When an agency embarks on New Business Development they address their business plan, look over their target forecasts, discuss their ideal position in the market then implement the appropriate strategy to achieve those targets. It’s a lengthy process and requires commitment from not just the Managing Director but the whole team to ensure the business plan is clear and that everybody is aiming for the same goals. NBD is a rewarding part of your business, or so it should be.
Once you’ve committed you’re in it for the long haul to essentially ensure the success of your agency. Prospecting and insight gathering is a lengthy process. The problem is that everybody is desperate for new business, which means clients side marketers are inundated by cold calls, emails and direct mail, most of which are impersonal, arrogant and irrelevant, making it harder than ever before to get through to the decision makers. They’re crying out for specialist understanding of their business, personalised emails that go further than ‘Hi Steve’ and the all-important WIIFM (what’s in it for me) rule.
The Golden Rule: Remember it’s the person you’re talking to that’s important. Not you.
Sadly agencies seem to be looking for a quick fix. They don’t seem to realise how much work is required in-house to provide the right level of engagement that the prospects are waiting for. Why don’t they want to spend time building and nurturing relationships that will eventually lead to fruitful new business?
It comes down to ROI, time is money. NBD is time-consuming and to win new business you need the time to complete the in-house production that’s required, which means taking staff off client work or hiring new staff to focus on growth. So initially a lot of spending without any guaranteed return, but that’s the reality. What may seem like a financial risk in the first instance will more than pay off, if you prioritise and devote the time needed to convert opportunities.
We all know agencies that are great at winning new business but don’t spend the time nurturing the relationship in order to keep that business. In the same breath we all know agencies that have long-lasting relationships with clients but aren’t getting much in the way of new business. How do you devote your time to keep the balance right between them both?
