Shownotes
Dive deep into the world of advertising, especially in challenging economic times. Join Ralph Burns and Ryan Deiss as they explore the crucial topic of why advertising remains a necessity, even when the economy is in decline.
The episode opens with a candid look at the struggles agencies are currently facing. Discover the agency's two strategic choices in adapting to the evolving landscape: either take ownership of the entire customer journey, from awareness to conversion, or become a hyper-specialized expert in one aspect of the journey. Furthermore, learn why traditional agency models may not work anymore and discover the pitfalls of cutting marketing budgets during tough times. Listen to this episode now.
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2024 Digital Marketing Predictions with Ryan Deiss | Perpetual Traffic EP 523:
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Transcripts
As an agency today, and we talked to lots of them You're absolutely right.
2
:Agencies are hurting.
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:Just cause in many cases they knew
how to do one thing and that one
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:thing doesn't work anymore, right?
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:Really it's as simple as that.
6
:Also there's, less budget.
7
:I love the quote.
8
:When times are good, you should advertise.
9
:When times are bad, you must advertise.
10
:That's reality.
11
:We know that there's data to back
up that the companies that advertise
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:especially during times of retraction,
they do better than the ones that
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:stopped by many orders of magnitude.
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:And yet, what does everybody do?
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:The first thing they cut?
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:It's marketing.
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:It's a marketing budget.
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:It's the ad spend.
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:the exact wrong decision,
yet everybody does it.
20
:So even though it's
wrong, does impact agency.
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:So now I've been saying for a
couple of years now, as an agency,
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:I think you have two choices.
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:Either you need to build an agency
or consultancy that takes ownership
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:of the entirety of the customer
journey your client, right?
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:So you need to own all aspects of it.
26
:You need to own the awareness stage.
27
:So that traffic component, you need to
own the funnel design component of that.
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:So what happens after the lead comes in,
you need to take some ownership, over that
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:and you need to own the overall messaging.
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:At each and every point along the way,
because if you don't, if you only own a
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:single component of it, there's too many
other places where it can and will almost
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:certainly fail, you'll get blamed for it.
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:Or just it'll stop working.
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:And so you'll lose that client anyway.
35
:So I think either you need to build
an agency that takes ownership of
36
:the entirety of the customer journey,
which doesn't mean you have to do
37
:everything, but you need to take
ownership of it from a client perspective,
38
:exactly what you described Ralph.
39
:We're not just going to do traffic,
although we'll do that, but we're also
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:going to understand your funnel and
we're going to send the messaging.
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:You either need to make that decision.
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:Or you need to hyper specialize
in one piece of the customer
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:journey and align yourself with the
agencies that want to own all of it.
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:Because again, they're going to own
all of it from a client perspective,
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:but they can't do all of it.
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:So they're going to need people like you.
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:And so to me, this is the Hollywood model.
48
:If you understand how movies get
made in Hollywood, is different
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:people coming together who are
experts in their own little areas.
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:there's a producer and director
that ultimately brings all of
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:these constituencies together,
actors and their agents.
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:going to have lighting people and
special effects and, all those things.
53
:They're going to bring all these
people together to produce this movie.
54
:I think you've got to decide, are you
the producer or are you a key grip?
55
:And look, key grip is important.
56
:We got to make sure the light's right
and cords aren't in the way, but know
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:your role and be really clear on that.
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:And don't get caught in the middle.
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:Cause if you're caught in the middle
claiming to be able to do it all,
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:but you're not, you're screwed.
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:If you're a specialist who has not
aligned yourself with people who do
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:own it and you're essentially don't
want to say contracting some of your
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:services out to them, but that kind
of is a lot of times what it winds up
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:looking maybe it's strategic partnership.
65
:If you're not doing that, again, you're
going to lose clients really quickly.
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:So now's the time for agencies to
figure out which are you of those two.
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:And agencies need to be talking
and networking and hanging
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:out a lot more than they do.
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:Everybody's so scared and panicky
because they're like, they're holding
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:on to their clients so tight that
they don't want to connect with other,
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:because they might take my clients.
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:you should be doing the exact
opposite of your initial impulse.
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:You should be networking with more.
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:And you should be deciding,
am I going to go broad?
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:And be more consultative, or am
I going to go more narrow and be
76
:more specialized one of the other?
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:There's no room in the middle
and I think you've got a
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:platform for that pretty well.
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:Not only Here you are on the show.
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:Obviously, we're going to
be talking about your stuff.
81
:But I think the agency focus of digital
marketer is a smart one When agencies get
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:together that now there's a much different
vibe than it was four or five years ago,
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:it's like, Oh we're all competitors.
84
:Now it's much more.
85
:I just had, three people from MetaFly up
to Boston a couple of weeks ago and talk
86
:about like 10 other agencies that are
looking For strategic partnerships that
87
:never would have happened six months ago.
88
:We've got private equity groups
that contact us every single week.
89
:Say, Hey, plug into, this
larger platform organization.
90
:There's a tremendous amount of
consolidation, especially in smaller
91
:agencies that might be able to be.
92
:Purchased for cash, not necessarily
for a debt because of the way the
93
:debt is right now with interest rates.
94
:I think there's going to be
a lot of consolidation here.
95
:Not only are agencies looking
for just partnerships and ways
96
:to work with other organizations.
97
:We get hit up probably.
98
:Five times a week for
white label arrangements.
99
:So Hey, can we just plug your
stuff into what we're doing?
100
:That has completely changed
from just a year ago.
101
:And I think the market started
to feel this and act this way.
102
:And they realize in order
to survive, either I figure
103
:this out or I don't make it.
104
:And I think some are probably not going
to make it if you still say, all right,
105
:I'm going to be just this one stop shop.
106
:And this one really good thing
you can continue to survive.
107
:think solution say, it's actually
a really good example of this.
108
:Like Google, that's the
only thing that they do.
109
:And that's.
110
:Scalable, but also, customs made a
very strategic decision to say, okay,
111
:maybe it might not work in the long
haul because the models have changed.
112
:So if you're an agency owner,
that's still stuck in that mindset
113
:of I've got to go at a loan.
114
:It's join a community like what you guys
have reach out to other agency owners.
115
:It's plenty of business.
116
:It's out there right now, but I
think together I think agencies are
117
:stronger and with 42, 000 of them.
118
:It's probably too fragmented to
stay that way too much longer.
119
:Anyway, it's ripe for consolidation.
