The foundation of an ad agency’s new business process is figuring out their unique point of difference.
Agencies should do for themselves what they do for their clients: define what their brand stands for.
“Full service” or “integrated” does not represent a new business strategy. Thousands of agencies describe themselves using these terms. Trying appealing to everyone, they end up appealing to no one. Standing for everything is the same as standing for nothing.
Ad Agencies that try to appeal to everyone appeal to no one.
The right positioning makes an agency intensely appealing to a select group of prospects. It impacts almost every aspect of an agencies business and especially new business.
Additional benefits include:
- Clearer direction for how the agency should spend its time, money and resources.
- A well-defined set of criteria for identifying the clients who want the agency for what it does best.
- A stronger win ratio when pitching new business, because the agency is playing to its strengths.
- A broader, not narrower, geographical market area.
- Fewer competitors, because there will be fewer firms who do what you do.
- Better margins, because well-focused agencies command premium pricing.
- A business model that increases the agency’s value and relevance to clients.
When prospective clients know what your agency stands for, they’ll seek you out.
Instead of always chasing business, it’s possible to have business start chasing you.