Can fractional services be a powerful force for agencies?
In this ever-evolving job market, companies are adapting by hiring part-time executives for full-time roles. It's not limited to upper management – various positions across functions like strategy and tech are embracing this approach. The main reasons are an unpredictable economy, shifting priorities, and changes in how we work.
Many skilled professionals don't want to be limited to a single career path. Instead, they want to experience both agency and in-house roles, carving their own independent paths.
Agencies and creative shops can get in on the fractional game too if they're flexible enough to shift to a true consulting model and deliver the goods.
Why Are Talented Pros Going Fractional?
Why are smart and experienced practitioners choosing fractional roles over traditional agency or in-house positions? Let's break it down:
Flexibility: Fractional roles offer the freedom to manage workload and schedules effectively. It's great for those seeking a work-life balance.
Variety: Part-time roles expose marketing and design executives to diverse industries and clients, enriching their skills and experiences.
Autonomy: Executives in fractional roles can select their work and clients, avoiding office politics and enjoying more control.
Higher Earnings: Part-time roles can lead to increased income for marketing and design professionals, as they have more control over their workload and rates.
Stability: As much as it sucks to say, the whole putting your eggs in one basket analogy lives on for a reason. If you have multiple customers in different industries it can be easier to avoid bumps in the economy.
Can Agencies Take Advantage Too?
Agencies can also operate more like fractional executives by honing in on their specialties and introducing alternative or new pricing options for other agencies and in-house teams. For those looking for more personalized and flexible services and support, this can be a fantastic way to augment and diversify revenue streams until the economy gets back on track.
Do Great Work
We always think back to Joe Rinaldi's advice that great work is the best referral a company can focus on. We agree wholeheartedly. Nothing shows how amazing you are like happy customers and successful projects. By developing strong and long-term partnerships with clients, shops can increase client retention and referrals for smaller projects that get them in the door to grow the account.
Specialization and Niches Work
Providing specialized services in a specific niche lets you further differentiate yourself from bigger, more generalized agencies. The more specialized you are coupled with doing incredible work signals to the market that you are industry experts and can cover more strategic ground than those that offer everything to everyone.
Provide Customized Solutions and a Killer Client Experience
Tailor and productize specific solutions to your clients and they'll be drawn to what you’ve created specifically for them. Offer flexible pricing, fractional hourly rates, customized packages, and a highly personalized client experience. And there’s no discounting working with someone who makes you feel like the only client in the world. Offer an amazing collaboration and work experience; it won’t be easy for people to tell you no. Even if they do, they will refer you to someone else.
Leverage Technology and New Advancements
The faster you streamline and automate your operations, the more efficient you appear to prospects. And as David C. Baker said at Operations Summit this year, your clients may not know great work but they do feel and appreciate great operations. Level up your workflows and make your work as self-service as possible for the client. The hand-holding should be as strategic as possible and not focused on serving up your weekly action items. AI is an incredible equalizer in this case. The more you can adopt and experiment with AI, the further along you are.
Partner Up
Knowing your sweet spot is one of the most strategic ways to leverage your expertise and help your prospects and current clients. Don’t make the leap if you can’t do it well. Bring in a partner and be transparent about it. Collaborate with other teams and agencies to expand your service offerings. Once you nail the service and the collaboration workflows, you can repeat it again and again. And you have the added benefit of having two companies sell for you. Pool your expertise and conquer the market!