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Posts Tagged ‘New business tips’

imagesIf you’ve recently started an agency or you are thinking about your next stage of growth, chances are you’ve won most of your business so far through word of mouth, existing relationships and recommendations. At some point however, if you want to continue growing your agency, you’ll need to implement some sort of dedicated business development programme, but there are so many varying opinions and mixed messages out there at the moment that it can be difficult to know where to start.

You might have heard the on-going debate about the pros and cons of cold calling (for the record, although we do use the phone, we think there’s nothing worse than an unsolicited sales call and our research shows that client side marketers feel the same way). You’ve probably heard people talking about attraction marketing and might be wondering about the best way to apply its principles to your own business. You almost certainly use social media but might not know the best way to tailor your output to build relationships and attract potential clients.

To help give you a head start in developing an effective and sustainable business development programme, here are some useful tips:

Know what your vision is for your business: What is your “why”?

Your “why” drives the passion and purpose in your heart and in your business – as the renowned speaker and author Simon Sinek says, start with “Why” before moving on to “How” and “What”. “People don’t buy what you do, they buy why you do it”. If you haven’t addressed this question you’ll come across as lacking passion, and who wants to work with someone who doesn’t have passion for what they do?

What differentiates you?

If you won a new piece of business from a client who was completely undifferentiated from their competition, chances are, the first thing you would do is help them to develop a strong brand that enabled them to stand out and occupy a niche in the marketplace. In that case, why do so many agencies fail to do this for themselves? There are more than 17,000 agencies in the UK, many of whom are saying exactly the same thing: being “results focused” “Integrated” “a new breed of creative” is not being differentiated, and in this situation, how can we expect clients to know what sets one agency apart from the rest?

It’s not always easy to turn the mirror on your own business – getting a fresh set of eyes to take an impartial look at your business at this stage can give you a new found perspective.

What kind of work do you need to be doing to support your vision?

You might be tempted to pursue every single opportunity you come across, but if you want to drive your business forward you’ll have to work out what sort of work you need to be doing to achieve your vision and stick to it. Be focused on your goal and don’t be afraid to turn down opportunities that aren’t right for you. In the long run, you’ll be glad that you did. Trying to please everyone is a formula for failure.

This question leads on to…

What clients do you need to work with to do the work you need to do?

You might have ideas of specific clients that you want to work with, or more general thoughts in terms of sector or challenges you can solve. As mentioned in the previous point, be focused and don’t take on work that doesn’t take you to where you want to be going to.

Once you have an idea of who you want to be working with you should think about what their challenges and problems might be. Do your homework, speak to people and find recent articles that will give you insights into their business, try to see things from their perspective and understand what’s important to them.

When you are armed with this knowledge, you can focus on tactics that will get you on their radar. To do this you’ll need to think about why they would want to work with you and come to them with a relevant opinion on their business– in other words, make it all about them, not all about you. Clients really, really hate the chest beating, look-at-how-great-we-are approach.

It’s all about the relationship

As David Tovey said at a recent Art of New Business event, clients are like icebergs -there’s maybe about 10% that you can find out fairly easily; the successful agencies are those that understand the 90% that’s under the surface. This knowledge doesn’t come about overnight however and relationship building should start a long, long time before you expect to win any work. That said, don’t be afraid to ask for what you want – you might be in the right place at the right time and some opportunities do convert quickly, but for god sake, don’t turn into a hardnosed salesman the moment you get the whiff of a potential opportunity – nothing will ruin a potentially fruitful relationship more quickly. And don’t throw the toys out of the pram if it’s a ‘no’ this time. Just because it’s a ‘no’ now doesn’t mean it will be a no in 6 months or in 2 years’ time – don’t waste the time you’ve already invested, keep on building genuine relationships and they’ll pay off in the end.

Focus on new business when times are good

As we’ve said in the previous point, successful and sustainable new business is all about building strong relationships, and relationship building takes time, so don’t wait until you’ve lost clients before you think about winning new ones. Leaving things too late can result in your business developer being put under immense pressure, corners being cut and potential clients being alienated. Besides which, clients can smell desperation a mile off and will steer well clear.

Be committed and make time for new business

If you didn’t already know, you’ve probably realised by now that an effective new business programme takes an awful lot of time and effort. If you don’t have the time yourself then make sure that you appoint someone to help, otherwise you’ll end up struggling to do everything – especially when times are good and you are busy with client work. Be aware though, that even if you do get help with your new business programme, you’ll still need to put some time aside to manage things effectively and create content – we are aware of instances where promising new business opportunities have been lost because agencies haven’t found time to create a document or develop a tailored piece of collateral.

Business development can be a complex and time consuming undertaking requiring patience, dedication and hard work, but if you use these pointers to guide you, you’ll be well on the way to making a success of new business. If you are still struggling to work it all out then we run a half day workshop that helps to answer some of these questions and gives you the building blocks for a robust and effective new business programme.

And we are always available on the other end of the phone for a chat, or even better, a sit down over tea and cake (we much prefer face to face).

Good luck with your new business efforts in 2013!

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The perceived wisdom says that the nice guys always finish last and if you watch TV programmes like the apprentice, you’d think that being in business is all about testosterone filled posturing and looking out for number one with no room for kindness, but here at Acquire we think that’s total rubbish.

One of the benefits of running your own business is the ability to choose the people you work with- we have made a conscious decision to only work with nice people which makes being in business a far more enjoyable experience. And besides making everybody’s lives more pleasant, being nice also has very real advantages when it comes to winning new business.

We believe so strongly in the nice principle that we’ve set up a LinkedIn group for others who share our ethos – The Nice Manifesto

A few things happened to us recently that brought the subject into sharp focus:

As you might know, Sarah, MD of Acquire and myself got married this summer, and after a fantastic three week honeymoon exploring Italy, we arrived back in the UK and threw ourselves back into our work with vigour (yeah right!)

After we’d been back for a few days, we went to see our friends Studio North to talk about an event we are running with them.  When we arrived, we were very pleasantly surprised to find this set up outside the door:

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Things got nicer still when we sat down in their board room to chat and on the screen was projected a photograph of coffee mugs with our company logo printed on them.

These nice, thoughtful, memorable little touches made us feel very welcome and immediately at ease, and made us think about the agency in a totally different way. The overall upshot is that if we are asked to recommend a good brand comms agency, we’d recommend Studio North like a shot, as would anyone else who has experienced their particular brand of hospitality.

It seems that we have been on a run of meeting with nice people recently. Just a few months ago, we started working with a very interesting company called Feedback, a digital ethnography research agency based in the US and in London (they delve deep into the chatter on social media channels to reveal what an audience thinks of industries, brands and their competitors, who and where the audience are and the best way of communicating with them –going places that social media dashboard tools simply cannot reach. For an enlightening article on the subject, click here).

Anyway, we’d only been working with Feedback for a week or two when the head of the London office, Danny – told us that he was lucky enough to have got a pair of tickets to the BT London Live Hyde Park gig on the final day of the Olympics. Sarah and I were both in our late teens – early twenties in the Britpop era, and never having seen them play live, we both really would have liked to have seen Blur before they called it a day.

We happened to mentioned this to Danny, and we were amazed when a few days later he got back to us to say that as he’d already seen them before, he was going to share the love and send us to the gig instead – an incredibly kind thing to do, and something that helped to cement a close and effective working relationship between ourselves and Feedback.

We were recently asked by a small digital agency that we know if we could recommend a hosting provider, and with no hesitation we sent them in the direction of Melbourne Hosting, because not only do they provide a great level of service, they are also a group of genuinely nice people who care about their customers and contacts. A couple of weeks later we received a case of 6 bottles of great quality wine courtesy of Melbourne as a lovely thank you gesture for referring business to them, and we’d certainly recommend them again!

It’s taken for granted that companies are nice to their clients and prospects, but if doesn’t take much effort to extend this attitude to your suppliers and everyone else that you come into contact with. If you are nice to everyone you encounter, you’ll create a positive aura around your company, and before very long you’ll have a legion of advocates who, without you having to ask them, will happily recommend you, and as we all know, referrals are the very best way of winning new business.

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1. Talk to Strangers

Openness, honesty and strong self-belief will get you far in your personal and business life. Fear of
rejection is one of the biggest blocks to selling yourself and your business
but in any industry people buy people. There’s no need for a hard sell, just be
yourself, be proud of what you stand for and take every opportunity that arises
to make connections.

2. Set Realistic Expectations

With a new connection you may want to over promise as you’re keen to impress, but under-delivering not only
leads to losing business but it can also affect your reputation. A sustained consistent, persistent approach, where you achieve what you have agreed to do in the timeline stated will demonstrate your expertise and help you to stand
out amongst your competition.

3. Show, Don’t Tell

Talking about your selling points will only get you so far and at some point, metaphorically speaking, the dog is
going to want to see the rabbit. By walking your talk you have already qualified your expertise without the need for any hard sell. If you’re a web
expert, have a blinding website. Get the picture?

4. Know Who You Are and What Makes You Different

What makes you different from your competitors, and what does this mean for your potential clients? Drill down into exactly what the benefit would be to your prospect of using your services. Understand and believe in yourself, and don’t try and be someone you’re not. You should aim to attract like-minded clients – don’t be afraid of turning away business because you can’t work with everybody!

5. It’s All in the Timing

We know you want those successful connections and you want them yesterday. You need to take an intelligent and sustained approach to relationship building. The quick hard-sell can alienate your contacts whereas a well-executed and measured approach doesn’t force or scream desperation and is more likely to yield outstanding results.

6. Sales and Marketing Needs to be Fully Integrated

This can be difficult when the two departments are treated as entirely separate entities, but an integrated sales and marketing strategy means that the sales department can maximise leads resulting from a marketing campaign. Any that aren’t at the right stage in the sales cycle can be handed back to the marketing department for lead nurturing until the time is right.

7. Look At Your Current Clients for New Business Opportunities

Everyone knows it’s more costly to attract new clients that it is to retain existing ones, so seek to actively build stronger relationships and explore new ways of working together in order to maximise the potential of your current client pool.

8. Be Personal

You’ll win more business if you tailor your approach to each specific prospect. People like to feel special and if you’ve taken the time to do a little research into their business and challenges, you’ll give the impression that you really want to work with them rather than making it look like the prospect is just one of many you’ve approached that day.

9. Don’t Be Arrogant

No one likes a show off, so don’t beat your chest and yell from the tree tops about how great you are. Would you rather spend time with the person shouting out their attributes or the person taking an active interest in you?

Understanding your audience means you can you can better engage and interest them, so give your prospects a compelling reason to use your services by showing them how you helped similar clients with their business challenges.

In short, make it all about your prospects rather than all about you.

10. Make The Time to Win New Business

Winning new business can take time and a lot of hard work; it’s not something that can be done effectively in a half-hearted manner. Make sure that all parts of your business are bought in to the need to win new business and know what is expected of them.

There is nothing worse than doing the hard work of identifying an opportunity only to let it slip out of your grasp because one of your departments or people doesn’t have the time to produce something that you need to convert the business. We’ve seen this sorry situation far too many times!!!

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