Five Top Tips for Agencies Looking to Build New Revenue Streams in a Crisis

With marketing teams having to press pause and redefine their strategies for 2020, it is fair to say there has been a good deal of chaos and confusion in the industry.

The core challenge remains the same. How do you connect with people to retain loyalty and acquire new customers? What has completely changed, however, is the ways and means to reach them.

This creates an opportunity for companies that are agile enough to take advantage. Here are five tips for those looking to pivot in light of the coronavirus pandemic.

Tip 1: Set Staff Mindset

It is all well and good having grand ambitions at the top of the organisation, but these must be fed down throughout the workforce to encourage all staff to share the company’s new vision. It has been a bruising time for employees, so ensuring they understand why the company is adapting its processes is crucial. This will empower staff to spot opportunities throughout the client base, creating new revenue for the agency.

Tip 2: Creative Problem Solving

This is something that all agency personnel will jump at. Good creative campaigns are all about problem solving – and businesses have seldom faced bigger challenges than they are right now. The ability to see things in a different way and present new ideas is one of the main missions for creative agencies, and never has that been more important.

Tip 3: Re-use of Content

Budgets are, in many cases, likely to be stretched for at least the rest of the financial year. In some cases, considerable investment in things such as conferences and exhibitions may have been wasted, in others, it must be swiftly redistributed to maintain momentum. Moving this to a digital environment does come with its benefits, namely the re-use of content. Hosting digital sessions such as online events or webinars will provide a stream of content that can be used time and again. By feeding content across multiple channels, this will foster true multi-channel campaigns.

Tip 4: Make the Mundane, Exciting

Digital events are a great example of a tactic that, when rushed through, can be damaging to a brand’s reputation. The assumption might be that the only option is to organise a bland, out-of-the-box webinar, for example, to get in front of customers. As a result, any kind of personalisation or creativity is sacrificed. While face-to-face contact is being limited, that does not mean that a personalised experience cannot be delivered. Fostering a creative mindset will demonstrate to clients that you are able to solve major issues, which will cement relationships and ensure longevity.

Tip 5: Get in Front of Clients

There will not be a company that hasn’t been impacted in some way by the coronavirus pandemic. Speaking to clients and understanding how Covid-19 has impacted their marketing strategy will doubtless open up a wealth of opportunities to pitch in additional opportunities that they may never have even considered.

We have seen first-hand the willingness of clients to embrace new ways of thinking to solve the problems they are facing right now. By adopting an agile, creative approach to agency management, there is ample opportunity to cement client relationships and win new business.

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