With the explosive growth of businesses capitalizing on social media there has been even more growth with advertising agencies both large and boutique taking on this new wave of marketing for their current and prospective clients. And although there are many ad agencies that do consider their client’s internal KPIs and metrics, there are still a bunch that are just getting started in understanding the hot buttons that have an affect on their client’s business. eMarketer published some interesting stats from RSW/US around this fact:
- 40% of senior-level marketers in North America said that a lack of foundation in analytics in digital advertising agencies was the single-biggest problem
- 38% said there is a lack of focus on their internal key performance indicators
Having had a ton of experience with advertising agencies (and running one), you need these top 3 questions answered when working with a new client:
1. What is your revenue, and how do we get access? Your client may have a shopping cart, an internal invoicing system and people that pay by check. So however they’re bringing in the revenue you need to get access to this reporting and consolidate it for them, so you know if your programs or campaigns are moving the needle.
2. Are you tracking “new” versus “returning” customers? Will one of your goals be to get more money from customers that are already paying or is your main job to get new customers? It’s important to establish this AND get access to this information. Your clients might not even know what the revenue split is of people who have purchased from them before vs. people who are new purchasers. You could be the hero if you simply gave them an analysis of this and started to do campaigns for increasing both streams.
3. How are you tracking website visits, leads, conversions and churn? If your client isn’t tracking a typical funnel analysis you can really be a shining star. Simply giving them reporting on how many people come to their site, how many convert to a lead and a sale and how many don’t come back could be a real eye-opener for them.
You need to establish yourself as the center point for this data where your clients come to YOU for this information as much as possible, it’s where you could add real value and have a great starting point for helping them grow.