EP 402: The ROI of making your existing clients happier with Susan Baier
Jun 19, 2023
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Marketing strategist and researcher Susan Baier discusses the 2023 Agency Edge Research study, highlighting the importance of making existing clients happier. They explore the different client archetypes and how they spend their money, as well as what motivates clients to spend more with agencies. The podcast also covers the qualities of the best agency and the transformative power of envisioning the future self. Overall, the episode provides valuable insights for agency owners on building alliances and nurturing long-term partnerships with clients.
Clients are more willing to spend more money if agencies deliver ahead of schedule and propose new initiatives.
Building strong relationships, understanding client goals, and providing in-depth reporting are crucial for agencies to gain more trust and secure additional budget.
Deep dives
Client Expectations and Opportunities
The podcast episode discusses the findings of the 2023 Agency Edge research series, which explores how agencies can earn more trust and get more budget from their existing clients. The study reveals that clients are willing to spend more money with agencies, especially if they deliver ahead of schedule and propose new initiatives. Clients want to be approached with new opportunities during regular check-ins, strategy conversations, proposals, and annual marketing planning. Building strong relationships, understanding client goals, and providing in-depth reporting are also crucial for agencies to gain more trust and secure additional budget.
Different Client Segments
The research identifies three key client segments. The first segment, called 'relationship builders,' represents 30% of respondents and values long-term relationships, trust, and guidance from agencies. The second segment, 'staff prioritizers,' makes up 43% of respondents and emphasizes the importance of efficient collaboration with agencies while trusting their own in-house teams. The third segment, 'saving seekers,' comprising 26% of respondents, focuses on cost reduction and tends to undervalue agency expertise. Agencies should prioritize relationship builders and staff prioritizers, as they are more likely to engage in additional spending.
Opportunities for Agencies
The research highlights several opportunities for agencies to earn more business from their existing clients. Agencies should aim to deliver ahead of schedule, propose new initiatives, and provide in-depth reporting on a regular basis. Approaching clients with new opportunities during various touchpoints, such as check-ins, strategy conversations, and proposals, is highly appreciated. Building strong relationships with clients and understanding their goals are essential. Moreover, agencies need to collaborate effectively with their clients' in-house teams, demonstrating true partnership and providing specialized marketing expertise.
Takeaways for Agency Leaders
Agency leaders play a crucial role in nurturing client relationships and driving growth. The study emphasizes the importance of developing strong connections with clients and their teams. Leaders should prioritize client love by investing time in client relationships, including regular check-ins, strategy conversations, and value alignment discussions. Regular reporting and proposing experiments can also foster client trust and lead to increased budget allocation. Overall, focusing on existing clients and cultivating trust will lead to long-term growth opportunities for agencies.
It’s that time of year again — we’re evaluating the 2023 Agency Edge Research study, where we polled people who hire agencies about what they expect from agencies and what gets them to open their wallets for us.
Despite a challenging year of having to find creative ways to get existing clients to spend more money with us, a lot of good news came out of this study. Overall, existing clients with larger budgets are much more willing to stick with an agency and spend more money if we present them with a compelling reason to do so.
What do we do with that information? We’ve been preparing you for months leading up to this study, covering many of the topics we’ll see today. So, if you missed any of those episodes, be sure to go back so you can be on top of your game going into 2024.
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.
What You Will Learn in This Episode:
The three main client archetypes
How the three archetypes spend their money
How clients use agencies to fill their different needs
The revenue and budget breakdowns of each existing client group
What makes a current client want to spend more money with us, and when
The biggest motivation existing clients have for increasing their spend
What clients believe makes the best agency
The increased importance of client love and getting to know their teams
Why we should be pitching new ideas to our clients and asking them to experiment with us
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