They’re looking to reduce expenses, they’re looking to get into a more predictable business model, and that’s why they’ve reached out to us.
Tim Burke is CEO at Traffic Builders Digital Marketing, a digital marketing and local media company focused on delivering expert digital solutions to various markets. He is also CEO at Conduit Digital Marketing, the agency division of Traffic Builders.
Traffic Builders was named AdWeek’s 21st fastest growing global agency in 2019 and second fastest in 2020.
In this episode of Velocitize Talks, Burke shares how agencies can leverage digital marketing solutions and client strategies to add value and grow their business.
The Martech Landscape (2:13)
What we’re hearing is agencies identifying the economic forecast going forward. They’re looking to reduce expenses and they’re looking to get into a more predictable business model.
As we approach a 10-year run into a bull economy, agencies are on the lookout for any noticeable shift. Part of this preparation is understanding the benefits of outsourcing specialized digital marketing tasks to highly skilled marketing teams. This specialization is a trend that is increasing with the proliferation of marketing technology.
In 2020 alone, there were over 8,000 martech solutions, amounting to a growth of 13.6% in one year. This growth doesn’t seem to be slowing down, even with the effects of Covid-19. In fact, it may only accelerate it given that the world is becoming more digital due to the pandemic. If done right, martech can thrive through platform functionality and effective client strategies.
Growing the Markets (4:17)
Our agencies have had to get creative with looking not only for new markets, but new markets or parallel markets for their clients or parallel markets that the clients have some specialty in. There’s opportunity now because of the state of the world.
Agencies at their best create a business lift for their clients. “The agencies are the forefront of the economy, so they’ve got to be the buoyant partner to their client base,” says Burke. This can be a difficult task as agencies try to guide their clients to look for opportunities in different areas and branch out to find new revenue streams.
If you can’t differentiate your business, you’ll be faced with a number of challenges, including lack of margins and pricing. Creating client strategies while offering unique ideas is essential for continued agency growth and differentiation.
Behind the Brand (6:38)
Purpose driven is meaningful if it’s meaningful to the business. If they’re authentic about it, it resonates, and when it resonates, people react.
Purpose matters. A 2020 study conducted by Zeno found consumers are four to six times more likely to purchase from, trust and champion purpose-driven companies. “Consumers are very savvy and I think that the best way to brand yourself is to be your authentic self,” says Burke. Additionally, in connecting with Gen Z, brands will have to build trust through authenticity, according to the 2020 WP Engine GenZ study. Not only do consumers demand authenticity and purpose from brands but employees do as well.
Brand Interaction and Client Strategies (9:25)
There’s a consumer journey for almost every purchase. If you understand that, the eight seconds at the top to get people’s attention might just pull them in a little bit to learn more.
The way a brand attracts a customer has definitely changed. With social media, review sites, on-demand access to news as well as unlimited online information, customers have countless options to research and find a product well before they interact with a brand for the first time. In fact, a majority of customers trust online reviews as much as personal recommendations. This has altered the way the sales funnel looks and works.
Content created for each part of the funnel must connect with the customer as valuable and pertinent. Burke thinks of the content in the sales funnel like a USA Today article. “The headline pulls you in,” he says. “The first paragraph gives you enough knowledge to be knowledgeable at the water cooler. But if you want to dig deeper, the rest of that article will fill in the blanks for you.”
Marketing Mind Meld (10:32)
People are constantly trying to frame the new reality.
Burke finds his marketing inspiration from a variety of people in the industry. The first person on Burke’s list is Marcus Murphy, CEO + Founder of The Five Percent and a member of LinkedIn Advisory Board. “Every time I talk to him, my head just goes to all the possibilities,” says Burke. Another one of Burke’s influential marketing minds is Clodagh Higgins, a business coach for digital marketing agencies who specializes in culture and process. The last name on Burke’s list is Gary Vaynerchuk, the thought-provoking CEO of VaynerMedia and New York Times bestselling author. Vaynerchuk has become wildly influential and successful in understanding how to grow and market businesses.
For more information on Traffic Builders Digital Marketing, check out their website and follow them on LinkedIn, Facebook and Twitter at @TrafficBuilder1. To stay up to date with Burke, follow him on LinkedIn.