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The perfect new business specialist for your agency

I work with hundreds of agency owners a year.  We spend a lot of time talking about what's working and what's not working.  If there's one common frustration among agency owners it's the hunt for the perfect new business specialist for your agency. I hate to tell you but your hunt for the new business guy or business development guru is a little like chasing the Loch Ness Monster or Big Foot.  They don't exist.  In fairness, I will say that I know of one or two.  But that's it.  There are some exceptions to the rule but for the most part -- those hired specifically to sell an agency fall short and usually are fired (or leave for a better paying gig when your commission structure leaves them wanting) within 18 months. But have no fear -- there is the perfect new business specialist for your agency out there.  It's you. No one else can talk about your client's successes like you can.  No one else can ask the questions that get the prospect to say "hmm, no one has ever asked me that before."  No one else can look at their current marketing efforts and spot the places that need shoring up or could be so much better than it is now.  You can uncover their pain points because you've been in the trenches with your clients. Only a person who has grown up in the agency business and sweated it out with clients can have those kinds of conversations. This is why you - agency owner - are the perfect new business specialist for your agency. Can you arm a salesperson with a set of door opening questions?  Yes.  Can you teach [...]

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Hey agency owner – is new business a priority?

For most agencies, the day new business becomes a priority is the same day the big client walks out the door.  We all know that’s not the right way to build our agency — but it’s a default of because of the lean model agencies run. Truthfully, how much of a priority is new business for your business?  How important is it to your business plan? You all know that the desperate scramble to get new clients takes longer than you want and isn’t as fruitful as you need it to be. B2B Marketing asked me to write about ways to avoid the last minute new business crunch.  Do you have a new business plan?  If your business has one, does your staff have time to pursue opportunities?  How can you make it a priority? I’d love your thoughts on the following article.

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How agencies should use content to attract prospects

Content marketing is all the rage but most of it is just packaging. Frankly -- agencies have been using content marketing for decades for their clients.  It's not new.  But what I think is new is the idea that agencies should use content to attract prospects for themselves. This type of content management strategy was the focus of an article I wrote for The Agency Post before the holidays. Agencies are, by their very nature, superb story tellers.  And they have an incredible depth of knowledge when it comes to marketing strategy, their own agency's niches, etc.  I get the whole "we're too busy doing it for our clients to do it for ourselves excuse" but honestly -- that needs to stop. In theory, agencies should be perfectly structured to create content so intriguing that people never want to leave the conversation. But the reality is most agencies practice a conservative approach with their content management strategy because they are paranoid about sharing anything of genuine value. They fear their competition might see it or that they might turn away potential clients because of what is posted. They’re also afraid that if they give knowledge away for free, the reader might never become a client. This is why most agencies are still just curating content or talking about their business, which of course means they’re not inspiring anyone. They are simply restating their company slogan or biography to exhaustion. If what you have to offer is high quality and helpful to the client, he or she will come back. Today, the model for professional services new business efforts is -- you give first.  Share something of value.  Demonstrate your expertise.  Show me you know your [...]

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Do your AEs bristle at the word sales?

Be honest agency owner, you know that your account executive team is great. But sometimes they struggle when it comes to actual sales. Enter our account executive sales training workshop. 67% of an agency's new business revenue comes from existing clients (on average).  The people who are (or sadly -- are not) going to bring in those additional dollars are your account executive team.  They interact with their clients every day.  They propose new work, they know when the client has hit a barrier (and maybe needs some marketing help to leap over it) and they drive that client's activity. Sounds like sales to me.  But if your AEs think and behave more like relationship managers, you're not alone.  When surveyed, agency owners had these frustrations about the people on their account team: Sometimes they behave like they work for the client, not the agency They don't know how to listen for problems we can help solve They don't understand the business of owning or running a business They don't think new business or sales within our existing clients They let the client lead too much Sound familiar?  That's why we developed our Account Service Advanced Training workshop.  We spend two days teaching GOOD account service people how to really help grow their agency's AGI, reputation, new business (both from existing clients and brand new) and their network.  We talk numbers.  We talk strategy.  And we talk sales. When the participants leave the executive sales training workshop, sales is no longer a dirty or scary word.  They come back fired up and excited to stretch their wings. But don't take our word for it.  Here's what some past participants have had to say: “My AE [...]

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Do you know your agency’s sales life cycle?

Every business has a sales life cycle and communications agencies (whether you're an ad agency, digital, PR, etc.) are no exception.  It used to be pretty straightforward -- you either chased after a prospect or met them at some networking event or got a referral but the face to face happened early on.  Today, an agency's sales cycle is 70+% done before the prospect ever reaches and even has an email interaction with the agency. Every agency needs to map out their sales funnel, understanding that the first three-quarters of it happens prior to contact.  The visual shown here is my agency's (MMG) sales funnel. (If you click here, you can see it full sized). The left side of our sales life cycle shows the prospect's relationship to the agency at the time.  It flows from I've never heard of you to I'm a customer.  The question is how do you move a potential client through the funnel when you don't even know they're out there? You use your content marketing, social media, SEO and active prospecting to capture their fleeting attention and then you begin to serve up content that demonstrates that your expertise could help them achieve their business goals. Once they're paying attention to your smarts, you also need to give them a chance to get to know your agency's culture, values and what it's like to do business with you. Now, they start to like you. That's usually when they actually initiate contact and you have a shot at actively pursuing their account. As you can see by the bottom of the diagram -- you shouldn't leave current clients out of the equation. You need to be re-earning their business every [...]

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Dear Agency Owner – no one reads your agency blog because it sucks

There have been a lot of articles, blog posts, tweets and speeches of late that are all lamenting that many agencies are closing their blogs because no one reads them.  Most tiptoe around the "why" suggesting that people are getting more visual (so have a Pinterest board or have your agency get active on Instagram) or we don't read content online etc.  But what no one is saying is the actual truth: No one reads your blog because it sucks. Agencies are out there selling social media strategies to clients and embarrassing themselves back on their own website with blogs that are: Updated once or twice a month Usually about some award or client they won Breaking all of the blogging rules (no visuals, too long, badly written) Only using your own work as examples (again...beating your own drum) I think a lot of agencies jumped on the social media bandwagon (started a Twitter account, FB fan page, blog, etc.) just because it was expected but just like many of their clients -- because the barriers to entry were so low, they didn't bother to think it through or create a strategy.  And now, their Facebook page, blog or Twitter feed is like a ghost town. Here's why your agency blog isn't working: You have no strategy - you just write when you have time on whatever topic is top of mind You haven't allotted resources (time, money, staff) to sustain it You haven't built a community that will share your content You aren't looking at your blog as an opportunity to position yourself as a thought leader/expert You don't actually believe it can be a valuable asset to your business The sad thing is [...]

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Letters To The Editor That Pull In Business

Awhile ago, we received a call from an agency in upstate New York. "I was looking through a back issues of Money Magazine," he said, "and I saw your letter to the editor mentioning that one of the things you do is work as an advertising agency consultant. You might be the kind of person I'm looking for to help me with my agency." So far AMR has helped him on several occasions. An unsolicited qualified prospect called us at the cost of one stamp on the letter to the magazine. (Today, it would be the cost of a mouse click!) If you think that letters to the editor only provide a place to sound-off on some issue of public issue you're wrong. They can also provide opportunities to spread the word about your services to an enormous audience. But for this strategy to pay off, you have to remain alert to opportunities during your regular reading, carefully construct an effectively subtle letter and promptly send it off. First, stay on the lookout for articles to relate advertising or marketing  issues. Then consider how you can agree, disagree or add to what was reported in the article. Start your letter with a reference to the name and date of the article you are responding to. Then present your comment using this formula: "As the principal of an advertising agency, I have found/feel/think ____." For instance: "As the owner of an advertising agency that specializes in the mining industries, I feel ... " "As the owner of a graphic design company that deals with high tech companies, I've found ..." For some excellent examples, take a look at the letters column in Entrepreneur Magazine. Almost every [...]

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What’s your new business model?

Every advertising agency says they have a new business program.  Most, I've discovered... have the "oh crap, billings are slow, we need to work the phones, networking events and call some dormant clients" model of prospecting.  Over the next month, we're going to delve into advertising and marketing agency new business efforts in a much deeper way.  But on this Friday afternoon, I just want to share with you this infographic created by the folks at The List. Do you recognize your agency in one of these seven new business models?  If so -- is it the model you think is most effective for your agency or is it just the model you've fallen into our of habit, lack of planning/time etc. Bottom line -- take a look at your pipeline right now.  Is it filled with the right prospects?  Enough of them?  (click here to download PDF of infographic)

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5 Mistakes that cost agency owners money.

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