compete with other market standard digital marketing agencies.
- We did an analysis of their best performing channels & what was generating them the best margins
- We reworked all their service plans and added a few more value added services which did not cost the organization more.
- We provided basic online re-training to the inhouse teams apprising them of the new strategy for 2021
- We modified the marketing efforts to ensure that only specific channels & customers were targeted in a very focused manner. We also changed all the marketing content to look more relevant to the offerings, designed for each customer segment.
- We introduced Automations in reporting & task management to help with the flow of tasks & activities within the team & with customers.
- We started reaching out to all customers in order to take their feedback and understand what areas were they looking for help in and what could be done better.
- We brought down the response time to under 3 hrs for answering any customer queries or concerns.
We did a complete strategy analysis to understand how we could leverage the current disastrous scenario in terms of Vendors, Competitors, Customers & Internal Resource
- The agency started to see an improvement in the quality of customer interactions & customer satisfaction levels were slowly growing
- They were able to onboard a number of customers with slowly dropping acquisition costs
- Customers could come to the agency for more services as compared to before with the addition of 3rd party services from vendors who joined as affiliates or business partners
- The agency was now operating more with an outsourcing model for tasks which were not within their core functions
- Customer retention has been slowly growing MOM
- Operations teams were more efficient with their decision making process, escalations & performance management processes along with better time management. This was done with external monitoring and strict yet simple reporting structures
- The agency was able to approach clients from tier 1 cities as well due to the extremely competitive prices they were offering.