Agencies with Momentum Consistently Outperform Their Competitors.

They do an outstanding job managing all the variables that drive growth. Here's how.

During the Entrepreneurs’ Forum at the 2020 PRovoke Global Summit on October 19, Prosper Group’s Managing Partner Alex Halbur led a virtual panel discussion on the subject of “Momentum Agencies”.

These are agencies with revenue growth that consistently and significantly outpaces the industry. Their growth is minimally driven by acquisition. Rather, it results from effective management of all the variables that drive growth.

The panel featured four remarkable agency leaders:

• Carrie Jones, Founder & Principal/JPA Health

• Michelle Gross, President/Spectrum Science Communications

• Mallory Blair, Co-Founder & CEO/Small Girls PR

• Merve Liebelt, General Manager of German Operations/Jin

Each of these firms is a Momentum Agency. We’re deeply grateful for the time, insights and ideas which their leaders shared during the Entrepreneurs’ Forum. 

The eight variables that drive agency growth and profitability. 

 In Prosper Group’s experience, we’ve found there are eight key variables which drive agency growth:

1.  A compelling mission that attracts talent and clients.

2.  Defined vision with a strategic plan on how to achieve it.

3.  Compelling value proposition defined by deep knowledge and expertise.

4.  Organizational structure that sells and services the value proposition.

5.  A belief in core methodologies and process.

6.  Culture (including formal training around those methodologies).

7.  A dedicated new business development function.

8.  Understanding of how to manage an agency for fair profit.

Here are some of the many important insights on managing these growth drivers which the four agency leaders shared with other entrepreneurs during the panel discussion. 

Both methodology and process are critical for growth. 

• Organizing your team around a consistent process drives success because it:

• Provides clear and repeatable direction for moving forward.

• Creates trust and belief with both current clients and new business prospects.

• Institutionalizes your best thinking (and key lessons learned) into one approach which doesn’t depend on the personal preferences of whomever is in charge of that pitch or project at the time.

• Can become valuable intellectual property and a marketable asset for the agency.

• Supports the agency’s mission and culture.

One of the panelists shared that her agency has won nine consecutive pitches in just the past two months. She credits their proven pitch process as the major reason why. 

Training and development are fundamental to becoming a Momentum Agency. 

Each of these four Momentum Agencies takes training and professional development very seriously. They devote significant amounts of time, money and other resources to these crucial activities including:

• A dedicated Chief Learning Officer.

• An active and hands-on “Culture & Communications Committee”.

• “All Hands” meetings every Monday morning where the leader shares what’s new at the firm.

• Committing at least 40 hours per person per year to training and development.

• At an international agency with multiple offices, every new person first spends a week at company headquarters to get to know the people there face-to-face which creates a stronger working connection thereafter.

• Annual retreats and summits to which every employee is invited.

• Ongoing series of outside speakers and experts. 

The panelists agreed the ability to attract, train and retain top talent determines your agency’s future by generating consistent growth. 

Talent and technology should be your priorities for investment. 

The right talent and technology can transform your agency. Our panelists invest heavily in these two areas to:

• Expand service offerings to grow beyond a narrow niche and become a full-service marketing and creative agency.

• Expand geographically by opening new offices.

• Achieve a deeper understanding, better tracking, more efficiency and much more control of the firm’s financials including identifying missed opportunities for earning a higher profit.

• Make your core strengths even stronger (e.g. – new digital tools and training).

• Establish hiring triggers for different levels of employees in order to effectively serve clients while remaining cost-effective. 

By effectively integrating and then staying ahead of the pack in talent and technology, you will strengthen your agency’s reputation, strategic relevance to clients and market value. Paying careful attention to each variable of the operation results in momentum—in growth and profit.