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The New Business Development Strategy: Turn Your Efforts Upside Down

Agencies everywhere are finding new business development to be a greater and greater challenge. And, unfortunately, the business development strategies of most agencies are destined for failure. 1.  Unattainable growth rates are often needed to achieve agency growth objectives 2.  The investment required and the low odds of winning pitches is debilitating 3.  The stress on organic growth is intense and rarely achieved 4.  Too much reliance is placed on a small group of senior “sellers” 5.  Difficulty “standing out” in pitches leads to expensive, wasteful theatrics 6.  Cold calling experiences are generally unsuccessful and de-motivating If you experience some of these challenges, your team is not alone! Most agencies face these challenges – hence an opportunity exists to re-invent the industry’s new business development strategies. The Problems with Agency New Business Development Strategies Today Most agencies approach new business development in a three step fashion that is fundamentally flawed: 1) Competitive Pitches and Reviews These are by far the biggest area of focus for most larger agencies. Reviews get most of the business development resources – in people, focus and money. Reviews, however, can be a fools’ paradise: you must make it through the questionnaire stage against a dozen other agencies just to be a finalist (1 in 12 odds) – and then, upon becoming a finalist, the odds are generally only 1 in 4 that you will win. If you do the math, there is a 2% chance of being awarded the business at the time you receive the questionnaire. There must be a better strategy! And yet, while this is such a bitter place to invest – because many of the largest accounts are awarded through a review – it is easy [...]

October 2nd, 2018|

10 Steps For Managing Change In Your Business

Change—some thrive on it, while others resist it. Why is it that two individuals can look at the same thing and think totally different thoughts? Some see change as essential, while others fear the worst. "Half full" versus "half empty"—possibilities versus consequences. We have a few ideas on managing change in your business. Here’s our basic behavioral profile—we’re optimists; we enjoy interacting with others, have a high trust level, sometimes talk too much, are generally quick to accept meaningful change and at times too direct. We share these behaviors with about half of the population. Our natural tendencies are to quickly accept change.  Keep in mind that over one-third the population is naturally reserved about accepting change and there’s an additional 14% who flatly resist change. (Figures based on DISC Behavior population norms.) While sometimes we control change, most of the time we are impacted by change and are expected by employers, clients, boards of directors or the government to accept change and support it. But if our natural tendencies are to be reserved or resistant, is it a fair expectation? Our answer, setting aside our personal tendencies, is “no.” Even for change “embracers” like ourselves, skepticism may set in if a change effort is poorly managed. For “change” to take place we need a large segment of the work force to accept, believe and support the change. Change needs to be accepted and ultimately viewed positively. If change isn’t accepted, it will become the kryptonite that brings an organization to its knees. The real questions are “Where?,” “Why?” and “How?” will an organization make critical changes. and "What are the implications if changes are not implemented?" Here is a change process designed to engage the [...]

September 25th, 2018|

Talk triggers and chatter matters: word-of-mouth marketing with Daniel Lemin

[easy-social-share buttons=”facebook,twitter,google,linkedin,mail” counters=1 counter_pos=”topm” total_counter_pos=”leftbig” style=”icon_hover”] Word of mouth is nothing new. For generations, it’s been talking with your neighbor over the fence, at the local watering hole, or telling your co-worker about the latest movie in the breakroom. As a business, word of mouth is sparked by those things that you do that separate you from the pack. These talk triggers are so memorable and unique that your customers can’t help but talk about them. My guest Daniel Lemin gives plenty of examples that show us that talk triggers are rarely very expensive, and they tend to be operational differentiators rather than gimmicks or flash in the pan activities. Think Doubletree’s complimentary cookie when you check in or the Cheesecake Factory’s epic novel of a menu. Daniel has co-written a book with Jay Baer about this powerful marketing technique appropriately called Talk Triggers. In this episode, Daniel and I chat about what he and Jay learned in their research and the insights they gleaned for all marketers. These B2B and B2C brands (large and small) are following a specific pattern as they create and execute their talk triggers and Daniel will walk us through that as well. We look at this topic from many angles – from how agencies can leverage this phenomenon and, of course, how we can put it into practice for our clients. Daniel Lemin is a startup co-founder, trusted advisor and bestselling author on reputation management, digital marketing, and social media customer service. As an early member of Google’s global communications team, Daniel led the launch of products in North America, EMEA, and Asia Pacific, and edited the Google Zeitgeist weekly research report featured in over 40 markets worldwide. His [...]

September 17th, 2018|

Podcasting For Advertising Agencies: How to Win New Clients, Part II

This is part II in a series on podcasting for advertising agencies. Read part I here, then come back and join us for part II. Earlier this week, I shared with you why and how podcasting for advertising agencies can help you win new clients. I even shared with you how to line up stellar guests (and new business prospects!) for your podcast. If you followed my advice, you've likely got some podcast guests waiting in the wings now. So, you might be wondering: Now that I have podcast guests, what do I talk about with them? I think the real question here is: how do I turn this interview into a sales/partnership conversation. I’ll get to this. For the interview itself, though: Rule #1: Serve the audience. It needs to be something your core audience will actually find interesting. So, you can talk about that. But the benefit of an interview, is that your guest is the content. Be curious about what they do, their story, and treat it like a conversation so you bring out the best in them. Aside from that, the topic of conducting a great podcast interview is for another post entirely. I won’t get into it here. It is 80/20 though: you can extract the vast majority of value from a guest simply by asking them questions like you would ask someone at a dinner party. But serve your audience: what do they want to learn about from your guest? You will probably find the same questions you have in your mind, are the same your guests have in their minds. Ask those questions. Remember, your guest is the content—you’re just facilitating. What’s important is that you don’t launch [...]

September 12th, 2018|

Company culture – living what you say you do with Gina Trimarco

[easy-social-share buttons=”facebook,twitter,google,linkedin,mail” counters=1 counter_pos=”topm” total_counter_pos=”leftbig” style=”icon_hover”] As agencies struggle to attract and retain top talent, it’s natural that we’re having a lot of conversation about culture. We’re in a creative industry, and I find that most owners are pretty self-aware. We want to love the business we’ve built, and we want to do right by our employees. Everyone wants their agency to have a culture that employees value and enjoy, but some owners don’t really know how to be intentional about it. Gina Trimarco is the chief results officer and founder of a company called Pivot 10 Results. In this episode, I wanted to get her take on some of the challenges owners are facing in the current business climate – mainly getting and retaining the right employees. Work culture is a big part of that equation. We get into a lively discussion about core values and how they can either sit unremembered in an employee handbook or be pivotal in shaping culture. What does it take to keep core values front-of-mind for both owners and employees? How does that help attract and retain the best people? These are questions I am asked every day, so I was glad for Gina’s perspective on all this. I think you will be too.     What you’ll learn about in this episode: How to define a healthy work culture Creative ways to thank employees for a job well done Putting your best foot forward when an applicant is interviewing you as a potential workplace Empathy-based training and emotional intelligence to create a positive work environment The critical role of stated, repeated, and lived-out core values in establishing a healthy work culture Using your story to sell services, [...]

September 10th, 2018|

Entrepreneurial you: building multiple income streams with Dorie Clark

[easy-social-share buttons=”facebook,twitter,google,linkedin,mail” counters=1 counter_pos=”topm” total_counter_pos=”leftbig” style=”icon_hover”] “Don’t put all your eggs in one basket.” That’s the standard advice of any investment advisor. But that investment can only happen once we’ve actually made the money. But maybe the concept of diversification is equally applicable to the first stage – making the income in the first place. Having multiple sources of income builds wealth more quickly and mitigates risks inherent in having just a single source. The logic of that seems simple enough.  But the execution – that’s a whole different animal. My podcast guest Dorie Clark has a very interesting perspective on this topic and I was excited to pick her brain for all of us. Her most recent book, Entrepreneurial You, is a blueprint for developing multiple income streams without losing your sanity. Building these income streams involves tough decision-making but it doesn’t have to mean you take huge risks along the way. Dorie suggests a more measured approach and walks us through some of the methods we can explore as we expand our ability to accumulate wealth. Dorie Clark is a marketing strategy consultant, professional speaker, and frequent contributor to the Harvard Business Review. She is also the author of Reinventing You and Stand Out, which was named the #1 Leadership Book of 2015 by Inc. magazine and one of the Top 10 Business Books of the Year by Forbes.  The New York Times described Clark as an “expert at self-reinvention and helping others make changes in their lives.” Clark consults and speaks for a diverse range of clients, including Google, the World Bank, Microsoft, Morgan Stanley, the Ford Foundation, the Bill & Melinda Gates Foundation, and Yale University.     What you’ll learn about in this episode: Creating diverse income streams without jumping into big, new, risky [...]

September 3rd, 2018|

How Agencies Can Execute on Strategic Selling

“I hate selling.” I hear that so often from agency owners and agency leaders. I especially hear it from junior agency staffers. I think the key to solving this problem is moving away from “I hate selling” and moving toward “I love helping others succeed.” My years of agency experience have taught me that the most successful agencies have a specific mindset. They have embraced the art of being the very best at understanding their clients and have a deep desire to make their lives easier and better. The agency business is a relationship business; it’s about putting the needs of your client front and center. Your success is based on their success. Their good days are your good days; and conversely, their bad days are your bad days. So, if agency success is about building great relationships, I would pose to you that for agencies, executing on strategic selling is very much like dating. If that’s the case, then imagine thinking of the prospect the same way you think about a prospective date - that person you’ve wanted to date for oh, so long. As you get ready to make the ask… what’s first? The answer: the first thing is understanding the prospect. Strategic Selling Requires Understanding the Prospect First and foremost, remember that you must think about this from their viewpoint – the viewpoint of the prospect. What’s on her mind and how has the landscape changed since the last time she looked for agency services? Budget and headcount pressures are enormous in most companies today There are heightened expectations that marketing supports sales – it’s no longer enough to simply produce great creative Sales and revenue are typically the top marketing success [...]

August 28th, 2018|

Mastering the value conversation with Blair Enns

[easy-social-share buttons=”facebook,twitter,google,linkedin,mail” counters=1 counter_pos=”topm” total_counter_pos=”leftbig” style=”icon_hover”] In any trade, mastering the work is just the first of many hurdles. But one of the most daunting for most agency owners is pricing. What is the work worth? Who is my competition, and what if they offer services for less? What is the true value of the work we’re doing and what’s the ROI for our client? There will always be someone (agency or freelancer) who is willing to do the same work for less. But how does that influence our pricing strategy and should it? This episode is all about the value conversation that leads to identifying a price based on the value you are offering. We’re going to dive into both the theories and principles and how to get over the discomfort of putting these pricing principles into practice. Blair is an expert in sales, particularly in the creative services industry. He started his career working for a number of Canadian ad agencies and design firms. In 2000, he struck out on his own with a consulting practice named Win Without Pitching. In our conversation, Blair will walk us through a framework developed over decades of learning, trying, failing and perfecting value-based selling for creatives. Blair is the author of Win Without Pitching Manifesto. He has just written a brand-new book called Pricing Creativity. I have spent some time with it, and the cool thing is, it’s not really a book – or more precisely, it’s not only a book. It’s more of a training manual – a three-ring binder full of all kinds of tips, tricks, and the psychology of pricing strategy. This is a meaty episode and I promise – it’s going to [...]

August 27th, 2018|

Be Wary of the New Business Development Director With the Legendary Prospecting Network

There is a great dilemma many agency owners face time and time again: Do you hire an internal new business development person for your agency with solid sales experience (and a price tag to match), or an inexperienced individual that’s cheaper, but seems driven/teachable? The former example is certainly a potentially sound investment, although not always feasible, and the latter doesn’t traditionally have a great success rate unless an agency is willing to put real work behind their training and possesses the requisite patience to see the process through. That’s probably why the average new business director at an agency lasts about eighteen months. In my first example, you have likely experienced this in some form or another. That person with experience in one vertical and an abundant network of prospects within that vertical; or the other kind, that person with the fabled “ultimate agency new business Rolodex.” And sometimes, you run across someone with both deep experience in a vertical and an abundant network. These kinds of hires occur often and I don’t blame agencies for it. They can work but, in far too many instances, that new business director with the legendary prospecting network hire ends up flaming out. In fact, I recently spoke with an agency principal on this very topic, and she gave me permission to share her less than desirable experience with you. So, here goes. The Legendary Prospecting Network When my agency owner friend initially hired this new business development guru with the “legendary prospecting network,” the big draw was, of course, that huge network. There were assurances, apparently all in good faith, that success would result from that network. It sounded promising, but unfortunately, it was not in [...]

August 21st, 2018|

Understanding Client Satisfaction: It Depends On Who’s Asking The Questions

How often have you recommended to a client that they conduct research among their own customers to gauge overall satisfaction and uncover what they value about the relationship to your client’s company or brand? You’re astute enough to know that armed with customer satisfaction data, you can more knowledgeably guide that client in everything from customer acquisition to integration of sales and marketing to customer retention. Now, how often have you thought about the need to understand the satisfaction of your agency’s clients? The fact is agencies tend to avoid client satisfaction surveys for two reasons: We’re either afraid to ask the big questions for fear we might hear something we don’t like, or we assume everything is good because they are still with us. Both ways of thinking can lead to missing an opportunity to fine-tune your relationship with your clients, or more importantly heading off an impending disaster. As an agency owner, you shouldn’t be involved in every detail of what’s happening between your clients and your agency. But, that doesn’t mean you should operate within a vacuum either. If you have an established “one-on-one” meeting process in place between you and your direct reports, and those direct reports have the same established with staff members they manage, then you should have a general awareness of what’s happening with clients. Your responsibility is to ensure that the management of client relationships is carried out in a manner consistent with the agency’s core values and service philosophy. There may be periods of time when that’s not happening, resulting in a slow erosion of confidence between the client and the agency. Simple ways to gauge client satisfaction That’s why it’s smart to periodically engage your [...]

August 14th, 2018|

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