3 Steps for New Business Development Success!
Beyond the daily challenges of creativity and client satisfaction, an advertising agency, public relations firm or the myriad of others must constantly be managing the new business development process.
Though nobody’s fault, advertising clients will come and go, and since agency income and the ability to manage payroll is directly related to client enrollment and activity, each marketing firm must always be developing and nurturing relationships with new prospects. The same can be said if and as the agency has plans to grow.
There are 2 components to advertising agency and pr firm new business development –
- prospecting (the outreach component)
- pitching (the meetings, the final presentation).
Agency people, by and large, are creatives by nature. They enjoy and thrive on ideas, concepts, visualizations, presentations. For that reason, they take rejection, which is normal in the world of sales, fairly hard. They find it difficult to distance themselves personally from the majority response (No thanks, we’re very happy with our current agency) and they struggle when confronting a new prospect for the first time.
The final presentation can be edgy, since it’s like “opening night.” Almost everyone at the agency enjoys and wants in on the final presentation; however few individuals are up for the outreach assignment.
Over the years, and much to their chagrin, advertising agencies have alternatively assigned the new business development outreach task to:
- the most experienced
- the most personable
- the most assertive
- the least creative (said tongue-in-cheek)
- or they fall back to the often rotating assignee – the agency president.
Step 1: Have a Formal New Business Development Process
The better advertising agencies and public relations firms have installed some form of formal new business development process.
Typically, they maintain a prospect database on computer. This gives them the capability to automate regular promotional mailings, to semi-automate the telephone outreach process, and to prioritize prospects as to interests, timing, and other notable delineators. The objective is to strike up pleasant but relevant conversations with prospects, then arrange for first meetings. First meetings are meant for informal introductions, but when managed properly, serve as valuable fact-finding and needs-assessment events.
These meetings set the stage, either for further discussions and meetings meant to lead to a “final presentation” or to the conclusion that this prospect and this agency are not meant for each other (at all or at this time).
Step 2: Leverage Available Resources on the Web
Wise agency management has also learned to post their agency information at any and all web site services that introduce clients to agencies. Some are free (though of limited value); others charge as they should. But in each case, the Business Development Companies or”Internet match-making models are meant to make it easy (easier) for clients to find and identify just that true handful of advertising agencies and pr firms that claim the vertical market experience and the attributes they seek.
Step 3: Use a New Business Development Service
Only you know if it’s a good time to commit to a marketing firm business development service that works!
Registration with AgencyFinder takes only moments and could be precisely what you need if your firm offers any of the following:
- marketing consultancy
- public relations & public affairs
- integrated marketing and communications
- social media marketing
- digital and interactive
- web development
- direct marketing
- sales promotion
- media buying
- live events
- seo & sem
If it’s your responsibility to get your agency at the forefront of every worthwhile opportunity;
if you’re looking to get face-to-face with serious, qualified prospects; and if you’re looking for a way to avoid the grief of cold calls and rejection, then Register Now for new client introductions at AgencyFinder.