Just a large, single plateau--if this is what your advertising media agency growth rate looks like, it's time you take initiative to build up the business. Like any other enterprise, you'll need to have a solid business plan and a strategy to chalk out the areas you wish to diversify into. As your agency grows and you take on new clients, it is important to fine tune your policies and introduce a defined structure to ensure you're equipped for further growth.
Instructions
1. Study the field. Conduct regular research to update yourself on the latest trends in advertising. Regularly review the developments taking place and study the effectiveness of your media campaigns. Gather information from advertising experts about the skills required to specialize in the newer fields.
2. Choose and focus on your area of specialization. On the basis of information you collect, select one or two areas that you feel equipped to specialize in. Factor in the skill set of your staff while making this decision. If you're considering a technical subject, like medical advertising for instance, your staff will need to be conversant with medical terminology and regulations that govern this area of advertising.
3. Set up policies and procedures. Decide your agency policy to handle the new segments. Determine responsibilities and decide who's going to handle each particular aspect--prospecting clients, complying with regulatory requirements, managing the finances and providing creative input for this new venture.
4. Provide necessary training. Conduct training programs for your staff in the new area you have chosen to specialize in. Invite subject experts to guide your staff in developing the required competence level. Hire more experienced staff to help your agency gain a footing in the new areas you have identified.
5. Develop an Internet presence. Create an attractive website that showcases your abilities and growth potential. Get on the numerous sites that provide social networking. Most clients today are looking to create a brand image through the Internet. If you are out there as an active participant, there are greater chances of being noticed by such clients.
Tags: your staff, your agency