Chasing New Business is an interesting game. I know because I have played it a lot. From both the agency side and the agency review side.
I learn a lot from walking down both sides of the street.
Some agencies chase every shadow. “We’d be perfect for (name the client)“, they always say.
Some agencies say they don’t respond to RFP’s and only work with clients who seek them out or through referrals. Nice place to be.
Some agencies never respond to my outreach when I am looking for agencies as a search consultant. Surprising but very true on the majority of reviews I have completed. Continue reading
I know a lot about advertising and digital agency websites and their online presence.
When I am conducting an agency review I check out a lot of agency websites.
When I am helping agencies find great talent, I check out their websites and their LinkedIn game.
When they need to outsource digital development I connect them with my partner in Buenos Aires.
When I hunt for agencies, I check out their online game because in the New Normal clients will definitely do a Google search on you.
We all know that agencies admit they are Cobbler’s Children when it comes to marketing themselves.
I have blogged about that in the past. Most don’t listen. They say I know I know but rarely change. Change is hard in business and life. Continue reading
Things have rapidly improved for most advertising agencies especially if they have a strong digital game or are a digital firm. You no longer have to chase every sniff of potential income. Thank God.
With these improvements have come the discovery or confirmation of one of advertising’s greatest operating tenets. It costs almost as much to service a smaller account as a larger one. And since many clients with smaller budgets aren’t really the best marketers, you get other headaches.
They often don’t really understand all the pieces and stages of the digital process so there are too many revisions and changes etc. You get the drift. You have lived this before and remember the frustrations.
So how do you catch bigger fish? Well you have to go where they go to start and this is Conferences. Continue reading
All agencies used to love to cite long term relationships.
Why Not. Proctor & Gamble, Unilever and GM have relationships that began in the 19020’s. But Cinderella is gone.
Advertising agencies relationships are getting shorter in tenure these days. A clear trend in client-agency relationships is to terminate those that under-perform.
In 1984, the average client-agency relationship tenure was 7.2 years. By 1997 (13 years later), that number declined by 25% to 5.3 years. Today the average client-agency tenure is thought to be less than three years according to the Bedford Group.
In 1984 when I was transferred from JWT Toronto to JWT Chicago there were a lot of long term relationships in that office. The relationships with clients could be decades long and people worked at agencies for decades. I know that is true as I was trained by gray hairs and their tenures were decades long.
That is not so true these days. I wonder if there is a correlation between the longevity of client relationships and agency employee tenures. Could it be as simple as that? Continue reading
How Long Does it Take for Agencies to get New Business? Longer than you want it to. Yes, New Business can take a very long time but most agencies don’t want to hear that.
The last thing that agencies have in New Business is patience. Patience is what they tell clients when they are disappointed with the results of a campaign. These things take time agencies counsel. Be patient they plead.
I got an e mail from an agency New Business leader the other day. He was trying to do a little research on the typical sales cycle for advertising agencies to close New Business. He was encountering some internal resistance to his belief that New Business isn’t transactional selling and takes time to develop. Continue reading
I attended a networking luncheon the other day. I do like to network.
One of the panelists came over to me prior to speaking. “Glad to finally meet you,” he said. We never had met before but he knew of me. Maybe my content floating out in the New Normal. I do work at that.
“Likewise my friend,” I responded. Continue reading
The more you know the more often you will win.
Knowledge is not information. Knowledge is insight into client’s pains, knowledge about key decision makers, who controls the budget, what has failed in the past and other key nuggets that can control the outcome of the pitch.
The more you know the more it will show.
I know from my experience conducting agency searches for companies from Jenny Craig to Toyo Tires that slivers separate agencies in the end and knowledge can make the crucial difference that will get you the call that you want to receive.
Most agencies are very smart. The only area that most agencies aren’t smart about is how they market themselves. Continue reading