Social media makes positioning and new business easier.
Most ad agencies have an unfocused new business strategy. They try to be everything to everybody. Tim Williams, in a recent article titled, “Focus to Grow”, says,
“In turbulent times … The natural response is to “try a little bit of everything”; to expand your services, broaden your capabilities, and try to appeal to more clients. It seems like common sense, but it’s exactly the wrong response. The best growth strategy — in good economies or bad — is to decide what not to do.”
Tim sites these five benefits for the agencies that are willing to expand by narrowing their focus:
- The greatest earning power. It is a no brainer, a specialist will always earn more than the generalist.
- The largest geographical market area. “Focused firms draw clients from all over the globe, not just from their own Zip code.”
- The fewest competitors. “The easiest way to narrow your competition is to narrow your focus.”
- The greatest degree of respect from clients. “Knowledge and expertise = respect.”
- The most sophisticated clients. “A quality value proposition attracts a quality client.”
There are a lot of agency principals that agree with Tim’s thinking but they are afraid afraid of positioning. They don’t think about the opportunities and strength it provides, all they can think about are missed opportunities. I understand their hesitation. But, there is a way to take the initial steps without the perceived risks through the use of social media.
Here are some of the ways that social media makes positioning and new business easier:
- Easily target a specific audience (i.e. Sheehy + Associations, agency principals’ Joe Carter and Scott Kuhn, their niche blog, The Store Starters.com, targeting multi-unit retailers).
- Creating a unique and appealing point of differentiation (i.e. Stephanie Holland, She-conomy: A Guys Guide to Marketing to Women).
- Be positioned as an expert (i.e. Park Howell, President of Park&Co, created a niche blog, The Power of Storytelling or Jeff Fromm, agency principal at the Barkley agency, www.millennialmarketing.com).
- Affordably build a national awareness among your best prospects (ie. Jaci Russo, PinPoint for Health, a niche that has created 90% of her new business opportunities outside of her agency’s market).
- Build your agency’s brand by building your personal brand (i.e. Bob Williams, The Brand Agent, Building Brands Through Celebrities, Music and Sports).
- Allow your prospects to better understand how you think, your philosophy and strong points of view (i.e. Bob Hoffman, CEO of Hoffman/Lewis The Ad Contrarian)
I would encourage you to read Tim William’s book Take a Stand for Your Brand. Here are some additional articles to help you get started:
- Social Media “Teaches” Ad Agencies to Promote Themselves the Right Way
- The Best First Steps into Social Media for Ad Agency CEOs
- Socializing Your Ad Agency’s New Business Development
- A Guide for Ad Agencies: The Cost and Servicing of New Media
- 40 Ways to Take Your Ad Agency’s Blog to the Next Level
- SlideShare: Fueling Ad Agency New Business Through Social Media
- Using Social Media for Ad Agency Lead Generation
- Four Ways Social Media is Changing Advertising Agencies New Business
- 50 Ad Agency New Business Tips