2008 the year the perfect storm rained down on the ad agency industry

 

2008 will be remembered as  the year that we saw the most severe economic down turn since the great depression. It was also the year that social media became mainstream and swept in the most revolutionary period to impact the ad industry since television.

Ad agencies already had a commonality of problems in acquiring new  business prior that made them even more vunerable to the perfect storm:  

  • They do not promote themselves very well
  • They don’t use the tools they recommend their clients use
  • They have no discernable point of differentiation
  • They are treated like vendors and viewed as generalists instead of specialists
  • They are overly dependent upon personal networks and referral business
  • They are typically inconsistent new business practices
  • They are pressured to pursue business that isn’t a fit solely because a prospect has a budget

Small to mid-size ad agencies that will weather this storm will be the ones that:

  1. Choose an audience, discipline and/or category that reflects their agency’s core strength
  2. Commit their agency to the development of a consistent new business program utilizing affordable new media tools to increase their agency’s online “footprint,” properly positioned to be found by their best target audience. An expanding, appealing online presence that will generate awareness and leads for their agency. 
  3. Properly position their agency as having the marketing expertise for a particular audience, discipline and/or category to solve their marketing challenges.
  4. Are digitally prepared
  5. Forge relationships and build trust through social marketing

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Filed Under: New Business Tips, New Business Trends, Social Media Tagged With: , , , , ,
About Michael Gass

Consultant | Trainer | Author | Speaker

Since 2007, he has been pioneering the use of social media, inbound and content marketing strategies specifically for agency new business.

He is the founder of Fuel Lines Business Development, LLC, a firm which provides business development training and consulting services to advertising, digital, media and PR agencies.