How we helped a fast-growing Digital Media Agency derive profitability per team, per project and per service/output

How we helped a fast-growing Digital Media Agency derive profitability per team, per project and per service/output

Client

About the Client

About the Client

SoCheers Infotech is a fast-growing full-service digital media agency based out of Mumbai and Bangalore. SoCheers provides digital marketing services to brands that don't just include digital presence but immersive experiences too. From heart-touching DVCs to catchy jingles, and interactive microsites to engaging content, they have done it all.

Website: https://socheers.net/

Opportunity

The management team wanted their team leaders to manage bigger teams efficiently to be able to scale profitably and sustainably. They wanted to assess billing, profitability, and efficiency at a team level but lacked the structure and process to track the same.

How we helped a fast-growing Digital Media Agency derive profitability per team, per project and per service/output

Project Timeline

October 2019 - Ongoing

Project Title

How we helped a fast-growing Digital Media Agency derive profitability per team, per project and per service/output

Approach and Findings

Team interactions to identify areas of improvement:

Based on our interactions with team leaders and management, we identified that the team leaders were not aware of their contribtuion to billing and there was no way to identify billing for various services into a bundled service. The management studied profitability at an overall level and team / client level profitability was not mapped & tracked.

Zeroing upon the opportunity statement

Understanding team level billing, profitability and efficiency was critical to scale the business and the accumen had to be developed at team level. It was also important to clearly identify efficiency at a team and individual level to drive profitability and scale sustainably.

Roadmap planning

We discussed the opportunity with the Management and mapped out where they envision themselves in the next 2-3 years. We created a plan to develop business accumen and financial understanding for team leaders.

Work Done

Our approach was to build the business accumen in a manner which helps team leaders understand both, outcome and input to enable them to control the outcome.

We delivered the following during the project:

  • 1. Created parity at a skill level to map the outcome of various skills required in the service/department to compare efficiency of different team members having different skill sets at the same level. Example - In the design team, a designer works on statics and print designs whereas other designer works on videos, how can the output be compared on the same scale.
  • 2. Set internal billing rates for services based on the value of services to create standardisation across different clients and teams.
  • 3. Initiated a process to collect data of work done by each team member.
  • 4. Automated the efficiency comparison at a cluster and team level based on the data collected.
  • 5. The data would also compare the internal billing with the team costs and highlight the profitability at a cluster & team level.
  • 6. Mapped internal billing to client billing to understand client level profitability and to compare scope of work planned v/s actuals to improve monetisation for additional deliveries.

Outcome

SoCheers has been able to efficiently and profitably grow the team sizes to upto 90 people from the earlier average of 15 people. Most of their team members are profitable within the first 90 days of joining, and managers can clearly identify and fix efficiency gaps. They were able to solve efficiency gaps with structured feedback mechanisms and a deeply integrated performance management system.

Frameworks used in the project

Objective & Value Setting Framework

  • - Strategic Direction
  • - Profitability Mapping & Comparison

Digital Transformation Framework

  • - Data Automation

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