We have all bought clothes that weren’t quite the right fit. Whether too tight, too big or whatever the issue — they are uncomfortable and when you are wearing that misfit of clothes — you are very aware that something is not quite right. In fact, pretty soon, the pinching, sagging or snugness is all you can focus on. You either bought it without doing your homework (trying it on or moving around in it) or it was so cool/cute/dashing that you ignored the intial discomfort, thinking you could either fix it or get used to it. But we don’t. I think that exact same thing happens with clients. We either ignore the warning signs, think we can fix them or, if we’re honest with ourselves, we want their money and don’t care if the fix is off. You know it when you do it. There’s that nagging voice in the back of your head that you shhh every time it raises a concern. We’ve all done it. If you haven’t done it yet — you haven’t owned your agency very long. I get why we do it. But I also get the price we pay. I have never seen an agency turn that situation into a profitable one. In the short run — sure, you can make some money. But in the long run, you are going to lose money and even worse, potentially lose critically valuable team members. That’s why I wrote the article How to Find New Clients That Fit Your Agency Perfectly for Forbes. I not only believe we don’t have to settle for wrong fit clients but I think we’re fools if we do. Take the time to find the [...]
Let’s be honest — sometimes the biz dev process can leave us feeling like we’ve somehow compromised ourselves to get a seat at the table. Hopefully, we don’t make compromises that actually left us feeling dirty but even with a sweet spot prospect, we can certainly feel like we’ve twisted ourselves into a pretzel or performed like a dancing poodle rather than being respected for how we can elevate the prospect’s business. I think it’s easy to forget that clients actually want their agency to have a point of view and an opinion about the work and the direction the client should pursue. We’re so busy trying to be invited to the dance that it’s easy to lose a little bit of ourselves. I wrote an article for Marketo about this idea that clients actually long for brave agencies and it’s our responsibility to walk with some swagger and confidence to the negotiating table, rather than acting like we’re grateful for the handout. When I look at the agencies who are knocking it out of the park from a biz dev point of view, they all have one thing in common — the courage to speak their mind. I’d love to hear your take on this topic and on the article. This was originally published in the weekly AMI newsletter. To subscribe, click here.
You have probably said or at least heard the agency-centric expression “new business cures all ills,” and it’s pretty accurate. Will it fix fundamental problems at your agency? Unfortunately, no. Those are still on you to solve. But it does fix a lot of cash flow challenges, too much time on our hands bickering, and morale issues. I believe that agency owners need to invest a significant amount of their time and attention to biz dev and yet, when I get into most shops, to say the effort is haphazard is an understatement. Most of you have a reactive new business program, which means you respond to what walks in the door through referrals, RFPs, etc. One of the areas where I see the least amount of prep is in that initial conversation. You go to all of that effort to get the meeting. I want to make sure you make the most of the opportunity. I wrote an article for Spin Sucks about seven steps you can take to improve that first impression, whether it’s a coffee meeting or a full RFP presentation. My guess is that some of them will just be a reminder but hopefully a few will inspire you and your team to tweak what isn’t working. Making some minor tweaks in how you show up may be all it takes to move you from being the agency that hears “we really liked you but we went a different direction” to “We can’t wait to work with you!” This was originally published in the weekly AMI newsletter. To subscribe, click here.
We’re all blogging, writing newsletters, trying to speak at conferences, etc. We’ve got content coming out of our ears but content does not equal thought leadership. If you and 1,000 other agencies all blogged about the new Pantone color of the year — that’s content, not thought leadership. No one is going to pay you to create that. But genuine thought leadership that makes me better at my job? Now that you can get paid for! Think about how much more motivated you and your team would be if your content actually made you money and helped your clients as well. Check out an article I wrote about thought leadership and the fine line we walk to get it right. As always, I'd love to hear your thoughts. This was originally published in the AMI weekly newsletter. To subscribe, click here.
Study after study tells us that CMOs rank lead generation as their #1 priority and one of their biggest sources of frustration. So if we practice the tired “what keeps you up at night” exercise — I think we know the answer. Most of our clients and prospects need to generate more qualified leads and they admit that they don’t really have the tools or know how to do it. I speak at conferences where I am surrounded by agency owners who drive leads for their clients. But even among these agencies — there’s still a lot of discussion on how to develop a better strategy and how to help the clients embrace the technology that is part of the solution today. The truth is, many business leaders and many agencies (maybe you?) haven’t yet embraced the 2020 version of driving leads for our clients. There are lots of reasons why (cost, complexity, lack of content, etc.) but the truth is — if our agencies don’t figure out how to deliver on this need, someone else will. I don’t believe it’s optional today. A story I wrote for Forbes on marketing automation highlights this topic. How are you bringing new leads to your clients and what role does marketing automation play in that model? By the way — this isn’t just a challenge for our clients. How are you driving right fit prospects (not just anyone who walks in the door) to your agency? This was originally published in the weekly AMI newsletter. To subscribe, click here.
I have had several phone conversations lately with agency owners who have sales pipelines that have dried up. They’re frustrated and scared about business development. I get it. We’ve all been there. But when I asked them about their new business activity, they all admitted that they’d taken their foot off the pedal. Sure — they all had great reasons why they didn’t do the follow-up or initiate the new tactic. You know what I’m going to say because you’ve said it to yourself. There will always be another reason/excuse. There’s always a fire to put out or something to be done internally. You have to carve out the time to work your new business plan and protect it like it’s your favorite kid’s birthday. It’s too easy to slide backward and once you lose the momentum, it’s back to the starting gate. Like exercise, it’s a lot easier if you work the muscle on a regular basis. By the way, this is never going to happen by accident or wishing. If you don’t calendar it out, your day is never going to suddenly free up. This was originally published in the weekly AMI newsletter. To subscribe, click here.
I have had several phone conversations recently with agency owners who have sales pipelines that have dried up. They’re frustrated and scared. I get it. We’ve all been there. But when I asked them about their business development activity, they all admitted that they’d taken their foot off the pedal. Sure — they all had great reasons why they didn’t do the follow-up or initiate the new tactic. You know what I’m going to say because you’ve said it to yourself. There will always be another reason/excuse. There’s always a fire to put out or something to be done internally. You have to carve out the time to work your new business plan and protect it like it’s your favorite kid’s birthday. It’s too easy to slide backward and once you lose the momentum, it’s back to the starting gate. Like exercise, it’s a lot easier if you work the muscle on a regular basis. By the way, this is never going to happen by accident or wishing. If you don’t calendar it out, your day is never going to suddenly free up. In our Best Practices of Agency Owner’s workshop, Running Your Agency for Growth, Profit (and a little sanity!) in March, we’re going to show you some strategies for actually controlling your days so new business happens on a consistent basis. We’re also going to walk you through how to construct a business development plan that is actually sustainable and successful. Be sure to grab a seat if you think it would be helpful! This was originally published in the AMI weekly newsletter. To subscribe, click here.
Given the amount of competition out there, the challenges of landing a new client and the struggles with keeping the clients you have – I totally get the hunger to have the right answers. After all, that’s what they’re paying us for, right? Our expertise. Our years of experience. Our guidance. I want to suggest that while all of that is true – our expertise, experience, and guidance should show up in a different way. It’s not about the answers we provide, it’s about the questions we ask. When we are meeting with a prospective new client, the sentence I love to hear more than any other is “I’ve never been asked that before.” That means I am adding value. I am taking them in a direction they haven’t been before or coming at their issue from a different perspective. And odds are, the closer I am getting to the best answers. Many agency owners are frustrated that they’re the only ones who can do strategy inside their shop. I believe that’s because they’re the only ones who know how to ask questions that go beyond the surface or the expected. If you recognize your shop in that description, it’s time to teach your employees how to ask better questions. It helps if they’re naturally curious. Is their brain wired to wonder? That’s a critical trait when you hire. But if you have some team members who aren’t, then you need to help them exercise that muscle/develop that habit. Here are some tips you can offer as you’re coaching them. Keep it open-ended: Try to keep the conversation going by asking questions that require a longer response than a yes or no. Certain words trigger [...]
Most agencies struggle with sales. Honestly, I think one of the challenges of business development is that many agencies blur the lines between marketing and sales. Many agencies are getting better at marketing. Technology and social media, and all of that make it easier for you to create content or do an e-newsletter, or have a Facebook page. The challenge with that is — it’s not sales, it’s marketing. It feels like you have a new business program when really you have marketing activity. In some ways, the fact that agencies are better at marketing makes some even worse at sales. All of that marketing “stuff” makes them feel as though they can check the box of new business activity. But really that’s just erroneously putting two things in the same box that should be in separate boxes. Many agency owners say to me, “If we can get across the table from someone, we can make the sale.” And what that says to me is: A) they’re probably punching below their weight class because nobody wins all the time. B) they’re waiting for opportunities to present themselves as opposed to going out and creating an opportunity that really is the right kind of client, the right fit, the right industry, and the right size. Take a good look at your business development efforts. Do you really have a sales program or are all of your marketing activities blurring your vision? If you’re waiting for luck and referrals to completely fill your pipeline — is that helping you grow the agency you actually want to build?
Last week, one of my mornings was consumed with podcast recordings and interviews. In some cases, I was the subject matter expert but in most, I was the host, asking questions of other agency- centric subject matter experts. By sheer coincidence every conversation danced around some aspect of business development, retaining clients and creating a culture that had the capacity and passion for chasing opportunities. Interestingly, there was a thread that wove through all of these separate conversations. The theme was consistency and the overarching opinion was that agencies live and die by their habits and by the agency owner’s habits. What we do (or don’t do) on a consistent basis sets our course. That got my wheels spinning and I came up with a little quiz for you to take. Do you have at least 4-5 hours a week blocked off on your calendar for new business sales (not marketing) activity? Do you hold (and not cancel) a weekly new business meeting with your internal team? Do you have a list of no more than 25 “I’d love to have them on our roster” prospects that you proactively touch at least every 6 weeks? Have you defined your agency’s philosophy/point of view so you can differentiate yourself and does every agency employee know, understand and use the same language to describe it? Now, a tangential question. How many new clients that are individually worth at least 15% of your agency’s current AGI have you earned since January? My guess is that there’s a correlation between how you answered the quiz questions and your answer to my tangential question. You and your agency are a product of what you consistently do. Are you reaping the [...]