New Business Can Be Very Profitable To An Agency – But You Must Invest First!

New business takes a toll on agency resources including time, funding and energy. That’s why there must be strong commitment throughout the organization to the growth plan. But first you must have a plan.

New Business Training Manual
All of our programs are supported by a large manual that keeps the training fresh for years!

Last week we spent four days training a marketing firm on how to set up and run our Spark and Torch program. Together, Spark and Torch represent an intensive new business system that helps you gain control over your agency’s growth quicker and easier than you ever thought possible.

Our approach is to work with you over the entire time the system is being installed. We bring in new skills and new approaches in an orderly fashion. We don’t want to overwhelm the agency or interfere with your efforts to provide good service to clients. We work with you to develop and then install the new business program. And then we help bring the agency together behind the effort. And we stick around long enough to be sure the new business program runs right.

Here is the agenda we followed with this firm – they wanted it all as soon as possible as they had some free time last week between client assignments:

Spark & Torch Firepower Training

Day 1: Introduction to Spark & Torch

Chemistry

  • Chemistry is the New Business Secret
  • Basic Premise of Profiling
  • How to Profile
  • Check Your Personality Profile
  • How to Establish Chemistry on the Interview
  • Spark Reminders
  • Spark Interview Chart

The Spark System

  • Where Do Interviews Come From?
  • How to Open the Door
  • “Door-Opener” Strategies
  • Typical Spark Follow-Up
  • Opening the Door and Nudging
  • Building Awareness Exercise
  • Supporting the Spark System

Day 2: First Visits and Presenting to Prospects

Torch Overview (First Visits)

  • The Old First Visit Model
  • Agency Baseball
  • What Makes Up First Base
  • What Makes Up Commonality
  • Sparks Must Know How to Open the First Meeting
  • What Makes Up Propriety
  • What Makes Up First Base: Competency
  • The Torch Competency Model
  • What Makes Up Intent
  • Handling Questions

Torch Skills

  • What Makes Up Needs and Fever
  • What Makes Up Process
  • What Makes Up Timing
  • What Makes Up Budget
  • Second Base Exercises
  • What Makes Up Third Base
  • What Makes Up Home Base
  • How to Fast Close

Day 3: Adding Fuel to the Fire

Sparking Elements

  • Sparking is NOT Telemarketing
  • Making the First Call
  • More First Call Tips
  • Ask the Right Questions
  • Get Set to Listen
  • How to Deliver Competency Over the Phone
  • Spark’s Daily Productivity Chart
  • Spark Checklist
  • Spark Monitoring Questionnaire
  • Presenting on the iPad

Blogging, building links: WordPress & Facebook

  • Building content and creating the brand perception
  • Twitter, LinkedIn, Hootsuite
  • Social media outreach and establishing online relationships

Day 4: Bringing it all to life

Create a Comfort Zone, Q&A, and Closing Details

  • Spark & Torch Role-playing
  • First call competency pitch
  • Closing the loop
  • Final thoughts

How about your firm? Would learning these skills help you in your new business effort?

Another firm we trained last year had a great experience that truly demonstrates the power of setting up a strong new business system. After the training some of the staff expressed doubt if the program would work. But the president remained firm. They generated some leads, and had some success, but still had not tried the Fast Close techniques we practiced. They felt it was just too “out there” to really work.

A few months go by and just as the outreach program starts to generate results, they get a reply from one of the “dream” accounts on their list. A big blue chip client. Recognizing that they were not ready for such a large account, they decided to try the fast close techniques . . . just to practice. “Just wanted to see what would happen” the president told me.

They won. Without a review. The largest win in their history.

A Strong New Business Program Makes the Whole Agency Happier

For an agency no other activity can match the reassurance that winning new business can provide. Not keeping clients. Not winning awards. Not making more money. New business wins are what most agencies value above every other reward. If you want to buck up an agency, win some new business. There might be grumbling about the added stress and worries about the impact on existing accounts, but there’s real joy because of the win. It puts a bounce in the step. And it adds a smile to the face no matter how much it increases the workload or how much further behind the productivity curve it puts the agency. For this reason, announcing our training program at most firms is good news to the staff. But the agency staff needs to be convinced that the management team believes in the process and is committed to growth over the long haul. Agency staff is quick to spot flavors of the month, quick fixes, and half-hearted efforts. For the training to work there must be full support and total cooperation. That type of support and cooperation needs to begin on the first day of the training.

If you’re interested in learning more about our training programs that can transform your firm into a new business machine, give us a shout!

Photo by ~geory

 

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

Top 10 Reasons To Call For Pitch Help

Why call a ”new business consultant” for help with your next pitch?

 

Do you really want to win your next pitch?

It’s a question I’ve heard, and not infrequently, as a consultant to marketing firms and a coach for their leaders. We can bring a whole new approach to new business to your firm. Here are 10 reasons why you should consider reaching out:

10 Reasons To Call For Help

10. The account is larger than you normally pitch for.

9. You have lost the last few pitches you made.

8. The account is not in a category you are familiar with.

7. A search consultant is involved.

6. Your pitch presentation resembles a Chinese fire drill.

5. Your pitch strategy puts stress on creative to “win it.”

4. You are up against some serious competition.

3. The term “personality profiling” means nothing to you.

2. The agency hasn’t made a formal custom pitch in a year

1. You really want to win this pitch

If you answer “yes” on any of the Top 10 Reasons, then we recommend an immediate call to discuss your opportunity. The call is free. And we can share with you how we would approach the opportunity you are facing. Email us, we can help your firm grow.