With today’s clients demanding more data, better targeting, more accountability, better customer experiences and demanding cost-effective new business results for their brands and companies. How is your client/agency relationship traveling into 2017?
Does your advertising or branding agency help you improve and simplify your marketing and new business needs and requirements?
How would you honestly answer these questions?
- Does your agency/consultant(s) provide you with updated and consistently forecasted sales opportunities and projections and targeted budgets to pursue the low hanging fruit?
- Does your agency have an over-emphasis on new business primarily using traditional media?
- Is your agency nimble, strong in data analysis and adds immense value daily and weekly?
- Do you have you an established regular review or meeting to discuss, handle and update to address issues of direct conflict or strengths and weaknesses.
The biggest issues I have experienced over the last two decades from an Agency/Consulting perspective with clients include (not ranked) are:
- CEOs, CMO, New Business Directors have a HUGE staff turnover. (I recently read that approximately 80% of CMO’s are turning over inside 18 months and New Business Directors even have a faster turnover today)
- Many clients have not kept pace with technology and the digital space. (Especially: social media tools, CRM, Content Development, database, analytics and more)
- Growth of in-house agency resources
- Many clients are risk adverse, and don’t allow agency to offer bold, highly creative solutions that are out of the box
- Both Clients and Agencies are less than fully committed and constantly have consistently wavering business objectives
- Clients today demand creative expertise in an industry/category, want sound strategic planning/thinking, desire innovation and tons of digital insights.
Some of the New Business Tools I use and recommend today:
- Highly targeted lists of key prospects (including names, email addresses, phone numbers (including mobile), titles, etc. I have learned that the most impact in New Business is clearly impacting/targeting the right people and the right time. Note: For the past several years, the mover rate has remained between 11.5 and 12.5 percent, according to statistics released from the U.S. Census Bureau – so make sure your list is new, fresh and constantly revised and updated.
- Using social media marketing – monitoring, listening, strategic planning and analytics. Twitter, Facebook, LinkedIn, YouTube, Instagram and Periscope need to be in your toolbox today.
- Webinar Software – to talk with people nationally and globally in kickoff meetings, planning meetings, introductions and more
- SEO Tools and ‘walk ins’ via company website
- Building 24/7/365 New Business Inbound and Outbound Channels – new business is the ‘life blood’ of any business
- Marketing Automation
- Email marketing and video marketing services are only going to continue to expand and improve your results.
- Solicit and use existing clients recommendations and references for all NEW BUSINESS
- Cross-sell and upgrading existing clients for more projects.
- Network, attend conferences and always try to speak at Trade Events and Conferences.
- Importantly, always outsmart and out plan your competitors using best of class marketing intelligence resources and lists.
Since the 1950’s, the advertising/marketing business was pretty straightforward. Marketers hired agencies to create 30-second or 60-second spots, place them on TV and in magazines and create and send direct mail to addresses stored in massive databases. But clients’ needs have changed and been accelerating exponentially.
Having worked in and watched the new business environment for over two decades, I can confidently state that most agencies that have a dedicate New Business Director will outperform and have greater success than those agencies that try to outsource the role.
I am horrified to say, that some industry insider’s and pundits estimate that 66% of Advertising Agencies today don’t even have a New Business Plan. I personally, think that’s a plan for failure.
I also think if you struggled with New Business in 2016, you will find that 2017, with new technologies, changing environment, new political and economic environment… the odds on 2017 are about 40%-45% harder than 2016.
Additionally, with developments in technology, accelerating pace and prospects getting harder to reach and influence, coupled with fewer key clients moving – you really must ensure you become more intense with your new business, expand your in-house team, set appropriate budgets and objectives and use laser precision to target the best clients and the best time. And, clearly articulate all the benefits and added value they will benefit from you.
Conclusion, having run Multinational Agencies, built my own Agencies and been a ‘hunter’ for over two decades globally, I can tell you how your business and revenue streams and profitability will be much more robust and solid with an experienced Business Director driving a strategically planning, implementing well conceived prospecting methodology, while focusing directly and wholly on new business growth. (And, not splitting time as a General Manager, Vice President, Group Account Director or Account Director.)
I always think a dedicated New Business Director must be 100% focused on ‘hunting’, winning, integrating staff within the Agency. Plus, leading the whole funnel from client selection, on-boarding, assembling best pitch team, responding to RFP’s, collaborating with Agency Management and improving your ‘batting average’ for new business success.
If you are serious about results in 2017, contact me now as New Business must be your key impact area! Contact me directly at; email@example.com
Wishing you a Merry Christmas and a super prosperous 2017.
More about Geoff De Weaver:
Feel free to get in touch with Geoff for further information:
- Personal Website: https://geoffdeweaver.com/
- LinkedIn: https://www.linkedin.com/in/geoffdeweaver
- Twitter: https://twitter.com/geoff_deweaver
- Touchpoint Entertainment: http://touchpoint.best/
- Geoff’s Amazon Authors Profile: https://www.amazon.com/Geoff-De-Weaver/e/B007DAEKFG/ref=dp_byline_cont_ebooks_1