8 Things I Learned from 7 Figure Agency Owners

This video is about the eight things the speaker learned from seven-figure agency owners, including the time it took them to reach that level, what they are selling, who their clients are, how they convert clients, their offers, how they get clients, how they market, and how they sell.

This video by Daniel Fazio was published on May 29, 2023.
Video length: 13:56.

This YouTube video titled "8 Things I Learned from 7 Figure Agency Owners" discusses the insights gained from successful agency owners who have achieved seven-figure revenues.

The video highlights various aspects such as the time it took for these owners to reach their level of success, the services they offer (which are all revenue-generating), their target clients (who are successful business owners), how they convert clients, their offers, marketing strategies, and the importance of having case studies as social proof.

The video emphasizes the need to work with clients who have successful businesses and the correlation between social proof and business growth.

• On average, it took 1.5 years to reach $83k a month, which is about $1 million a year.
• Most people had been in business for around 3 years before reaching this level.
• Many had run multiple businesses before finding success in their current venture.
• All of the agency owners were selling revenue-generating services.
• Even if their services didn't directly generate revenue, they positioned them in a way that showed they would help clients make more money.
• The agency owners worked with successful business owners who made about $1 million a year.
• They had 10+ case studies to showcase their competence and ability to deliver tangible business results.
• Social proof is important for getting clients because it shows that you are capable of delivering results.
• Successful agency owners often change their offers and target audience multiple times.
• After reaching a certain level of success, agency owners have two paths to choose from: rev share/partnering or productized service.
• When starting out, agency owners often rely on outbound marketing, such as cold email and cold calling, to generate leads.

8 Things I Learned from 7 Figure Agency Owners - YouTube

Time it took to reach 7 figures

• On average, it took 1.5 years to reach $83k a month, which is about $1 million a year.
• Most people had been in business for around 3 years before reaching this level.
• Many had run multiple businesses before finding success in their current venture.

What they are selling

• All of the agency owners were selling revenue-generating services.
• Even if their services didn't directly generate revenue, they positioned them in a way that showed they would help clients make more money.
• For example, video editors would position their services as a way to attract new clients and generate more business.

Who their clients are

• The agency owners worked with successful business owners who made about $1 million a year.
• They focused on working with clients who already had a successful business, rather than trying to save struggling businesses.
• They typically worked with clients who made between $50k and $500k a month.

8 Things I Learned from 7 Figure Agency Owners - YouTube

How they market and sell

• They had 10+ case studies to showcase their competence and ability to deliver tangible business results.
• Having more case studies made it easier for them to acquire new clients.
• They experienced periods of slow growth followed by sudden success.
• The speed of their business growth increased with each piece of social proof they gained.
• They focused on driving revenue for their clients and positioning their services as a way to help clients make more money.

Social Proof

• Social proof is important for getting clients because it shows that you are capable of delivering results.
• Beginners struggle to get clients because they lack social proof.
• Having more social proof increases certainty and reduces the perception of risk for potential clients.
• Case studies are a form of social proof that beginners often lack.
• Building social proof is essential for attracting clients.

Offer Evolution

• Successful agency owners often change their offers and target audience multiple times.
• Their main value proposition and pricing structure evolve as they gain more experience.
• Working with different clients helps them understand what works and what doesn't.
• They adapt their offers and business based on the data they gather.
• Package size and pricing are common aspects that evolve over time.

Rev Share vs. Productized Service

• After reaching a certain level of success, agency owners have two paths to choose from: rev share/partnering or productized service.
• The rev share/partnering route involves working exclusively with dream clients and earning most of the money from direct results.
• The productized service route focuses on offering the same service to every client and making money through fixed retainers.
• The rev share/partnering route requires more logistical intensity and scaling is achieved by doing a better job for existing clients.
• The productized service route involves scaling by acquiring new clients and introducing new offers.

Lead Generation and Marketing

• When starting out, agency owners often rely on outbound marketing, such as cold email and cold calling, to generate leads.
• Outbound marketing is necessary when you don't have an audience, network, or money.
• As they grow, inbound marketing, content marketing, and referrals become more important sources of clients.
• Client Ascension focuses on outbound and inbound marketing strategies.
• Consistent marketing efforts are crucial and should never be turned off.

Time and Effort

• Reaching seven-figure agency status takes time and effort.
• It can take months or even years to reach that level of success.
• Consistency and persistence are key in building a successful agency.
• Don't lose momentum in your business, as it can take a long time to regain it.
• Keep pushing and don't turn off the fire hydrant of clients and cash flow.

Conversion and Sales Cycles

• Most successful agency owners have clients in their funnel for four to six months before they convert.
• Conversion cycles, from initial contact to purchase, can take 30 to 180 days.
• Sales cycles, from phone engagement to purchase, typically last 30 to 60 days.
• Many agency owners lack sales systems, causing them to miss out on 80% of potential deals.
• Following up with leads over the course of several months is crucial for sales success.

Watch the video on YouTube:
8 Things I Learned from 7 Figure Agency Owners - YouTube