Marketing needs are evolving, and with it, so too are the services requested by marketing agency clients. The good news? This means ample opportunities for agencies to develop new services and tap into these new revenue streams. But with so many revenue-building options available, how is an agency supposed to know which revenue streams are most useful for them and which ones just aren’t going to get the job done? We’re here to help – in this post, we’ll share a few of our favorite ways for agencies to diversify and add to their revenue streams.
New Revenue Opportunities for Agencies
Become a SocialToaster Agency Partner
Maybe we’re biased, but we believe just about the best thing an agency can do to bring in new revenue opportunities to become a SocialToaster Agency Partner. Here’s how doing so can add to your bottom line:
SocialToaster is an active platform. One that requires consistent effort and content from clients to maximize the value received. This is where your agency comes in. We regularly hear from clients committed to running a social engagement program through SocialToaster, but don’t have the time or internal resources to manage a program to the level they would like.
This is where your agency comes in.
You can provide those program management services to your clients (in return for a monthly fee, of course). You earn that extra revenue, and the client can rest assured they have a trusted partner helping them get the most value out of their social engagement efforts.
In addition to managing the SocialToaster program on behalf of their clients, many of our agency partners augment this management with creative services. A bedrock of a robust social engagement program is the content being shared through the SocialToaster platform—the better the creative, the more ROI that can be generated from the program.
Content creation, program design, and promotional ads are all new creative revenue streams for marketing agencies that become a SocialToaster Agency Partner.
Not all of our agencies, but several use their agency partner status to provide a white-labeled version of the SocialToaster platform to their clients. In these instances, it’s not uncommon for the agency to provide client use of the platform at a marked-up price – pocketing the delta between the client fee and the white-label fee.
Revenue from Other Strategic Partnerships
In a recent survey, a whopping 95% of brands had partner programs in place! And for a good reason: these can help your organization grow stronger by diversifying and expanding its revenue sources by relying on mutually beneficial partnerships.
For your agency, the right strategic partnership will depend on your verticals, industry focuses, and services offered. But, in the meantime, here are a few ways strategic partnerships can bolster your bottom line.
Commissions & Recurring Payouts
Commission plans are one of the most common forms a strategic partnership can produce new revenue streams for marketing agencies. In this scenario, you recommend your partner’s service to your clients, and for those that purchase your service, you receive a percentage of the earned revenue from those clients.
In some partnerships, this can take the form of a one-time commission. For others, it could be a reoccurring revenue. Either way, that’s more money in your bank account for simply making an introduction.
Revenue from New Services and Products
A tried-and-true method for developing new agency revenue streams, offer your clients new services and products. Here are a couple of the new services that our agency partners are developing for their clients:
Google Analytics 4 is the next evolution of Universal Analytics. As with UA, this tool will collect customer data from websites and apps to help site owners better understand the customer journey. Even better is that Google has optimized the integration of GA4 into Google ads, which provides all sorts of insights into what customers are looking for, and how best to reach them.
What does this mean for your agency?
Google has given brands until June 2023 to make the switch to GA4, which means that over the next several months, brands will be clamoring to implement, integrate, and otherwise ensure they are all set for the switch to GA4. All services that your agency could develop and provide.
Leveraging New Ad Platforms/Creative
This is all about setting up a new service around a new ad platform and then building a team to sell and execute that new service. This is a battle-tested way to generate more revenue for your agency.
Some of these new ad platforms could include:
- ABM platforms like RollWorks, Terminus, or ZoomInfo Marketing Cloud
- Connected TV platforms like MNMT, Publica, and The Trade Desk
- Programmatic platforms like StackAdapt, Adobe Advertising Cloud, and AdRolll
Diversifying Revenue Through New Partnerships and Products
Diversifying your agency’s revenue streams not only brings in new business but also helps to future-proof your agency against potential changes in the marketing landscape. By offering services in these growing areas, you’ll be setting your agency up for continued success.
Ready to become a SocialToaster Agency Partner? Learn more about the Agency Partner Program here.