How Inflation Has Affected SMBs in 2024
Nearly half (46%) of small business owners and marketers say they've had to cut back on expenses this year to mitigate the impact of inflation, according to recent research from Constant Contact and Ascend2.
Reversing the Revenue Decline: Three Crucial Steps for Marketing Agencies in 2024
Marketing Management — Thu., Oct. 10, 2024In 2023, nearly half of all marketing agencies faced revenue declines due to economic uncertainty. To survive and thrive, agencies must adapt by optimizing COGS, proving ROI, and prioritizing personalized client engagement.
To optimize COGS, create a detailed process map, assign times, compare with actual data, and use AI tools. Proving ROI is crucial in retaining budget-conscious clients; implement tracking systems, deliver transparent reporting, use data to drive decisions, and educate clients on metrics. Prioritize live communication, invest in client experiences, and show genuine interest to strengthen client relationships.
The rest of 2024 and most of 2025 will be challenging, but agencies can succeed by delivering value and maintaining strong relationships. By following these steps, agencies can reverse revenue and profit declines and position themselves for long-term success. Additional resources are available to help agencies improve their performance.
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Reversing the Revenue Decline: Three Crucial Steps for Marketing Agencies in 2024
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