Earlier this month I was speaking to a group of agency owners and the topic of specialization came up, at least when it comes to business development. This elicited a comment from one of the agency owners in the audience. They had tried this specialist strategy and it didn’t work. In fact, it had the opposite effect — they couldn’t find enough new business opportunities to sustain the firm. What did I have to say to that?
To be sure, I see enormous benefits to specializing when it comes to new business, but it’s not without its risks, as this agency owner pointed out. This month, I offer some hedges against that risk.
Fear and boredom are not a good combination, especially when they’re the overriding emotions you feel every time you confront the reality that you could be doing more to win new business for your agency.
I used to extol the virtues of a well-rounded business development program until I realized I was never going to get agency leaders to do things they didn’t like to do. I’d just be continually fighting the impossible fight against fear and boredom.
Instead, I learned that defining a strategy and set of tactics that were aligned to their strengths was the shortest, most efficient way to fill their pipeline. I also discovered that most small agency owners fit into one of four different new business personality types.
Which one are you? The answer may change your feelings about business development from fear and boredom to confidence and enthusiasm. Read more.