Most agencies are trapped on the service treadmill with margins stuck at 30%....

https://dibz.me/blog/why-a-handful-of-european-seo-agencies-stopped-being-agencies-and-1138

Most agencies are trapped on the service treadmill with margins stuck at 30%. You’re already building custom tools for your own team, so why not turn them into software? Moving from services to products can push those margins past 70%.