Okay, this “90%” is just opinionated. But I am being modest here. I believe about 95–98 percent of digital agencies are failing… And they will eventually vanish once the recession hits.
And this is just as true for the established agencies, who have been on the scene for a decade, as it is for the startups.
There’s plenty that they are doing wrong. Being a part of the industry, I see them inside-out… I see them being sales-oriented… I see them not investing in human resource… I see employers lacking empathy and vision.
>90% of digital agencies will fail because…
- They don’t invest in their brand name.
- They don’t invest in human resource.
- They believe one employee is easily replaceable by the other.
- They have no long-term vision.
- They are chasing short-term opportunities.
- Their goals are entirely money-centric.
- Their management or top-level team is filled with incompetent snobs.
- They don’t appreciate the hard working employees.
- Their SEO strategies are still centered on keyword stuffing and not content marketing.
- They don’t bring “over-the-top” value to the clients.
- They lie to clients.
- They are focusing on digital marketing of their clients when, in fact, their own strategy is negligible. Irony.
- They don’t build relationships on social media platforms.
- They don’t recognize market trends.
- They don’t even understand marketing and sales.
- They waste time in senselessly long meetings.
- They have sycophant employees whose leadership skill is equivalent to ass-kissing the management.
- Their goals are synced with the personal goal of the owner.
- They have the wrong office culture.
- They have no brand equity that would bring them clients.
- They only have “clients”, and no audience.
These digital agencies do not grow. They just survive. Every day. One missed day and everything goes haywire.
They will fail. In the absence of long-term, value-based, empathetic goals, they will fail.
Remember, we’re having one of the longest stretches of economic booms. Once the recession hits, these agencies will crumble.
Because they didn’t build the structure strong enough for land-shake.
Because they were chasing money.
Because every day they asked “what do I want today” instead of “what can I do today for the client”.
If you own a digital agency, audit it. Pause and audit the operations. There’s a good chance you will see signs of failure behind that posturing on your social media bio.
This post was originally published on “Spell Out Marketing — Insider” publication. Due to changes in the editorial policy and strategic direction, it has been removed from the said publication.