To paraphrase Little Orphan Annie, “Tomorrow is only a day away.”
Traditional advertising agencies face significant technical challenges. Consumers have turned away from media channels that built the agency industry and have moved toward emerging internet media. Ad agencies must build new interactive competencies quickly in order to survive.
I receive inquires almost daily from ad agencies who are trying to discern how social media marketing will impact their current new business business model.
I’ve highlighted four ways that social media is changing ad agency new business:
- A paradigm shift for how new business is acquired. According to a recent CMO survey, 80% of decision makers say they found the vendor, not the other way around. Instead of finding your prospects, the “new” new business paradigm for Marketing 2.0 is to help your prospective clients find your agency.
- SEO is now a critical part of new business strategy. According to Marketing Sherpa, 80-90% of business to business transactions begin with a search on the web. That means that SEO is a very important component to your agency new business program.
- An agency blog is a necessary component for marketing your agency. It wasn’t that long ago that it became understood, every business needed a Web site. Today it’s, every business needs a blog. This is especially true for ad agencies. We’re suppose to be leading not following our clients.
- The growth of new media mandates agencies participation. Social media is now mainstream, your agency’s credibility is suspect if it isn’t walking the walk, not just talking the talk. I can’t imagine ever advising a client to deal with an advertising, PR, or interactive team that doesn’t get social media. One of the best ways to demonstrate your agency’s participation is to incorporate new media into your new business program.
Combining social media and ad agency new business, provides a powerful, inexpensive and highly effective combination for your agency’s self promotional efforts.