My observation from the front line trenches of acquiring new business is that we are in the midst of a “perfect storm.” There are dramatic changes occurring in the way we attract and win new clients.
With the acceptance and growth of new media plus a downturn in the economy, there has been an acceleration of a paradigm shift in agency new business development.
Prior to the “storm” agencies actively pursued new business. For most small to midsize agencies, it has been targeting the masses. Trying to appeal to everyone. Relying upon our personnel networks, referrals, presentations, newsletters and cold calling.
Today, prospective clients are finally forcing agencies to differentiate. They are being pressured to clearly state and demonstrate their expertise. Agencies that aren’t doing for themselves what they recommend for their clients are viewed with suspicion. Prospective clients want to see leadership. Agencies are being pushed, prodded and poked into the new media arena.
Small to midsize agencies have seen the storm clouds on the horizon for sometime but they remain unprepared to deal with it.
Many agencies believe that as soon as the economy picks up, it will be business as usual.
But I’m telling them, that isn’t going to happen. This storm is of such revolutionary proportions, it will change advertising as we know it and it will dramatically change the way we develop new business.
Agencies that weather the storm will be the ones that:
- Differentiate themselves from their competition
- They have narrowed their focus by either their target audience, category or discipline
- Have realized they will not appeal to everyone, but within their target group they will have strong appeal
- Clearly articulate who they are and how they benefit their target audience
- Are digitally ready and comfortable with new media
- Have a blog, and understand how to use social media to build relationships
- Have a large online footprint positioning their agency where it can be easily found online by their target audience
- Do for themselves what they do for their clients, having a sustainable new business program that fully utilizes new media to promote themselves
- A Revolutionary Time for Ad Agency New Business
- Is it the end for cold calling as a agency new business tactic?