Going after new business puts you in a vulnerable position. There’s always a risk that you’ll be unable to persuade the other party to buy what you’re selling.
We don’t like feeling vulnerable or being rejected. In fact, it’s deeper than dislike. It’s straight-up fear. To avoid the fear, we might convince ourselves to stay in our safe place and keep doing whatever it is we’ve been doing (or not doing), no matter how unsatisfying or unproductive it is.
The devil you know…
Until a crisis shakes us out of complacency and forces us to act. And then we scramble to fix the crisis, dipping back into our network or lowering our price because we need a win.
What would change for your agency if you could take fear out of the equation?
When I was on staff leading new business teams at ad agencies, I spent many an August working late nights and weekends in overly air-conditioned offices instead of enjoying the lazy, hazy days of summer.
I attributed this spike in new business activity to summer vacations – not mine but the client’s. I imagined the client realizing somewhere in July that the agency search she’d planned to do that year hadn’t started yet. But if she could rally and send that RFP before her vacation started, the agencies that received it would have a couple of weeks to respond while she enjoyed the beaches of Nantucket.
Maybe you spent your summer pitching a lot of business and not resting too much – and I hope that most of those pitches ended successful—but as we move into Q4, you should be focused on two priorities. Read more.
This year I was both a first-time speaker and a first-time attendee at INBOUND, a
four-day extravaganza dedicated to inbound marketing in all its forms. Not that anyone was keeping score, but I'm pretty sure I absorbed way more information
than I imparted.
Thinking about the big themes that were communicated throughout the event, the one I heard most consistently was this: the line that used to separates sales and marketing no longer exists.
Why does that matter to your ad agency? Because it matters a lot to your clients and prospects - they want to work with agencies that not only understand their challenges but have a clue how to address them.
Start by taking a walk in another man's shoes - it might even put you in a position to win more new business yourself.
Still managing your prospects largely through Post-It notes? Relying too much on a white board (the one that your assistant just erased by mistake) to track your marketing activities?
Time for an upgrade! Check out my recommendations for five indispensable tools for agency new business. They also happen to be widely available, and most are easy to put in place so you can start using them right away.
I talk a lot about why you need to be strategically ready to embark on a prospecting campaign. Your sales efforts aren't going to be successful if you can't communicate to your best prospects why your services are more valuablethan other agency.
But in my latest blog post I shift gears a bit to talk about some practical tools that are important to have in place if you are to support a strong prospecting program. They're tools that are easy to start to use right away and that I've come to consider indispensable.
Still managing your contacts largely through Post-It notes? Relying too much on a white board (the one that got erased by mistake last week) to track your marketing activities?
While both are essential for generating revenue, “sales” and “new business” require paradoxically different skills. Yet, most ad agencies expect their new business leads to excel at both and are often disappointed when they don’t.
This week, check out my guest column in Agency Post examining the important differences between these two skills, and how to determine which one your agency needs more.