4As Guidance Considerations for Working with External Prospecting Resources

New Business is commonly called the ‘life blood’ of an advertising agency, although the strategies and tactics each agency uses to attract new business vary widely. Some agencies focus on relationships with agency search consultants, some on building a solid reputation to help attract inbound inquiries, some on networking events (in-person and virtual), some on personal connections, and some on outbound prospecting efforts.

Most agencies don’t rely on a single strategy or tactic and assign various levels of importance and resources to several options. Choices are often dependent upon the agency’s size, development stage, and areas of focus.

4As has noted that agencies are increasingly looking at outbound prospecting as a way to build their pipelines to help ensure a steady stream of work. Given the decreasing tenure of retainer-based client relationships and the continuing increase in the number of project-based client relationships, it’s easy to see why a focus on outbound prospecting is important. Then the question is how to go about doing it in an efficient, productive way.

Until recently, the general sense from 4As agency new business committee members was that outbound prospecting efforts should be handled by agency staff rather than by external prospecting resources. Most of the commentary centered around an employee’s thorough knowledge of the agency and ability to sell the agency’s unique perspectives and capabilities to a prospect. With multiple issues surrounding agency staff retention and overall agency resources, 4As members are beginning to consider alternatives, especially given the tendency for in-house managed prospecting to stop when it’s all-hands-on-deck for an RFI or RFP response.

Given the increased importance of a productive outbound prospecting program, the 4As created these guidance considerations for engaging an external prospecting resource. While the 4As neither endorses nor recommends any particular external prospecting resource, these considerations can help members assess the organizations in the space to find a good potential fit.

A list of external prospecting resources of which the 4As has been made aware through outreach and through the efforts of the 4As New Business Committees is included as Appendix A. This list is divided Into three categories – Lead Generation, Leads Resource, and CRM.

A checklist to help gather information is included as Appendix B.