When I ask most marketers, entrepreneurs and Ad Agencies anywhere in the US or worldwide, I am commonly told these primary issues for winning more New Business and Growth today:
- Finding new clients and brands (overwhelmingly the single biggest complaint)
- Not enough focus on business development, planning and staffing properly
- No single person leading and driving the business development team
- Costs and profitability
- Not enough ‘bandwidth’
- Can’t afford to reduce time/effort with existing clients/brands
- Existing clients aren’t a strategic or cultural fit
- No dedicated ‘inbound’ or ‘outbound’ new business plan established
- Don’t know who or how to ‘target’ the best prospects
- We don’t fully use or support or even understand the tremendous benefits of social media and inbound marketing.
- Can’t identify the best target markets/segments or audience
- Don’t have a current or useable marketing plan and not understanding challenges, goals, objectives, etc.
- Run out of Client Referrals and not consistent enough with new business and growth programs
- Inability to measure ROI on new business and growth initiatives
- No or small budget allocated for growth or business development
SO WHY IS IT SO DIFFICULT FOR AGENCIES TO FIND AND BREAK THROUGH TO NEW CLIENTS?
Here are a six of the main reasons:
- Most unsuccessful Agencies simply don’t have a new business process to find new clients. Agencies often start out with the best of intentions, planning out the initial few weeks with some email blasts, maybe place some PR, buy into a CRM, purchase a list, write a blog post or two AND, maybe update some case studies. And that’s about it. Rarely is there a value-based, repeatable process aimed at multiple touches through a variety of channels (online and offline).
- Most Agencies don’t give the new business process a chance. There are some agencies who actually follow a process (far and few between), but who give up far too quickly when prospects aren’t breaking down the door. They won’t. It will take anywhere from 7 to 12 touches to break through on average, which leads to the third reason. Importantly, they don’t have tireless ‘Hunters’ on the team or driving the program either.
- Many Agencies today, still don’t have solid ‘positioning’. It may seem very obvious to point out, but the majority of agencies have ineffective positioning. So even when they are targeting the right prospects with the right offers, those prospects don’t see the value in what they’re offering, or even worse, don’t understand the agency is even a fit. Agencies say it’s hard to find new clients, and they are absolutely correct, it is hard. Importantly, 90% of Agencies all look and sound the same AND, clients and brands simply can’t differentiate you from the pack!
- There is no ‘magic bullet’ or unique technology, IP or insights to find them, although agencies often think there is. Unless you truly have an inside track to a prospect, no software or methodology will know the exact moment a prospect is looking for a new agency. Which is why agencies need to be on a prospect’s radar consistently, effectively, and with value.
- It’s no secret or surprise: The most successful branding is a collaborative effort between the agency and the company. And, having an amazing ‘Chemistry’ in all partnerships generally builds greater trust, loyalty and respect. From my experience, I have often seen, it takes much confidence for a CMO or CEO to present unexpected or even edgy work to the entire leadership team. Alternatively, in branding, the best work comes from taking strategic and creative risks, and CMOs willing to take risks are thus key to creating great brands. Trusting that your creative partner has your back and will be with you every step of the way makes taking a leap into the unknown less alarming or intimidating.
- Most Agencies and New Business Directors simply don’t have the drive or clarity to keep trying to win a new brand or client and I have consistently seen for decades, the lack of have full ‘inbound’ or ‘outbound’ marketing and new business sales funnels. I am especially a huge fan of ‘inbound marketing’ today – especially if you use great targeted lists, have amazing offers and interact with your leads real-time. Search engines, blogs, social media, inbound email, content marketing and paid advertising are great cost-effective ways to attract qualified leads, be highly cost-effective and provide useful, helpful content consistently too.
Bottom-line – The most effective salespeople and agencies today, all know that a good story is the fastest route between them and winning new business. BUT, always build chemistry before meeting, always have full inbound and outbound new business funnels and make sure you always build genuine trust.
Importantly, today’s sales tech can even help you automate and improve complex and time-consuming processes like extracting or selecting buyer profiles for relevant signals, identifying mutual interests and connections, and surfacing the right content to demonstrate subject matter expertise.
Importantly, today new business and growth is becoming more complex and challenging than anytime in the past. So, without dedication, commitment, a plan, productivity and a growth mindset – you can’t be successful anymore without those ingredients.
If you need help and results in overcoming your agency’s problems with new business or growth, please email me today, to set up a time to discuss. #AskGeoff
If you liked this article visit these:
THE SECRETS OF HIGH PERFORMANCE AD AGENCIES AND MARKETERS : http://geoffdeweaver.com/the-secrets-of-high-performance-ad-agencies-and-marketers/
- WHY AD AGENCIES MUST USE EDUCATIONAL MARKETING: http://geoffdeweaver.com/why-ad-agencies-must-use-educational-marketing/
More About Geoff De Weaver:
Geoff has successfully built businesses, agencies, opened offices worldwide, saved companies and helped clients generate billions of dollars of revenue and growth with their brands.
Geoff is passionate about the art of influence, new business and presentation. His techniques can help you communicate and lead more effectively. As a global marketer, coach and workshop leader, Geoff makes mastering these advanced skills an enjoyable and achievable process. His sound business acumen and results driven approach have made him a trusted business advisor to many of the world’s leading organizations and their senior executives.
Geoff works with business leaders to ignite their courage and confidence, so they can step up and step out in the way they engage people and communicate their leadership style. He is in high demand with CEO’s, CMO’s, directors, corporate executives and senior managers for his expert counsel and guidance in creating strategies for face-to-face communications and integrated global campaigns that are engaging and delivered with confidence and passion to key stakeholders.