Adding new services can be a great way to grow your agency. In addition to serving new markets, you can better serve (and better upsell) your current clients as well. But it can also be a great way to lose money fast, if you don’t approach it strategically.
Here’s my guide to strategically adding new services at your agency, once you’ve chosen a service to add—what to consider beforehand, how to equip your team, and how to price and sell your new services.
This is 3,000+ words, so pour yourself another cup of coffee and let’s dive in!
Before you add new services
An agency owner in Houston asked me for advice on how to add new services to his agency. He was looking at adding two new services. One was a service he’d previously outsourced—video production. The other was one he hadn’t offered before, but that closely related to his team’s expertise—sales enablement.
He wasn’t sure how to approach adding new services in a smooth, profitable way. He wondered about how to decide when to hire new people vs. using his existing team, how to price new services, and how to sell new services. [Read more…]