Case Study: An Ad Agency Plays to Its Strengths Several years back, I was brought in
to help develop a strategic growth plan for a small advertising agency. The firm was successful but growth was slow. The agency partners wanted to increase revenue without increasing headcount. Aside from some key long-term accounts in
state government and healthcare,
much of the work was project based. So, everyone was very busy but sustainable, compound growth on a project-by-
project basis was nearly impossible to achieve. The natural churn of project cycles kept a steady flow of work with little to build on. As you would guess, as an ad agency, the company had all of the tactical capability, experience, talent, and skills at their command. Writers,
designers, photographers,
videographers, and programmers – you name it. But, they didn’t have a growth strategy, which meant there was nowhere to focus all of their resources. While limited by a small budget, they
Inspection Solutions... 80 different borescopes, and 20 years experience helping you select just the right one!
benefited from a team of smart, creative thinkers. In addition, with this wealth of capability, there were almost too many growth options and a sort of strategic paralysis set in.
Solution For an outsider, the solution seemed
glaringly obvious. If you subscribe to the notion that success breeds success, then it is simply a question of developing a strategy that played to their strengths. In this case, compound growth was possible only through longer-term contracts rather than project work. The agency had successfully secured multi- year deals with state agencies and was producing award-winning creative work. So, why not double down on that bet and focus efforts to go after more state and federal government business? The hardest part was leading partners through the emotional loss of what some perceived as sexier clients and markets. The choice paid off. After earning their GSA, the agency was able to win a 10-year contract with a federal agency valued
at $100 million. Sometimes
boring pays the bills! (And, the long-term stability allowed the agency to dedicate some resources to fun, pet projects.)
High-quality rigid, flexible and video borescopes, at far lower prices than comparable instruments!
There are some straightforward lessons learned that can be applied if you feel your organization is lacking strategic strength. First, assess your team. Are they really lacking in strategic thinking or do they simply need to free up time from the daily grind? You can always outsource the strategy part if necessary. Second, don’t over think it. Often, the best strategy is right in front of you. But, you may need some distance or a different perspective to see it. Finally, play to your strengths. Executing a strategic growth plan by leveraging those things you are already good at will generate a much higher success rate than going down a path you’ve never gone down before.
Next Month: Growth Killer #6 – Tactical Deficiency
gradientlens.com ® 800.536.0790 Made in USA September 2019 ❘ 55
Page 1 |
Page 2 |
Page 3 |
Page 4 |
Page 5 |
Page 6 |
Page 7 |
Page 8 |
Page 9 |
Page 10 |
Page 11 |
Page 12 |
Page 13 |
Page 14 |
Page 15 |
Page 16 |
Page 17 |
Page 18 |
Page 19 |
Page 20 |
Page 21 |
Page 22 |
Page 23 |
Page 24 |
Page 25 |
Page 26 |
Page 27 |
Page 28 |
Page 29 |
Page 30 |
Page 31 |
Page 32 |
Page 33 |
Page 34 |
Page 35 |
Page 36 |
Page 37 |
Page 38 |
Page 39 |
Page 40 |
Page 41 |
Page 42 |
Page 43 |
Page 44 |
Page 45 |
Page 46 |
Page 47 |
Page 48 |
Page 49 |
Page 50 |
Page 51 |
Page 52 |
Page 53 |
Page 54 |
Page 55 |
Page 56 |
Page 57 |
Page 58 |
Page 59 |
Page 60 |
Page 61 |
Page 62 |
Page 63 |
Page 64
