Agency owners should be spending 10% of their hours on building their own products, or productizing their processes. This is a simple way for agency owners to build long-term value and get:
- more skin in the game
- insight and opportunity to try what clients might be leery of for case studies.
Catch my Twitter thread on this topic, or scroll to read the expanded thread below.
How Agency Owners Can Build Long-Term Value
There’s a transformation happening with tons of new entrepreneurs starting services companies and agencies but I have a tip… if you have started one of these agencies, have a big successful version of it, or are even thinking about doing it, here’s something that I guarantee every agency should be doing.
You need to devote 10% of your team’s working hours to developing your own products and productizing your processes.
Here’s what I mean…
Productize Your Processes by Transferring Knowledge
Take the presentations you give all the time, the overviews you use a lot, any specific SOPs you may decide to use in your business, and actually sell them as downloads. Or use them as free giveaways for the community to help build long-term value into your brand.
You can also potentially generate future revenue that way, or use these free giveaways as lead magnets to build your sales funnels.
As an agency, you’re seeing inside all of these different businesses. As part of the services you offer, you’re giving them advice and helping them put together all the particular tactics and strategies to help them succeed.
It therefore stands to reason that you have the toolkit to build your own value machine.
How to Build Long-Term Value
Even if your experiment fails, you should be trying this to build long-term value. You can easily spin it off to have a team run with it, sell it, or begin pivoting what you’re working on to focus on it.
It’s going to build significantly more equity in multiples compared to what you’re doing and agency business is still at its core.
This growing trend is happening where agencies are beginning to open up their R&D arms to focus on productizing their own assets. Not only is it an amazing opportunity but it also won’t take up a ton of your time.
What does this mean in practical terms?
Think of it as an hour or less of every person working in your business per one of those days. It’s also freeing and liberating for people to work on something that they can have ownership of or be building themselves vs purely working on client projects.
If you own an agency business, I highly recommend you devote 10% of your time to developing your own products and prioritizing your processes.
BONUS MATERIAL!
Catch the Builders.Build podcast with my best friends, Colin and James, to discover more about our individual TikTok perspectives and entrepreneurial journeys across brands, products, websites, and more.
Thank you for reading this guide to using personas in product development!
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– Oren
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