BenchPress 2021 is live! The ones who know what it is have already downloaded it and are taking action as a result. And we’re writing this piece for the ones who still haven’t.
The Wow Company annually launches BenchPress, the UK’s largest agency benchmarking survey. With BenchPress, you can benchmark your agency against the other digital agencies. Every year, digital agencies are counting down to look at the results and discover what other agencies have to say.
There are over 2,000 agencies taking part in the survey, so the results are divided into two main categories:
You can download these guides for free here.
We don’t want to give too many spoilers, but we can mention some of the key points.
3P’s are covered in this year’s survey
1. People
2020 has shown us that our people and culture are vital to the success of our business. When there was uncertainty around the globe, we desperately wanted to know what our peers were doing and how they were looking after their teams. As we emerge from the pandemic, agency owners still want to know how their peers are managing remote working, which tools they’re using to collaborate, how they’re maintaining morale and engagement, and how they’re keeping their team productive and connected.
Now, this BenchPress report is a wonderful way to see where you are and what the future holds for you.
Matt Scaysbrook, Director of Optimisation at WeTeachCRO stated:
We genuinely look forward to BenchPress every year. It gives us detailed external validations on our strengths & weaknesses amongst our peers, and we use those insights to double-down on our positives & build plans to improve our negatives. And all of that makes us a stronger, more stable & more profitable agency for the year ahead.
2. Pricing
Digital marketing is a fast-paced industry. Although we try our very best to keep up, there are still going to be some things that get missed. Knowing what other high-performing agencies are doing can be a shortcut to success. For example, did you know that the top 10% of agencies charge their directors out at £234 per hour? And that those that use tiered pricing make more profit than those that use a single blended rate? These are just two of the insights from this year’s BenchPress report.
If you’ve ever wondered how other agencies charge, what their hourly rates are and whether they reveal them to clients, plus the discounts they have to give to win the work, you can now find that all out in the BenchPress 2021 report.
3. Profit
Last year was tough for the whole world and for a lot of industries. There have been a lot of different parameters affecting the profit of agencies.
Spoiler alert: 80% of agencies over £1m joining the survey made a profit at the end of 2020. Wondering how? All details are given in the BenchPress report.
Highlights From the Benchmarks for Agencies Under £1m
- The average annual income for owners of agencies under £1m is around half that of owners of £1m+ agencies
- 15% of agencies only have one month or less of overheads as cash in the bank
- 14% have a single client that represents more than 50% of their income
About BenchPress
In 2012, The Wow Company began its agency benchmarking report – BenchPress. The aim was simple; to take an accurate snapshot of agency life in the UK and to share insight and analysis with ambitious agency owners.
BenchPress has grown to become the largest survey of independent agency owners in the UK and is a great way to benchmark yourself against your peers.
About The Wow Company
The Wow Company is an accountancy practice that specialises in working with growing agencies. The heartbeat of Wow has always been about great people working together. A team that loves helping people achieve their dreams and being part of the exciting journey of growing an agency. Wow’s mission is to increase your chances of success.
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