Taking risky projects is always a calculated gamble for a digital marketing agency. If you fail, you have a disgruntled client, a disappointed team, and possible reputation damage.
If you succeed, though, you might have a fantastic case study, you can get a great testimonial, you can also include the brand’s logo on your website. Another reason to take such risky marketing projects is to push your team into the unknown, where they can learn and develop their skills. And it might even help you to improve that particular service further.
Taking the time to analyze and consider these risky projects can open up a number of opportunities for your marketing agency, when done right. See what factors we consider when we decide if we should accept the challenge:
Knowing When to Take the Risk
To help you decide when to take a risk and when to pass on a potentially problematic venture, it is important to understand your team’s capabilities as a whole. Just because something may not fall into your usual line of business does not mean it should automatically be written off.
Go over your team’s strengths and whether the challenge is something you can all contribute to for success. Encourage your team to think outside the box and not be restricted by their perceived limitations. If you and your team are enthusiastic about the opportunity, open to learning and growing, you are already on the path to success.
The risk that you do not meet a client’s expectations, disappoint your team, or damage your reputation can be real concerns, but if you avoid risky projects altogether, you’re hindering the agency growth.
When a big-name client walks through your door, do not let a challenging project scare you off immediately. Consider the benefits a recognizable brand can offer your company now and in the future.
A reputable brand can increase your performance agency’s exposure and offer you a wealth of resources for marketing your services. A successful project for an interesting and challenging client will allow you to promote your team’s work through a case study or testimonial. You’ll be able to use their brand logo in future promotional materials or marketing for your agency.
You can see how we’ve structured our case study for Output, for example, the challenges we had to overcome and the client testimonial. Here is another example of how we included this client’s story in our own content marketing.
Think of each new client as an opportunity to learn and grow as a team and agency. Taking on challenging projects or clients can allow you to ultimately expand your knowledge and expertise in areas that you previously considered difficult.
In another of our articles focused on managing digital teams, we’ve discussed how important it is to offer your team members incentives to grow in the company. Such a new and different task could definitely be motivating.
Use challenging projects as an opportunity to learn together, work together, and achieve a common goal. This can be a skill-building and morale-boosting undertaking that allows your team to engage and find creative solutions. Next, you’ll be able to apply what you’ve learned to new and maybe even more challenging projects.
Taking calculated risks is an integral element of growth. The next time a challenging project or client crosses your path, think twice about how you and your team may benefit from accepting this opportunity. Consider the value of experience, learning, growth, and exposure for your agency by taking on risky endeavors with appealing rewards.
Looking for more information on how to help your agency grow and succeed? Next, learn how to measure your agency’s profitability effectively.