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Does every new client in your social media marketing agency feel like “recreating the wheel” from scratch? It’s slow. It’s inefficient. Worst of all, it’s extremely hard to experience any momentum in your business because you are always starting over.
I believe the client acquisition process for most agencies is broken. Why?
#1 – Most honest proposals are destroyed by scope creep. Even if you make it through the proposal process, most well-intentioned engagements are destroyed by scope creep. The client is in control, but doesn’t have the expertise to make proper decisions in this area. This makes it very easy for them to expand the terms of the engagement as they “notice” things along the way.
How many times have you received a call or email that said, “Can you add this too? Can you include this additional thing? Can you do us one last favor?
Before you know it, you’ve done ten extra things, when you only agreed (and priced) one. Not only does this take more time, but it also tears away at your profit margin.
#2 – Developing proposals is very time-consuming. I know how draining is it to go through the entire custom proposal process and not get the work. It can be as simple as drafting up a couple of pages and sending it in, but in some situations it can take weeks or months to put together a custom proposal. And if you and your team have to travel and present it, the cost of the proposal hits a multiple. Not to mention it pulls effort away from standing projects. Even if you have a 50% close rate (which is phenomenal), you are putting out a lot of effort as a company to only bring in work 50% of the time.
It doesn’t matter how experienced the company, losing the bid stinks and it creates an energy letdown in your company. Social media marketing agencies often suffer from a revenue related feast and famine dynamic and some companies do a pretty decent job handling those ebbs and flows. But what do you do when your team experiences a famine of energy after it extends to earn a new piece of business and then doesn’t get the work?
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