Toggl Academy e03: Increase your profits from existing clients with Rory Spence (preview)

Introduction to the Webinar

Welcome and Introduction

• Emilia introduces herself as the community manager at Toggle Academy, stepping in for Ilya.

• She highlights the economic instability of 2023 and its impact on businesses, particularly agencies.

• Emilia announces Rory Spence from The Wow Company as a guest expert to discuss challenges faced by agencies.

Understanding Agency Challenges

Overview of The Wow Company

• Rory Spence introduces himself and explains that The Wow Company is an accountancy firm specializing in marketing agencies.

• They work with agencies typically having between eight to eighty staff members and a turnover of around one million pounds or more.

• Besides compliance services, they provide strategic advice tailored specifically for agencies.

Webinar Structure and Goals

Session Format

• Emilia outlines the structure: Rory will present for about 30 minutes followed by a Q&A session.

• Attendees will receive a recording of the session, which will also be available on the Toggle blog.

Increasing Profits from Existing Clients

Key Focus Areas

• Rory emphasizes that while acquiring new business is challenging, there are alternative methods to increase revenue through existing clients.

• He notes that much of what will be discussed may not be new but aims to motivate attendees to implement these strategies effectively.

Strategies for Upselling

Establishing Responsibility

• Rory stresses the importance of having someone within the agency responsible for upselling efforts similar to how new business is managed.

Clear Planning

Pitching to Existing Clients: Strategies for Success

Importance of Clear Planning and Targets

• Emphasizes the need for a structured approach when pitching to existing clients, including defining touchpoints and identifying key clients to engage with.

• Highlights that simply stating an intention to upsell is insufficient; a detailed strategy must be developed for effective execution.

• Stresses the importance of setting clear revenue targets from both new business and existing client upselling opportunities to measure success.

Team Engagement in Upselling Process

• Discusses the necessity of involving the entire team in the upselling process, not just assigning responsibility to one person.

• Notes that team members should build strong relationships with clients, ensuring excellent service as a foundation for successful upselling.

• Encourages proactive communication among team members about client challenges, fostering an environment where potential upsell opportunities can be identified.

Case Study: Innovation Hub Concept

• Introduces a case study illustrating how agencies can redirect their efforts from new business pitches towards nurturing existing client relationships.

• Suggests that many agencies overlook their loyal clients who already appreciate their services, presenting an opportunity for further collaboration on new projects.

Implementation of New Ideas During Challenges

• Describes how one agency created an "Innovation Hub" during COVID, allowing them to brainstorm ideas tailored for existing clients amidst challenging circumstances.

• Explains that this initiative was born out of necessity when regular work was paused, leading to creative solutions being proposed proactively by a small dedicated team.

Navigating Client Relationships During COVID-19

Initial Challenges in Client Engagement

• The agency sought to engage clients through lunch meetings to discuss innovative ideas, but initial responses were lukewarm.

• Clients expressed appreciation for the ideas but cited budget constraints due to the pandemic, leading them to pause marketing efforts.

Positive Outcomes Post-COVID

• As the situation improved and marketing budgets were reinstated, clients returned to revisit previously discussed ideas.

• The agency successfully secured new projects based on pitches made months or even a year prior, demonstrating resilience and foresight.

Ongoing Innovation and Relationship Building

• The agency maintains an "Innovation Hub" that continuously generates proactive ideas for existing clients, enhancing client relationships.