A brief, interesting piece regarding agency new business development in AdAge this week: What Agencies Can Expect From New Business in 2013.
Here’s the potentially sobering first sentence:
The days when agencies could expect multiple $100 million-plus, agency-of-record accounts to go up for grabs each year are now barely visible in the rear-view mirror.
Probably not a surprise to you, it’s been an ongoing trend and one that we also see when working for our agency clients.
But it doesn’t have to be sobering, it means you’ve got to make sure your agency embraces the trend and adjusts accordingly.
Three key steps to take:
1) You can’t wait for the AOR opportunity.
Per the article:
Agencies need to get used to earning clients’ business bit by bit, even pitching for every little project on clients they’ve long worked for.
Although rarer these days, we’ve had prospective clients tell us what they want is AOR relationships.
And so do we.
But part of our job is to give clients a realistic picture.
If it’s the right prospect (in terms for revenue, sector, geography, etc.), a good budget and a project you’ll crush, you’ve got to, at the very least, consider it, if not go for it.
2) You can’t stop with one project
Many of you are probably thinking, no s**t.
But it’s crazy how often we hear agency prospects tell us they did one project and then never actively followed up to get another.
Sounds insane, I know, but it happens.
That’s why RSW/US is so focused on sticking with the prospect, not in a car salesman way, but in a way that shows the agency expertise and understanding of the challenges out there.
Of course, reality kicks in here, because there are also plenty of reasons another project doesn’t happen, but you can never let it be because you didn’t try.
3) New Business has to be a priority
We’ll never stop saying it.
And this is not the part where I shill for RSW/US-however you get new business, the reality dictates you’ve got to have a strategy in place.
Of course there are many, many examples of long-term clients and retainer relationships that are alive and well, but for the sake of your business, you can never take those for granted.
A final note that falls under the “be prepared” category from the piece:
Industry execs anticipate heightened interest from marketers in communications planning and analytics capabilities. And as the lines blur, agencies will find themselves pitching against a variety of new players.
Time will tell as to these new players, but as ever, your new business mantra= Adapt or Die.
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Post by RSW/US Director Of Business Development Lee McKnight Jr
