It’s that time of year again. WOW have unleashed their, 'BenchPress' Agency Survey 2017.
As the name suggests, it’s a collection of useful benchmarking stats and insights gathered from 471 agencies nationwide - a mixture of agencies all with a turnover between 250k and 5 million.
It’s well worth signing up for the full report as well as the report you’ll gain access to a 30 minute webinar discussing the results.
In the meantime, we’ve highlighted some main points to give you a snippet of the current agency landscape.
85% of agencies only deal with UK-based companies. But 24% of agencies are hoping to branch out to overseas clients this year. This figure is up on last year, when only 15% of agencies held such ambitions.
78% of agencies have enjoyed 3 consecutive years of 10%. And 30% of agencies plan to grow more than 26% this year.
65% of agencies are looking to recruit to support this growth. Recruitment is actually highest on the list of what agencies plan to do this year.
The average hourly rate agencies charge is £86. And 55% of agencies plan to put their prices up this year, compared to 49% who planned to do so last year.
WOW’s advice? Do it. You have a years’ more experience, you’ve learnt and you’ve grown.
52% of agencies will not work on projects less than £5k.
When it comes to pre-tax net profit, a staggering 13% of agencies don’t know. But the bracket most agencies fall into, at 34%, is 11-20%.
5% of agencies enjoyed a revenue per head figure of more than £100k.
56% of agencies are using accounting software and 86% are using Project Management software.
13% of agencies are still using spreadsheets. If you’re one of them, but you also have ambitions to grow, maybe it’s time to consider a change?
The report voted Synergist as Best KPI reporting tool - something we've very proud of and have worked hard to achieve.
Peter Czapp, Director, WOW summarized: “There’s agencies doing wonderful things and honestly, the difference between where they are and where you are is tiny. It’s very, very small. It’s about doing a lot of good things, repeatedly and very well. But they’re simple, the key is taking action.”
If you are among the 30% of agencies that plan to grow more than 26% this year, can Synergist help?
Synergist is a job costing and project management system that gives you full visibility across your agency. Which clients are most profitable, where are there frequent issues, what’s slowing you down? It’s surprising what becomes visible when you use one system for everything. Synergist can help you see a full and honest reflection of your agency's health, allowing you to stop the bad and accelerate the good.
“There comes a time in every agency’s life when you stand back and have to decide where you want to take it. Do you want to just carry on being a near SME, trying to navigate the ups and downs? Or do you want more than that from it? We decided to get serious. Preparing the agency for growth, getting the basics right. Getting a serious system to drive through the efficacies, give you what you need and be able to grow with you. There were long-term decisions. Getting Synergist was a key part of it and I’m glad we did it. Getting Synergist was a smart move. I will retire with Synergist.” Mark Beaumont, Founder, Dinosaur.
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