Agency Compensation, Procurement, Negotiating
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Agencies everywhere are finding new business development to be a greater and greater challenge, and, unfortunately, the business development strategies of most agencies are destined for failure:
- Unattainable growth rates are often needed to achieve agency growth objectives.
- The investment required and the low odds of winning pitches are debilitating.
- The stress on organic growth is intense and rarely achieved.
- Too much reliance is placed on a small group of senior “sellers.”
- Difficulty “standing out” in pitches leads to expensive, wasteful theatrics.
- Cold-calling experiences are generally unsuccessful and demotivating.
If you have experienced some of these challenges, your team is not alone! Most agencies face these challenges; hence an opportunity exists to reinvent the industry’s business development strategies. There is a better way—and if you start today, you may salvage 2009.
Agencies everywhere need to turn their business development strategies upside down. Instead of the classic priority order of:
2. Prospecting existing relationships
3. Hoping for organic growth and praying you don’t lose accounts
Turn it around and re-invent your approach to each strategy:
1. Avoid account losses & drive organic current client growth by loving your current clients the way clients want to be loved. Evaluate each other and bond over the improvement opportunities.
2. Learn to sell. I don’t mean giving theatrical presentations. I am referring to asking the right questions and developing solutions to a client’s business problem—and then go get the accounts that you really want. Learn to bond with prospects over their business issues, as opposed to your capabilities. This approach will dramatically differentiate your agency.
3. Use your newly gained sales skills to improve your odds in reviews. Learn how to make presentations truly interactive and how to bond with your prospects in the first 5 minutes of a pitch.
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