What is a Growth Agency?

A new approach to growing a business

In times gone past, when a business owner wanted to take their business to the next level, they would start increasing their marketing or maybe get a new website. Because that's what they need to get more customers, right? So the logical next step would be to contact a marketing agency or a web developer, right?

Well, what if there were a better way? A better way to get more customers, to build a brand that becomes a household name and to make a real difference.

As the business landscape continues to change, businesses need to have the ability to adapt to change and turn on a dime. There needs to be a new way going forward. So is an agency that focuses on one aspect of business going to help grow and adapt to change? Or is a broader perspective needed? A perspective that is far-reaching and encompasses all the moving parts of a business. Working towards a goal greater than engagements or click through rates. But focusing on a business owner's mission and vision for what they want their business to become. 

And that's where growth agencies come in.

What is a growth agency?

A growth agency delivers value by focusing on outcomes and growth rather than the "what services we offer approach." This means they look at a business as a whole and determine what needs to be done to achieve its goals, objectives, and mission.

Recognising that there is no one way to achieve success. Each business is different, so to conclude that one element such as PPC advertising or content marketing is the way to go isn't going to cut it anymore. 

Growth agencies don't just do marketing. They look at the businesses financials, risk management, HR, insurances, business model and product offerings. Everything that makes a business tick is looked under the microscope from a growth perspective. 

What are the benefits of a growth agency?

• They look at things from a holistic approach
• Understand fundamental business principles and strategies 
• Focus on what's best for the business

"A jack of trades is a master of none, but oftentimes better than a master of one." 

Problems with traditional agencies 

Often traditional agencies specialise in one area of business. Websites, marketing, SEO or social media. They operate in a silo that is their area of expertise and focus on a specific short term outcome. The problem with this is that it doesn't consider the impact that one area has on another area. Just some examples:

• A web developer removing tracking pixels from a website, effectively putting all social media ads back into learning 
• Marketing brings in leads, but they are the wrong type of leads for the sales team
• A company's sales team might promise things the customer service team can't deliver
• Increasing sales with long supplier terms could lead to poor cash flow and bankruptcy 
• Vanity metrics - does an increase in social media followers translate to an actual business objective? 

That can happen when a business doesn't look at the bigger picture and only focuses on specific metrics.

Let's think about Sage Institute. They spent over $6 million on marketing in one financial year, which led to them going bankrupt and leaving thousands of students and staff in the lurch. Did their marketing achieve the right goal? Well, yes, if brand awareness was their goal, they got a big tick. Everyone knew who they were because they had tv and radio ads plastered everywhere — even getting celebrity endorsements on board. But they still failed. So to make a business successful, there is more needed than just marketing or just a great website. A complete approach needs to be taken, with the goal of growing the business to become a bigger, stronger and more sustainable version of itself. 

Why growth agencies are the future

When the focus is on growth, the lines between services blur and the picture becomes clear. The picture of how to make a business succeed. No bias, no ego, just purely what is best for the business.

Building a sustainable and successful business requires all aspects to run effectively. 

It needs to not only have great sales and marketing but also needs to have a product with a strong market fit, a viable business model and a team of highly effective people. Without each piece of the puzzle, the future of a business is bleak. 

How an excellent growth agency should operate 

An excellent growth agency should focus on the end goal and vision for the business, not just short term outcomes. This is done by working across the whole business.

Often, growth agencies will work with a business that already has a web team, a marketing team and other experts on the books. The intent is not to replace but to create a focus on growth and to bring cohesion to the business. They are breaking down the silos that these experts operate within. Opening dialogue that puts everyone on the same page, the same focus. The growth of the business. 

An excellent growth agency helps create focus. Ensuring each action is targeted towards the business objectives. 

Want to see how a growth agency can help your business? Contact us to see how we can help you grow your business.