One of the things I see in my role at WPX (check our thousands of real customer reviews here and independent speed test results here) and also as the creator of a bunch of other software tools, I notice on the digital landscape is that digital marketing agencies are now a dime a dozen and there are more and more of them coming up all the time, and that side of agency life.
The agency business model is getting somewhat commoditized, where you’re fighting on price and there is a race to the bottom (on price) going on there and I think there are a bunch of other great opportunities for the agency model, IF that appeals to you.
For example, at WPX here, we have spent quite a lot on various types of (external) agencies over the years, but I think there are some great (new) opportunities opening up now and into the future.
You could build a great agency with high-paying clientele, bigger companies, medium-sized companies, and you get away from that commoditized digital marketing area with an agency model.
#1: Gift Giving Management Agency
Now the first of these is a bit of a strange one and it is in the area of gift giving.
And this comes out of a great book called Giftology by John Ruhlin, I hope I’ve got the pronunciation right on his name.
And in that book, John talks about his own gift-giving agency where his clients pay him to manage on an ongoing, consistent, regular basis gift giving to various customers or partners or people that they want to do business with that currently they’re not doing business with as a way to start to build some kind of relationship with them.
So this agency would be basically suggesting, researching, organizing, managing gift giving for companies.
I recommend that you read or listen to the book Giftology by John Ruhlin, where you’ll get a much better idea of this under-the-radar agency model.
#2: Contest Marketing Management Agency (Audience Building As A Service Via Contests)
Another model I quite like is in contest marketing, and one of the things that I’m very interested in as a marketer and web entrepreneur is how do you speed up that audience-building process?
And obviously you could do it with something like an influencer, pay a lot of money at the high end, much less at the low end.
But another way I think you can gain quick traction is through contest marketing. And a good contest or competition can attract a lot of heat, it can get a lot of media attention, word of mouth interest as well.
And I think generally companies don’t have much expertise in this area of contest marketing.
They need a specialist to manage it for them, and that’s where you would come in with your contest marketing agency.
But actually the way I would pitch it is to sell it almost like audience as a service.
You know SaaS, where you’ve got software as a service.
This is more like audience building as a service, but through the mechanism of contest marketing.
And last year we did an affiliate marketing contest with WPX.
I will leave a link here where you can go and check out the responses and all of the entries that we had.
We put up a $5,000 cash prize, had a lot of great entries, and it was very effective for us in broadening our reach in our target audience.
#3: Checkout Optimization Agency
Another agency model I’m quite interested in is checkout optimization.
Now, you might know of that company conversion-rate-experts.com.
Horrible domain, but they’re one of the biggest in conversion rate optimization.
But here we are just focusing on the checkout process.
So it could be that a company is pretty happy with the number of people they’re sending into their checkout process, but things are breaking down there with cart abandonment or too many steps or different user interface problems.
And I think there’s a huge market opportunity there for a checkout only optimization agency.
You will just be specializing in that. And actually that could mean huge dollars from small percentage improvements in that checkout process.
#4: Customer Retention Agency
The last two I’ll mention are in the area of retention and stopping churn.
The first is in customer retention.
And here there are all kinds of strategies to stop churn.
Tech companies are very interested in reducing churn, especially if they’re in a competitive environment.
So I think an agency that specializes just in customer retention, I think that could be a winner.
#5: Staff Retention Agency
In the same way, staff retention, keeping high quality staff is also a challenge for a lot of companies, especially in the tech sector where software developers and the like can attract crazy salaries.
So these are some agency models to kind of get you thinking if the agency model fits you and fits your personality and what I call your ideal lifestyle.