Don’t make the mistake other digital agencies make. One of the most important things for continued growth is to generate steady and predictable monthly recurring revenue. A report by Bain & Company showed that:
"It costs 6-7 times more to acquire a new customer than to retain an existing one.”
With that, here are four examples of how digital agencies can build recurring revenue streams:
With bugs and emergency issues, you often end up doing extra work for free on these projects—but this isn’t charity work. Consider setting up a pre-negotiated monthly support retainer for your clients for when these kinds of hiccups come up so that they can pay for services as they need them.
Ongoing SEO services are actually an easy retainer to sell. Creating recurring monthly retainers for your clients for things like keyword research, link-building strategies, or measurement and analytics, is a surefire way to provide substantial recurring revenue for minimal effort.
Usually, content marketers at agencies are already producing buckets of content for clients on a monthly basis. That being said, introducing monthly retainers to clients for this won’t be such a far stretch. You can easily create ongoing retainers for blog posts, infographics, e-books, videos, images, and more, to capitalize on existing client relationships.
Social media managers at digital agencies are in the same ballpark as other marketers, so creating monthly retainers for things like campaign consultations on promotions and contests, daily status updates, or the management and creation of social media ads, are important for generating predictable and recurring revenue every month.
With a higher monthly recurring revenue, you’ll be able to lower admin costs at work and create long-term, loyal and more profitable client relationships with your retainer management system.
How are you capitalizing on ongoing projects for clients? If you’re in the market for a platform that can help you generate more recurring revenue, do some research to find the one that’s right for you. You can also check out how Accelo’s Smart Retainers might help you run your business even better.
