Strategic Revitalization: Enhancing Profitability and Online Presence for a Miami-Based Content Creation Agency
Our client is a one-stop content creation agency based in Miami, Florida. Our client is equipped with a team of creative professionals, from photographers to social media managers, that provide services to small and medium-sized businesses looking to elevate their online presence.
Situation
It is challenging for small businesses to find a pricing structure that supports them during a pandemic while also attracting customers. Small businesses may feel pressured to work with their customers on a case-by-case basis, to figure out prices that work for them, rather than sticking to a fixed pricing model under the financial stress of the pandemic. Long-term, this is not a sustainable way to price goods and services.
A bundle pricing structure may make sense for small businesses that offer multiple types of products or services. Bundling may create uncertainty for customers who require specific goods or services tailored to their needs during an already uncertain period.
We worked with our client on developing a more concrete pricing structure so they could be paid accurately for their services. Due to the fact that they were new and just getting started, they were unsure of the exact monetary value of each of their services. The situation gave people the opportunity to negotiate prices lower rather than working at a fixed rate, which resulted in a monetary loss.
Challenge
As each service did not have a specific cost, our team was tasked with analyzing competitive pricing structures and selecting the right pricing strategy to maximize profit. Since our client doesn't offer customizable bundles, the second task was to understand the needs, wants, and demands of its customers. Our client needed to improve the UI/UX of its official website and establish a social media presence to engage with its customers directly. Last but not least, our client had difficulty analyzing competitors and understanding the competitive landscape.
Approach
To address the challenges above, our team analyzed and segmented all 4 areas of focus into short-term and long-term goals.
Team Expansion: Addressing operational frictions and possible expansions in the short term to be able to focus on long term growth strategies. Throughout the process, we also assessed long-term growth strategies such as advertising, intern-hiring, and expanding the team.
Marketing & Social Media Strategy: Understanding go-to-market prices, as they were unable to estimate market entry prices. Based on research, we assessed pricing, website design, and social media content among similar companies in the Miami area. Based on our research, we recommended that our client use a pay-per-service system with a free consultation and detailed quote.
We also conducted market research by sourcing brands for potential partnerships and came up with brand pitches.
Pricing Analysis: Developing informed pricing models based on fixed and variable business costs.There were a number of areas to consider, one of which was pricing. When creating the offer, we had to consider factors like whether the offer was publicized on the website, the bundle pricing, and the ability to create your own package. In order to gather comprehensive market research on the competitors without knowing how marketing and media pricing worked, we created a spreadsheet for the purpose of calculating its pricing.
Partnership Opportunities: Adapting to new partnerships, both internal and external.
Impact
Our market-wide approach aided our client in developing a critical eye for the creative agency market, as well as major competitors within that. In addition to understanding how to curate pricing structures and social media content more effectively, our client appreciated their value proposition as compared to other creators.
Our client revamped their entire website interface as a result of our focused discussion around best practices in social media. The interface has been improved to make it more user-friendly and allow all types of businesses to service customers through it. Furthermore, our client's improved website highlights the plethora of services that they provide, allowing them to give individualized quotes for each project rather than one fixed price.
Lastly, we were able to provide our client with a more structured operational framework. Our client was able to maximize their profit on each project by incorporating a more standardized pricing structure. As a result of tackling internal frictions, more discussion has been allowed and growth strategies have been focused on in the long run.
From a one-person operation, the business now consists of two talented entrepreneurs. We have laid the groundwork for further hiring and expansion since we established an internal financial structure. There will be more additions to the team soon!
Team Breakdown
Team Lead: Chrys Stavropoulou-Synodinou
Strategist: Ethan Lin
Strategist: Noah Chen
Strategist: Oishee Das
Strategist: Rachel Zimmerman-Diaz
Relevant Background Information
Business Type: Small Business
Industry: Marketing & Media Creation
Location: Miami, FL
At Rem and Company, we're on a mission to keep doors open and dreams alive. Rem and Company started as a social impact initiative offering free consulting services to small businesses impacted by COVID-19. Rem and Company has become an information hub and digital community platform for small businesses in need. At Rem and Company, small businesses stay up to date on trends in their industries, learn new approaches from peers, build a network, and develop the capacity to adapt as the world around them changes. Our consulting teams provide small businesses with the opportunity to identify and prioritize issues facing their business, propose innovative strategies and facilitate execution. If you are a small business owner and want to learn more about how we can help, request a free consultation.