GYDA - Grow Your Digital Agency
GYDA (Grow Your Digital Agency) is a business consultancy that helps digital agency leaders run the agencies they want to run, so they can live the life they want to lead. We do this by using the mastermind process to spearhead agency growth.
The GYDA Talks Podcast includes interviews and discussions between Robert Craven, Janusz Stabik and Digital Agency Experts. Each podcast is full of knowledge to help you Grow Your Digital Agency.
GYDA - Grow Your Digital Agency
The Digital Agency Market and Strategies for Success with John Readman
In this GYDA Talks, Robert talks to John Readman of Modo 25 and Ask Bosco. John has over 25 years of experience in sales and digital marketing, scaling martech, SaaS and agency businesses.
Currently, he’s building ASK BOSCO® - Marketing Analytics AI and Modo25 - Digital Marketing Inhousing - a business he set up with Bonamy Grimes, the Founder of Skyscanner, to revolutionize the way brands and agencies work with their performance data and teams in increase sales and reduce ad spend.
Rob and John discuss the current state of the digital agency market and strategies for success in a challenging environment. Key points from their conversation include:
Market Conditions
- 2024 was a tough year for many agencies, with most considering it a success to remain flat
- The market is currently challenging, with 9 out of 10 agency leaders at a recent dinner agreeing it's the worst time to run a digital agency
- However, about 1 in 10 agencies are thriving, particularly those with specialised niches
Agency Landscape
- There's an increase in the number of agencies and experienced freelancers in the market
- The market is oversaturated with generalist agencies, but not with specialised ones
- Many agencies try to be "all things to all people" instead of focusing on specific niches
Strategies for Success
- Specialisation: Agencies should focus on specific niches or industries rather than being generalists
- Client Selection: Regularly review client profitability and team satisfaction with clients
- Pricing: Many agencies haven't increased prices despite inflation, but those who have often see little negative impact
- Team Satisfaction: Conduct internal surveys to understand which clients the team enjoys working with
The Star Principle
Robert mentions Richard Koch's "Star Principle" for successful strategy:
- Be in a growing market space
- Have a tightly defined niche that is growing
- Aim to be the number one player in that niche
The podcast emphasises the importance of specialisation, strategic pricing, and focusing on profitable, enjoyable client relationships to succeed in the current agency landscape.