Want to get more out of the social media marketing services you offer? Here’s how to do so!
As a social media marketing agency, do you want to increase your revenue this year? Maybe you are at capacity with clients but still want to continue to improve your bottom line.
On the other hand, maybe this year has been challenging and you have lost some clients due to the bigger economic picture.
Whatever the situation for your business, you can start growing your revenue as an agency today.
1. Become the Go-to Company for Artificial Intelligence Services
Very few agencies take advantage of the AI technology available for social media to provide it to their clients. So, to stand out in a crowded market, offer artificial intelligence (AI) services to your clients.
After all, being seen as an innovative and forward-thinking company will help you generate more business.
Popularity of AI
The demand for AI talent has doubled in the last two years. But did you know that only 37% of companies have implemented AI in some form?
That’s a lot of companies that haven’t implemented AI! And the ones that have implemented some form of it will still need help making the best use of this technology.
The following diagram from Smart Insights shows where AI fits into Smart Insights RACE (Reach, Act, Convert, Engage) model for digital marketing. As you can see, the scope is broad!
AI grabs the attention of would-be clients
Imagine if you said to your clients that the difference between the ads that you run and those that everyone else runs is that you use AI to make sure the customer is getting the lowest price and best return for their ads. (Pattern89 is one of the many tools that can help with this.)
Your customers will definitely listen up!
2. Involve Social Media Influencers in Your Content
When was the last time you created a blog post and it included a group of the top social media influencers in your state, country, or in the world?
You reach out to some of the top influencers in the world and ask them for a tip on a particular topic as we did here:
This post achieved over 10 times the number of shares over previous posts.
How using influencers help grow your agency
So, how does this generate more revenue for your agency?
You don’t have to churn out content every day of the week to get traffic. You just need to be smarter about your own content creation.
3. Optimize Your Conversion Funnel
Are you really taking advantage of all the traffic that comes to your website? In other words, are you converting enough of your audience?
Even if your numbers are good, you still always have room for improvement.
Step back and review the following
As a consultancy business, we’re great at giving advice to our customers, often we don’t spend enough time listening to the advice we’d give if we were the customer.
4. Get Your Service Pages Ranked Higher on Google
Here’s the issue with your service pages … Other websites typically won’t link to service pages because they are a pitch for your services.
But you can link to them!
Let’s assume that one of the services you provide is Social Media Management. You can:
Creating content in this way is often referred to as pillar/cluster content.
Doing all that will help rank your service pages higher in Google.
If you’re stuck on writing your own article, consider implementing an effective guest blogging strategy or curating content. Those forms of content can be a great way of getting high-authority links back to your content.
5. Add Recurring Revenue Streams to Your Business
We know you’ve thought about this before but never quite find the time. But without recurring revenue streams you’re stuck on that hamster wheel!
Create a plan for this and treat the project exactly the same way you’d do it if a customer hired you.
For example, create a series of Social Media training courses. You can sell to your existing audience, and selling the course becomes lead gen as it promotes your expertise.
6. Become Influential in the Next Big Platform
Tiktok? What’s that? Is it useful for my business? Should I be on it? Those are the questions a lot of your potential customers are struggling with.
Even if the answer is no, it’s still useful that you demonstrate you have the knowledge of the next hot thing to give them a steer.
Spend some time investigating the new platforms and create a detailed blog post about it and share it out to your customer customers, your social media audience, etc.
There is always more going on in social media than the average business can keep track of—which is why clients hire you. If you consistently show you are in front of the curve, your services will be more valuable to your clients.
Show that you are staying ahead and they’ll look to you to make sure they don’t fall behind!
7. Create Incentives for Continual Education in Your Agency
I remember missing a bus a few years ago, and I started chasing it. At every traffic light, I nearly caught up with the business but as soon as I was about to hop on the bus the traffic light changed to green, and it sped off again. I kept chasing but never quite got there.
Social media is continuously moving so ongoing education is really a requirement for every agency providing social media services.
Encourage constant education in your agency
You might never catch the bus, but you need to keep chasing it!
8. Affiliate Products and Add-ons
In addition to courses, are there other products that you use and can recommend to your clients that will provide you affiliate revenue?
By providing a trusted recommendation you are offering value to your clients and profiting as well.
Be sure that you are making recommendations ethically and reveal if you have a financial incentive to promote certain products.
What about making a resources page on your website? Or providing in-depth reviews? These are both good ways to promote these tools in a passive way.
Common tools that offer an affiliate program
Even if an established affiliate program does not exist, maybe there are tools that you recommend regularly to your clients. Reach out to providing companies and see whether they are willing to work out a special referral relationship with you.
You have a big advantage in selling new products and services to your existing clients. According to Marketing Metrics, businesses have a 60-70% chance of selling new products and services to existing clients. In comparison, businesses only have a 5-10% chance of closing with a new client.
9. Improve Retention and Rates by Demonstrating ROI
In addition to being an expert, an additional way to increase your rates is by demonstrating the increased ROI you are providing to your clients.
When you take the time to show them how you are improving their bottom line, it will improve yours as well.
An advantage of social media service offerings is that you are easily able to track and measure your successes. Showing this direct return on investment makes you more valuable to your clients.
What are you measuring?
Knowing what to measure is the first step. Not every business or social media campaign will have the same goals.
Which things are most important to your client?
Review your client’s goals and budget and then make recommendations targeted toward those goals.
Remember: Not every area of social media will be important to every client.
The more closely you are able to align your social media marketing services to their success, the better your long-term relationship will be.
How are you measuring and communicating results?
Using visual reporting can help your clients understand the metrics that you are measuring in a visually appealing way.
For example, the all-in-one social media management tool Agorapulse provides detailed one-click reporting in beautiful visual graphs. This both helps me see areas of growth and opportunities for improvement, along with giving me a tool to help clients understand what I am measuring and the difference that social media is making to their business.
In addition to standard analytics, consider using more advanced tools such as UTM tracking to give you an even deeper level of insight into what is working in your social media strategy and how you can continue to improve ROI for your clients.
To do this well, think about you can add value to sites that don’t already offer social media marketing services, but do connect with a similar client base as you do.
10. Reduce Your Time Input for Your Social Media Marketing Services
If you save only one minute 10 times a day, you have saved yourself 60 hours over the course of a year! Now multiply that across your team.
How many additional clients would that allow you to take on? How many more social media marketing services can you provide? What would that look like in terms of increased revenue?
Optimizing your productivity in your business is a critical part of maximizing your business revenue.
Using tools to get you better and faster results is also essential.
Evaluate these processes to see areas in which to save time
Remember to evaluate the cost of the tools you are using in relation to their time value. A tool that costs $200 a month might seem like a lot on the surface. But if it allows you to save enough time to produce an extra $2,000 a month in revenue then it is paying for itself 10 times over.
Which areas of revenue opportunities are you most excited about? What would be the best fit for your current business model and clientele?
Start by brainstorming either on your own or with your team about how you can integrate and launch your new services.
Then create your listing on Social Agency Scout to start getting new leads!