Why do you need to build a brand and grow an audience for your agency?:
Before I go over the main reasons why I think everyone should build a brand and an audience for their service business, I’d like to cover the main two ways of growing your agency and the main issues/limitations that come with these:
- OUTBOUND PROSPECTING/COLD OUTREACH: this is really the most basic way of getting customers and getting them on the phone, it’s really cost-effective as it can be pretty much free to do.
Limitations that come with outreach:
- Linear growth
- Requires a lot of volumes to get results
- Tedious
- Takes a lot of time to really figure out how to make it work predictably
- Restrictions
- Competition, hard to stand out efficiently
- PAID ADS: this is the most scalable strategy and the fastest way to get prospects on the phone.
Limitations that come with paid ads:
- Need a good chunk of capital due to the testing phase
- Depending on the audience, the cost to get the outcome can be ridiculously high
- If you don’t have a good back-end (up-sells, cross-sells) or a high ticket offer, you could potentially lose money even when you sign clients.
- Conversion rates can be really low
NOW, WHAT CAN A BRAND AND AN AUDIENCE DO FOR YOUR AGENCY?
Less competition: when done right, a brand can’t be duplicated and that provides you with a competitive advantage!
Authority figure: When you put yourself in front of people through content and educating an audience on a specific topic, you become an authority figure, and thanks to the Authority bias that every human has, you gain more credibility! - Authority bias is the tendency to attribute greater accuracy to the opinion of an authority figure (unrelated to its content) and be more influenced by that opinion.
Compound effect: Building a brand and an audience is something that takes time but once you’ve actually taken action consistently towards building everything, nothing can stop it.
The growth in trust and credibility grows exponentially.
Supporters: an audience to whom you’ve provided value, will want to reciprocate that value back.
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