It takes a very special kind of person to enjoy managing money. It’s even rarer to find someone who enjoys asking people for money. But whether you love it or hate it, at the end of the day, an agency needs to bill clients in order to keep the lights on. Across the industry, opinions vary widely on the best approach to billing, especially when digital work can be difficult to “show” outside of a final report.
In this article, we’ll review four possible approaches to billing clients, along with their pros and cons:
- Percentage of spend
- Flat Fee
When you think about the biggest challenges facing digital marketing agencies, what comes to mind first? Keeping up with an insanely fast-paced industry? Maintaining consistency through staff turnover? Keeping clients happy in a competitive business? All of these are day-to-day realities for any agency. But by addressing one of the largest internal challenges – time management – an agency can begin to face these other challenges.
Managing time properly can allow breathing room for education, training, team building, creativity, and proactivity. Having time for these “luxuries” can mean the difference between satisfaction and dissatisfaction for both clients and employees. Efficient time management can also have a significant impact on revenue and profit loss. In this article, we’ll review four tips to help you better make use of your time and accomplish not only more work but better quality work.
You’re hearing it everywhere: “New Year, New (insert new me, new marketing plan, or your own new thing you’re changing).”
But we’re not really new, are we? Just the same us, trying to be a little better than we were last year. Agencies are no different. While we may not be talking about total re-invention, there’s always an opportunity to become just a little bit better at what we’re already doing. For most agencies, that means retaining clients and making them happier. One really valuable way to do that is to deepen the bonds of trust.
An element of trust is inherent in any agency-client relationship. If a company is paying an agency to do work for them, that company is placing their brand and their marketing dollars into the agency’s hands. Ultimately, both parties establish a mutual trust and understanding with the intent of getting positive results.
As you move into the new year, one burning question in your agency may be, “How can we continue to build trust with our clients?” Communication is crucial to relationships that depend on trust and reporting is powerful and essential form of client communication.
Start the year by taking a good look at your current digital marketing reports and thinking about how you can improve them. Ultimately, you’ll build trust through transparency and by showing how your work relates directly to your client’s goals.
A doctor wouldn’t treat two different patients the same just because they were diagnosed with the same condition. As a doctor of marketing, shouldn’t your client campaigns be subject the same kind of nuance?
We’d argue yes.
Sure, there may be digital marketing guidelines and practices that are common across verticals, but that doesn’t mean there isn’t room to refine your reporting practices based on a client’s specific industry. When it comes to healthcare, there are distinct procedural and user behaviors that can be used to strengthen both reporting and your marketing campaigns.
According to a report from Econsultancy
, healthcare and pharma industries will spend $1.93 billion on paid digital advertising in 2016. Many digital agencies have the opportunity to work with companies in this space, whether specializing in the healthcare niche or having select clients in the field.
Healthcare clients are likely to have highly organized marketing staff who care about detailed data. They’ll want to see detailed breakdowns of campaign performance in regular digital marketing reports and hear thought-out explanations to justify recommendations.
In this article, we’ll cover a few tips to help you build better analytics reports for healthcare clients.
“If you can’t measure it, you can’t improve it.”
So wrote Peter Drucker, an “Austrian-born American management consultant, who contributed to the practical foundations of the modern business corporation” 
. The main reason why you should measure it is that it forces you to pay attention to your activity and identify what needs to be improved.
But before you get to that optimization point, you need to define what your KPIs are. They differ in every business, sector and organization.
If you partner with Megalytic to pursue digital marketing success for your business and your clients, you need to first define what success means to you. In my organization, Mercator Media
, we look at different parameters to define success for our clients. We are a B2B media company building audiences and creating new markets online and then selling advertising spaces on our 14 websites to influence that audience. We are able to give our clients access to over 160,000 professionals in the marine industry globally.
These ad spaces take different forms; they can be one of the following:
- a sponsored article about a client’s new product or event published on our news websites;
- a directory entry about a client’s organization with details on their specialty, address, contact details and lots of other useful content;
- jobs published in our jobs section for all relevant positions within our industry;
- a sponsored post on our Social Media channels (Facebook and Twitter);
These advertising spaces are products that allow us to survive as an organization, so you can only imagine how important they are for us. But we could not keep reselling them to the same clients if we were not able to measure what the clients consider relevant. And this is thanks to Megalytic. Let’s look at an example of what I am talking about.