Imagine you’ve just received a notice from the IRS that they’re going to audit your most recent tax return. You’ve never been through an audit before, and because you’re in the habit of preparing your own tax returns, you decide it’s time to get some professional help.
Viewing entries in
Does this look like a familiar list of criteria for new business prospects: Do we see good revenue potential? Do they have a history of being a good client? Do we feel passionate about this brand or category? Do we think we can do good work for this client? Do we think we would enjoy working on this business? But are there better questions you should be asking?
From every corner of the world, agency executives are reporting the same trends in new business. It’s more challenging than ever to get the attention of a promising new business prospect. All of the factors that make it more difficult to get a consumer’s attention come into play in trying to get a prospect’s attention. People simply have more ways to shut out the information and communication they don’t want.
Would a prospective client travel 1,000 miles to do business with your firm? That’s one of the litmus tests of a strong agency positioning strategy. Unless you’re satisfied attracting local business from the local market (and some agencies are), you should devote some thought to how you can become what I call a “destination agency.”
No activity within an advertising agency gets as much time, attention, and energy as the new business pitch. Countless times I’ve heard agency professionals confess that “We’re at our best when we’re developing new business presentations” and “Our best creative work is usually for new business prospects.”
“Does new business have to be this difficult?” It’s a question Ignition increasingly hears fro
m agencies around the country and around the world. Business development is in fact much harder than it used tobe. And it’s not just the economic recession that’s causing the problem.