How to Diversify Your Marketing Agency Pipeline
The article emphasizes the importance of diversifying a marketing agency's client base for stability and growth. A diversified pipeline helps agencies weather market changes and reduces the risk associated with client turnover.
Public Relations consultant Suzanne Block shares insights on diversifying pipelines, adapting to industry trends, and balancing client acquisition with retention.
Key Steps to Diversify Your Marketing Pipeline
Identify Roles and Responsibilities: Define who is responsible for business development, generating ideas, or tracking industry trends.
Know Where You're Most Comfortable Networking: Identify networking streams that align with your comfort level and focus on them.
Assess New Market Opportunities Carefully: Evaluate potential clients based on their story and culture fit.
Maintain a Healthy Mix of Clients: Balance between small, medium, and large clients and between retainer-based work and project work.
Prioritize Client Retention, but Keep Prospecting: Retaining existing clients should be a priority, but new business development should not be neglected.
Leverage Technology to Save Time and Gain Insights: Use tools like CRM to monitor your pipeline and track results.
Know the Signs of a Healthy Pipeline: Track the number of active lead conversations at any given time.
The Power of Sharing Knowledge: Collaborate and share best practices with other agency leaders.
The article also suggests using a 30-day out clause in contracts to maintain a more agile and responsive pipeline, and highlights the importance of having a consistent pulse on your pipeline and a plan for which avenue to tap into when you need to drum up more conversations.