When you think of a growth agency, what comes to mind? They’re the ones who knock on your door with a big bag of doughnuts and a “we can help you grow” pitch. Although that may sound like a good idea, it’s not always the best approach for your business.
A growth agency is a company that helps businesses grow by working on three main areas:
- Marketing
- Product development.
- Customer acquisition.
Marketing is the most important part of any business, as it determines how much revenue you will make and how many customers you will have in the long run. A good marketing strategy can lead to better results than any other part of your business.
Product development refers to creating new products or services that meet market needs and are able to generate more profit for your company through increased sales or increased loyalty from existing customers. Product development can be done by yourself or through hiring someone else who specialises in this area (such as an engineer).
Customer acquisition refers to attracting new customers into your business so that they become loyal users who buy regularly and recommend your brand/business to others. This is often done through paid advertising campaigns but also by giving away freebies or discounts for new users when they join your network on social media
There are a lot of growth agencies out there, and it can be tough to know which one is right for your business. Here are a few things to look for when choosing a growth agency:
1. Define Your Goals
The first step in choosing the right growth agency for your business is to define your goals. What do you want to achieve? Do you want to increase brand awareness? Drive more traffic to your website? Generate more leads? Once you know what you want to achieve, you can start to narrow down your options.
2. Consider Your Budget
Another important factor to consider is your budget. How much are you willing to spend on a growth agency? Keep in mind that agencies typically charge either an hourly rate or a monthly retainer. Make sure you have a clear understanding of your budget before beginning your search.
3. Look for an Agency with Experience in Your Industry.
When you're looking for an agency, it's important to find one that has experience in your industry. This way, they'll be familiar with the challenges and opportunities that are specific to your industry. They'll also be better equipped to help you achieve your goals.
4. Agency which Encourages Change.
Meeting the team, you will be working with is crucial. The agency's willingness to deep dive into your business, as well as the ability to challenge the way you are used to thinking about your product and your audience, are key to success. If you are looking to bring your business to a new level, the agency you choose should encourage the change, and be a reliable partner to guide you through the transformation.
5. If the Agency is a Cultural fit for your business.
When choosing a growth agency, Consider whether it's a good fit for your culture. Your company will likely have different requirements than those of another company, so it's important that you find an organisation that understands what makes yours unique.
6. The Ability to Adapt Quickly.
The ability to make changes in real time, if something does not work, is essential. Sometimes, agencies are stuck in their own ways and do not feel the need to make necessary changes immediately.
7. Ask for a Track record.
Ask your agency to share results from previous campaigns, or better still, ask if they can put you in touch with some of their clients who can tell you in their own words what the agency is like to work with.
8. What are their Commercial terms?
Agencies will have different ways in which they charge for the work they do. Generally, an agency will work under one of the following options: 1. Per project: The agency will charge you a fixed rate based on one project. 2. Per hour: The agency will charge you for the number of hours invested in your business. 3. Per Month: You will be paying a fixed amount monthly and the agency will take care of all the services for the whole month.
9. Ask for Recommendations
Finally, don't forget to ask for recommendations from friends, family, and other businesses in your industry. Chances are, someone you know has worked with a growth agency before and can give you some insights into their experience.
As you can see, it’s not always easy figuring out how to choose the right marketing agency for your business. However, with a little bit of research and the help of this guide, you should be able to find an agency that is a good fit for your company.
