Honing Your Ideal Niche and Having Confidence to Raise Agency Prices with Matt Banker | Ep #649

Have you nailed down your agency's ideal niche? Are you attracting clients that ignite your agency's growth? Could you be standing in the way of your ability to raise agency prices? After years as a generalist agency, today’s guest decided to turn his business into a dual agency launching a niche firm alongside his broad shop. This calculated risk revealed his true north while preserving the existing revenue streams. Now their work inside the niche outpaces the generalist division of the agency. He talks about the decision to create two agencies and his revelation to let go of limiting thinking in order to raise prices.

Matt Banker is the owner of Banker Creative, a business he calls a dual agency since it has two different brands under one agency. Matt shares his experience running two brands, Banker Creative and Benchmark Growth, which specialize in web design and marketing for accounting firms, respectively. He discusses the benefits of having a niche focus and the importance of building processes to delegate tasks to his team. Tune in to learn from his insights and strategies for growing and scaling an agency.

In this episode, we'll discuss:

• Shedding your limiting mindset in order to raise agency prices.
• Building a dual agency to explore the ideal niche.
• Who is the first hire you should make as a new agency?

 

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Sponsors and Resources

E2M Solutions: Today's episode of the Smart Agency Masterclass is sponsored by E2M Solutions, a web design, and development agency that has provided white-label services for the past 10 years to agencies all over the world. Check out e2msolutions.com/smartagency and get 10% off for the first three months of service.

 

What is the First Hire You Should Make as a New Agency? 

Matt's career began in consulting, but he craved solving business challenges hands-on. He moved to an agency, seeking a consultative versus task-driven role. However, it wasn’t the greatest experience. Ready to merge his design and storytelling skills on his terms, Matt built a web design shop.

In the early days, Matt advertised his services on Craigslist and charged around $1,500 for his first websites. He quickly realized the need to hire additional help to handle the growing workload and started with a part-time designer. It was an area he knew well enough that he could hand it off to someone else and still manage that process.

If he could do it over again, Matt would hire an operations manager sooner. However, he fell into the trap of hiring help to support him in whatever projects he was taking on. As the agency continued to grow, he made a crucial shift in his mindset and focused on building out processes and handing off tasks to his team. Once he stepped back and trusted his team, he started to have the freedom to focus on sales and business development.

Initially, delegating proved difficult. Matt's hands-on interest complicated empowering his team. But as momentum grew, he realized it was time to “become more boring as a company” and create efficient systems and workflows. Structure and trust paved the path to scale.

How to Stop a Limiting Mindset and Raise Agenc