WHAT MAKES A GREAT AGENCY?
I know several of you bought the agency deal, but even for those who didn’t, I still think there are many lessons to be learned, to apply to your solopreneur business.
None of this is brain surgery and much of it you will already know. But we all need reminding to DO and not just know We’re all so busy fire fighting, that we forget the real factors for success.
I’ve found there are 5 key factors to having a successful agency. In no particular order, here’s my first one.
Agency Factor One:
I guess first we should clear up what we mean by agency.
There are at least two distinct paths open to you.
- DIY whitelabel platform
- DFY Service agency with self account management/repporting
They each have their own unique factor 1, so let’s start with the “Service Agency” as it’s easier and more applicable to non agency owners. And if you take off the account management, it’s possible on just your own account.
There are several factors even in this, but the main one, as you’d expecting is “nicheing”.
But why is nicheing important? Everyone can benefit from an autorepsonder!
The main thing is Empathy. When you niche it builds authority, trust and relevance.
It makes you the “go to guy/girl” for this. It obliterates the competition and makes you the ultimate choice.
If there’s an agency just for dentists, or there’s Aweber, who you gonna pick if you’re a dentist?
By nicheing, you’re saying you understand their specific business and that indicates you can most likely help them. So you get the gig!
But here’s the thing. Just being the Dentist guy, might be too limiting. (Although there are a shed load of dentists out there - in every country and in every state).
So how do we niche down, but stay big?
How big does a niche have to be, to make it worth it?
How do we niche down anyway?
These are all great questions, I’m glad you asked
But for right now, let’s pick one of them and we can answer the others later if you want.
And this one’s quite interesting
You’d think you’d just pick your yearly turnover goal, set your price and work backwards, right?
Well of course you can do, but will the “magic” happen? Probably not :-0
There’s a magic figure for market share, of around 15%
It’s the critical momentum point, where your brand (your reputation and reach) becomes omni-present enough, that you become, “the guy/gal”.
So really the question is, 15% of what, will give you your goal.
Now there’s another critical thing that I need to slip in here.
TEN X your idea.
I’ve said it on my own livestream shows and I’ve recently noticed Grant Cardone say it too.
But I said it before I knew he’d written the book on it - truly !
Point is, if you set a goal, and you fail, and don’t hit it, then you really haven’t met your goal.
If you set a 10X goal, and you fail to reach all of it, you’ve probably still surpassed your original target by a mile.
Plus we all underestimate “what it takes” to achieve something worth having.
For instance the gurus tell you 1% conversion or more. Reality could easily be one thousandth or less.
Happy for you to prove me wrong! But most people suck at targeting and most buyer pools are small and die fast. A prime example of why so many businesses fail? They “think” the potential is there, but then they don’t “hustle” (do) to actually get it!
So 10X’ing it makes you really think what it would take.
Also as Grant puts it, we all think too small and then people don’t take us seriously.
A 100K pa business is “nice” but a million dollar business is cool.
A million dollar business is cool, but a a TEN MILLION dollar business and you have kahunas!
And so on.
Want to raise investment? Guess who gets the wonga…
So I’ve rambled enough. Even the little I have said, you are unlikely to “implement”, because “that’s life”.
But that’s some food for thought as you plan your agency empire.