Mirror Mirror: Why Agencies Need To Evaluate Their Own Image

Today I’m happy to bring you a guest post from Natalie Stezovsky, Vice President for Digital Talent Agency, a great company that helps marketing firms build credibility and trust. New Business Hawk

Take a step back and look in the mirror!

When you’re getting your hair done and it looks like your hairdresser hasn’t tended to her own hair in weeks, it makes you a bit nervous. You might assume she’s not good at her job, right? The same goes for the business world. If the company you are discussing working with has a site that is spammy, lacks credibility, or simply doesn’t look good, you begin to question the quality of the company’s work.

So, let’s dive even deeper into that and take a look at ad agencies. Their purpose is to help share their client’s message in a specific form that’s appealing to the consumer. And for the most part, ad agencies produce really great things for their clients. But do agencies ever take a moment to look in the mirror? For the most part, they don’t. But that’s not because they don’t want to or don’t understand the importance of it — it comes down to a time issue.

As an agency, you’ve got a very specific set of skills, and you’re really good at those skills. It shows in the work you produce for your clients. But it’s also important to understand how prospective clients and the industry views you. You need to show off those skills. And that’s where most agencies fail. They lack the time to focus.

That’s when you need to start looking for a partner who understands your mission, your agency’s voice, and culture. This person or company can help portray your expertise to the outside world.

We’ve heard a lot of mentions of the term “thought leadership,” but how can an agency truly become a credible, trusted thought leader in its industry? It’s crucial to know what thought leadership is and where it can get you. It’s not a pitch about your company or service offerings — it’s about sharing expert content with a specific audience and providing value for the reader.

So what do I need to know to be successful in the realm of content marketing and thought leadership? Understand what questions your customers are asking, answer them in your content, and make sure it’s relatable to the reader. Understand that you’re leading and influencing a conversation. You’re starting a dialogue with your customers in a natural, organic format. As an agency, sharing your expertise will allow you to identify a problem and showcase a solution.

Natalie Stezovsky, Vice President, Digital Talent Agents

Look for outside resources that understand the mission, vision, and voice of your agency to help you create that content. Let your internal team focus on what they do best, but partner with a resource that focuses on this for you — one that has an outside perspective. It won’t be biased, and it will serve as an editorial checkpoint, ensuring that you’re sharing true expert content that isn’t promotional. Because let’s be honest: Neither your readers nor the publications are going to find that content interesting.

Though leadership is just part of public relations, and it shouldn’t be your entire strategy. For agencies, this is a perfect avenue to continuously showcase the company in a positive light and influence a conversation.

Understanding the value of sharing your expertise — and the values of your agency — is going to pay off. It’s going to bring credibility to your agency and work.

Every business aspires to have a constant flow of new business and steady growth. So, take a step back and look in the mirror.

Natalie Stezovsky is a Vice President for DTA, a company that helps experts build their businesses through thought leadership and content marketing. She’s directly involved in developing agency partnerships; when she’s not doing that, she’s usually at the barn with her horses. Connect with her on Twitter @nstezovsky or LinkedIn.
Top Photo by *ben9-3

Change Marketing Is A Powerful Place To Find Prospects

Smart agencies target recent changes or appointments in the marketing, advertising or management areas with key companies or prospects they want.

Change equals opportunity; if you know where to look.

The old change management rule says the new contact can continue for two months to blame problems on the old ad manager who got replaced. The old agency is good for more than six months of grace. Often, as we all know from the constant agency churn, the new contact needs time and a great place to buy some time is to conduct an agency review. That will typically last for three months. Add to that the six months of grace to blame the old agency while they train the new one and the new contact now has nine months of running room.

Change means change. Understand this and target the newly appointed executives at brands you have an interest in. You’ll find them hungry for new ideas, new approaches and new ways of doing things that allow them to make their mark.

Take advantage of this and reach out. It only takes a two sentence letter: “Congratulations. I look forward to following your continued success.” That letter usually generates a “Thank You” response which in turn leads to more contact and more contact. If you’re good; and understand how to build relationships.

Change marketing is powerful strategy in this most mobile of all markets. Use it to your advantage.

Target the change you see all around you and you will have a continuing stream of new prospects to replace the ones who turn into dry holes along the way.

Need More Ideas For Growth Like This?

Every year, we help more agencies develop their growth plans than any other firm in the world. Build the type of agency you will always be proud of. Grab market share the easy way by finding it when the opportunity is right.

Sanders Consulting Group has a wide range of learning programs for agencies to improve agency growth including DayOne, HighGear, Spark, Torch, Chemistry Wins New Business, Presenting To Win, Accounts in Review, Benefit Testing and many more.

We want to be your strategic counselor and your agency’s trusted advisor. Many agency presidents turn to us when it comes to improving their agency. We work with a wide variety of agencies from around the world. This perspective gives us opportunities that few firms ever enjoy, seeing the world’s best agencies up close and personal. We know what works and what is fantasy. And we help you avoid trial and error and that keeps you at the front of the line.

We start by earning your trust and respect.

We work in the world’s most difficult practice area because we deal directly with owners and operators of the best advertising agencies around. These presidents and CEOs wrote the book on entrepreneurial practices. They have no time for wasted time. They can spare no energy to chase castles in the air or to build empires on sand.

You see Sanders Consulting Group works only for agencies. We are on your side. We do no work for clients. And in today’s volatile market place, few consultants can claim that. We believe agencies need more friends like us.

Photo by `gilad

How Many New Business Leads are Out There?

New Business Math | The Foundation of New Business

New Business Math

Math tells us HOW many clients will change agencies every year? And what, exactly, are you doing about THAT?

One of the big problems marketing firms face when thinking about new business is trying to understand the math.

Have you ever wondered just how many clients are satisfied with their current agency at present? Or just how many clients will look around at other firms during the next 12 months? Who in your market is going to invite another agency to stop by? Or perhaps go and visit another agency? Perhaps start a search? Or even worse, engage a search consultant? Is your perfect “client” writing an RFP right now that you don’t know about?
Just how many clients will actually change agencies during the next 12 months?

The Rate of Change is Accelerating

I was there when Budweiser ended a 79-year relationship with DMB&B. And how many of us remember when Harley Davidson parted ways with Carmichael Lynch after 31 years? Or when Dr Pepper broke up with Y&R after 40 years? How about when MetLife, after 83 years, cut Y&R? The list goes on and on… We all understand the client-agency relationship has changed. But how many of us have thought about that from the new business side: the math of all this change for new business hunters?
AAR now reckons that the average life of a relationship between agency and client lasts between three and four years. A study of US-based CMOs, commissioned by Adweek early in 2008, asked how many of them planned to change one or more of their agencies in the coming year. Forty-five percent of those surveyed said they intended to fire at least one of their agencies.

“Relationships are fraying and turnover is accelerating. Agency tenure has been declining steadily…”

This means that if you have 100 prospects in your target-list, around 30 of them will be hiring a new agency this year. And what if you have 200 prospects in your pool? How about 500?

The Famous No-System New Business System

Yet even with all this turnover, we are always amazed at how many agencies have no new business system in place. All of their leads are generated from infrequent activity and casual referrals. There is NO system in place to generate leads or referrals. Most firms don’t even have a centralized prospect list!
I recommend that you have between 500-600 strong prospects that you’ve targeted as a good match for your firm, and that you have an active program to reach out and touch base with them every other month or so.
That means around 180 prospects could offer you a chance to win their business in the next 12 months. That is if you have any type of system to reach out, build awareness, foster relationships, and just connect with those prospects.

New Business Is Too Important Not To Be Your Agency’s Top Priority!

  1. There are many, many lead opportunities out there.
  2. There are so many good lead opportunities out there that agencies should not pioneer by trying to win clients who have never had agencies.
  3. Agencies shouldn’t waste time trying to convince firms with in-house agencies to go outside.
  4. Waiting for leads to come in is a luxury few agencies can afford.
  5. Waiting for leads to come in also means letting the market define who you are. And that definition might be wrong, out of date, and not reflective of the “new you” or the “new you” you want to be.
If you’re serious about growing your firm, then hire an account executive for new business called the New Business Spark. The Spark is responsible for building agency awareness and creating large numbers of relationships with key prospects.
The Spark System is a European way of doing business. European agencies work to establish relationships so they will be invited in when there is a good opportunity.
Most agencies need a new business system that generates a steady stream of leads into the agency. If you don’t have a steady stream of leads, you need a Spark. New business is too complicated, too important and too competitive.

Twist Image President, Mitch Joel, brings a very stark point of view on these numbers here. And as they say, read the whole thing.

Photo by ~ssutanto

Why Prospects Don’t Tell You the Truth

A short time ago, I was training an agency on Spark (how to generate more leads and win more new business), and we were discussing the importance of asking good questions. The agency owner stated, “What difference does it make what questions we ask? The prospect isn’t going to tell us the truth anyway.”

Ask the right question

There is an art to asking questions, and learning this critical skill is the key to unlocking many prospects.

Great point. Too bad so many marketing firms seem to agree! Asking poor questions (or no questions at all) just keeps perpetuating the perception that marketing firms are idiots! So many ad agencies, design firms, PR firms, etc. have given up on learning how to ask great questions.

Undoubtedly, some prospects will not tell you the truth during a discovery conversation. However, I strongly believe that this is caused by an untrained agency person’s actions or behavior.

Here’s why…

Prospects are inundated by marketing firms trying to win their business. Marketing firms of all types, from brand consultancies to print shops to “two guys and a Mac” are all vying for their limited marketing budget. And most are saying the same damn thing, “Hire us! We’re creative, smart, and give great service!” Ugh. Then, perhaps in a moment of weakness the poor prospect gives an agency a chance, “Go ahead, I’ll let you come in for a visit!”

With this golden opportunity most marketing firms then go on to ask questions that either could have been answered by a quick visit to the prospect’s website or by doing a few minutes of research. Or, they ask self-serving and useless questions such as:

  • “What do you know about our company?”
  • “Can I tell you about…?”
  • “If I could show you how you will (save money, increase sales, etc.) would you be interested?”
  • “What will it take to earn your business?”

In today’s business climate, the people you’re trying to sell are incredibly busy.

They don’t have time to waste on frivolous conversations. They expect you to do some research BEFORE you contact them so that you can get to the point and offer something that will help them improve their overall business results.

Too many marketing firms still follow the French Poodle approach to new business: they believe that telling is selling. If they actually ask questions, they either ask the wrong questions or they ask them at the wrong time. Or, they ask questions that are designed to get a buying commitment from the prospect.

Here’s the simple truth…

  • The main reason prospects don’t tell you the truth is because they don’t trust you.
  • If you want prospects to open up and tell you the truth, you need to create an environment of trust.
  • This means using the right tone and manner during your conversation– whether it’s on the telephone or during a face-to-face meeting.
  • It means asking tough, penetrating questions that cause your prospect to sit and up and think.
  • It means resisting the temptation to pitch your agency until you have an accurate understanding of how you will actually help the prospect you’re talking to.
  • It means putting your agenda on the side-burner and focusing 100 percent of your attention on your prospect’s problem, concern or situation instead of thinking of how you will try to close the business.
  • It means learning how to conduct a powerful First Visit!

If you can achieve this then it is more likely your prospect will be straight-forward with you, and you will no longer have to worry about them skirting the truth with you.

This is what being a great Spark is all about.

The Spark program is a distinctive European way of doing new business. Agencies overseas typically put more effort into building relationships as a proper way into the account, rather than ambulance-chasing that typifies much American new business activities.

Photo by Eibo-Jeddah

 

 

 

 

Not Getting New Business Calls? Focus!

Stop waiting!

Be proactive! The alternative is to sit and wait passively by the phone. And wait. And wait…

Recently I was working with a great agency, around 15 people and some outstanding work. They were well known in their market, but had been defined in that market as a “certain type” of marketing firm. While there were many pitch opportunities in the area it seemed they were almost never called.

Why?

Over the past few years by not defining their brand they had allowed the market to brand them. And as their capabilities had grown, improved, they failed to communicate that with prospects. Even worst, the market perception was out-of-date and just plain wrong.

So here are 5 easy steps to help your brand stand out in the market:

1. Agency Focus: In this cluttered market place only an expert has any chance of standing out. Business leaders don’t have time to educate someone on their unique situation. An expert understands their product, their service, and knows how it can benefit customers. OR an expert knows their customer better then anyone. OR an expert has a unique view of the marketing landscape. Find something to be your area of expertise. Just being a “full service highly creative marketing firm that offers outstanding service” isn’t enough any more!

2. Make New Friends: We all now that people do business with people whom they like and trust. Choose to make a new friend over just creating a new business transaction. This will pay off in the long run.

3. Effectively Communicate: Establish yourself with your target market by creating a dialog on things that you have in common. You must be able to establish a relationship. With lots of people.

4. Find Opportunities To Speak: Become a speaker to your target market, and educate people on both the changes hitting their market as well as the challenges they face. Provide Solutions.

5. Use a Spark: Hire an Account Executive who is responsible for building agency awareness and creating large numbers of relationships with key prospects. This is the fastest way to build agency your agency brand with prospects. And that means more calls asking you to swing by for a visit. More new business.

There you go… 5 easy-to-forget strategies that can help you establish and maintain your brand in the mind of your ideal prospect. And just think, once they’ve heard of you, perhaps know you, and think you have some smart solutions then they will call you.

Next Steps

Agency leadership needs to build a long-term vision for success and gain commitment from staff to that vision. Any planning needs to ensure that agency teamwork, which is essential to making the vision successful, comes forth. Sanders Consulting Group, the recognized experts in agency growth, has proven techniques and strategies to transform your agency. Give us a call and let us show you how.

Photo by ~xEmDeex

Half Your Clients May Walk This Year

Planning for New Business

When it comes to new business, plans are often worthless. But new business planning is invaluable

Client retention at agencies across the country is dropping like a stone. A few years ago agencies could count on keeping clients for four years or more. Now this retention rate is moving towards two years. This means half your clients are at risk of leaving in any one year.

Agencies must become new business machines. This means agencies need to step up their new business activities substantially and treat new business similar to other parts of the marketing communication industry that work on a project basis and deal in episodic relationships.

It’s not good news but it’s true news. For most agencies a whole new way of looking at new business is needed.

One Bad Year Can Put You Out of Business

In the past, agencies found it easy to recover from a bad year in new business. In the grim realities of this economic environment, with clients changing agencies faster and faster, a bad year in new business could put your agency out of business.

Add in the effects of the slowdown in client spending, and the situation becomes worse. For many firms, this changing situation means new business efforts must be doubled just to stay even.

The Changing Face of New Business Math

Client satisfaction has dropped significantly over the past ten years. And some experts are expecting clients will keep changing agencies at an all time rate in the coming years. Most clients are tired of having to fight with their marketing partners. As a result they’re hiring new marketing managers and looking for new ideas. As a result the new business wars are going to heat up more as the economy slowly recovers.

The Solution

Look around. Ask questions. Call your peers, your friends and family, business owners and leaders in growth. And most importantly find some experts in new business. The best thing to do now is understand how the game is changing. Many of the old tactics no longer work. Some very old tactics are working better then ever. And there is a whole slew of new tactics that may or may not be effective for your firm. Find out how other firms your size and condition handle new business and what results your can expect.

Then assemble your management team for a one-day new business mapping session. Refer to it as an 180 meeting because the purpose is to change the directions of your agency’s growth pattern. Usually in a direction 180 different from where it has been. If you can have an outside mediator that comes with a 80 page training manual designed to review 12 key new business skills and probe your firm for any weakness.

Work with your team to make decisions on which direction to go, determine the priority for a wide variety of growth tasks, choose who will be responsible, and allocate the resources needed to change your agency’s new business trajectory.

Fix New Business Forever

Map out the best new business strategy for your firm – we call the session DayOne. You’ll call it a miracle because you won’t believe the breadth and depth of the planning accomplished in so short a time.

The DayOne session is tailored to your needs and your situation. There’s no wasted time. Your team will appreciate how smoothly the day moves. And how critical issues are probed and resolved. Many sacred but out-of-date-paradigms are put to rest.

Even if you choose not to hire someone it’s your job to ensure the new business planning session is the most important day in your agency’s future.

The day you decide to fix new business forever.

Photo by *Garacci

You Want to Be a New Business Champion?

Then grow your agency. That makes you a new business champion.

New Business Champion

If you have the ambition to be a New Business Champion then you’re at the right place.

Not sure how to get started? Then you’re at the right place… for over 25 years we’ve been perfecting the art and science of growing your agency.

And if you want to be a champion then start with prioritizing your new business needs. Learn the vital skills. Get consensus. Build a plan. Launch!
We’ve already listed some of the top new business challenges… now let’s list some of the top “needs” we hear from agencies.

Top Marketing New Business Needs:

1. Need more leads?
  • Build more awareness and relationships
2. Need to best use branding?
  • Better brand the agency
  • Win accounts with branding
  • Win revenue with brand consulting
  • Bring in a strategic development/branding process
3. Need to be better at closing?
  • Stronger first visits to set up prospects
  • Know how to use the 48-hour close or 7-day close
  • Understand how and when to pitch
4. Need to understand Chemistry?
  • Improve new business success
  • Strengthen client relationships
  • Improve internal communications
  • Develop internal language to manage clients better
5. Need to get started but not sure how?
  • Get a plan!
  • Get consensus on new business priorities
  • Get support for a new business plan

Your objective remains: Be a new business champion!

We can help a couple of ways… first hold a DayOne: New Business Mapping session at your firm.

Objectives:

  • Grow the agency by winning new accounts
  • Get the agency in good position to handle any economic changes
  • Map out the new business process for the agency
  • Build management consensus behind the plan
  • Give agency staff confidence that the agency will grow
  • Assign roles and responsibilities for new business effort
  • End the agency’s confusion and uproar over new business
  • Fix new business forever

Strategy:

  • One day new business mapping session on-site at agency

Content:

  • Briefing by top management over breakfast
  • One-on-one interviews with senior management
  • New business evaluation session with senior management
  • Agency’s unique situation reviewed
  • Agency brand is reviewed
  • Agency new business performance SWOT completed
  • Review of performance against 12 key new business skill sets
  • New business options and alternatives outlined and discussed
  • Timeline set
  • Roles and responsibilities assigned
  • Expected new business payout analyzed
  • Action steps set
  • Next step decided upon
The second option is join our LinkedIn group – the New Business Institute!
New business in now more intense and the rules have changed. Overall new business activity is much higher but accounts and projects are smaller. Competition is tougher and different with firms of all sizes and shape competing for the same accounts. Budgets don’t seem to matter because big firms are chasing little accounts they ignored several years back. That’s the landscape. Join the New Business Institute and see what should you be doing about it.

About Us:

Sanders Consulting GroupSanders Consulting Group teaches more marketing communication companies around the world more about new business than any other firm. The world’s largest and best managed agencies and networks use Sanders Consulting Group as a trusted new business resource. Sanders Consulting Group offers the best advice, insight and training on how to grow your firm – from branding your firm to understanding outreach to winning the pitch.
Photo by ~birdswithoutwings

New Business Ideas: 49 Growth Tactics

An important review of many often-forgotten new business basics plus some other reminders that every business owner and new business pro needs to know. Use this list of our Top 40+ to spark some of your own ideas about things you need to do to get more new business now.

Low Hanging Fruit

Low hanging fruit - gets you most value for the least investment. Why stretch to reach way up there when there's one right here within arm's reach?

Grab the Low Hanging Fruit

NOTE: If you have any more please let me know and I’ll add them to the list!
1. Move into public relations
  • When the economy slows down and media spending falters.
  • Money spent by clients is usually all fee.
  • If you’re not into this, move that way now.
  • Expand that part of your operation.
  • Stress with all your clients. It’s a real money maker.
2. Dress the part
  • When business gets bad, this helps.
  • You’ll do better
  • When clients see you, they have more confidence in you.
  • Always dress one notch better than your prospects and clients.
3. Stimulate business signage
  • Walk in business can often be strong and highly profitable.
  • Many agencies in high traffic locations have reported surprising results by listing what they do: advertising, branding, digital, public relations.
  • Key what you want and refer the rest.
  • Walk in business is usually fee business which is good.
4. Get a strong/narrow focused point of view
  • Be clear about what you do.
  • Too many agencies hide the fact that they’re an agency.
  • Use a strong energy line as part of your corporate identity package.
5. Stress your benefits
  • You help businesses grow.
  • You move markets.
  • You generate results.
  • You return a lot for a little.
6. Get a new business lead going contest
  • Talk up new business with your staff.
  • Get them hunting for leads.
  • Ask everyone for three leads per month.
  • Everyone who does, goes to lunch with the boss.
7. Use your best new business assets better—your senior staff
  • Not always great at new business, but good to start building relationships
  • What you need are relationships and your senior staff are in the best position to get relationships started.
  • Senior staff are the ones who prospects want to see.
  • Get them “sharking” for you on major pieces of business whales
  • Get them a limited number of prospects to reach out to maybe 5.
  • You land one; the staff member gets a great reward.
8. Work one industry hard.
  • Agencies have conflicts. Consultants have areas of expertise.
  • Develop an area of expertise for your agency and work that vein hard.
  • Prospects respond well to category experts.
  • And industry experts can work ocean to ocean.
9. Work close to home
  • Most agencies drive by good accounts all day long.
  • Go “smoke stacking” for leads.
  • Look for successful businesses close at hand.
  • Remember the story of the prospector who was surrounded by acres of diamonds. But he stopped a foot too short.
10. Work your Direct Flight markets
  • Used flight schedules to target key cities
  • Follow one-flight rule
  • Helps speed up servicing distant accounts
  • A better story for prospects
11. Work your clubs and organizations
  • Relations are easy to make
  • Use as referral base
  • Don’t have to lead, just participate
  • Good source of leads