The road to agency new business Nirvana is paved with never-ending training, consulting, workshops and self-help guides. Undoubtedly, growth through a systematic business development program often eludes agencies, but there’s no reason for agency business development professionals to go at it alone.
The reality is, like anything worth doing well, its hard. Really hard. New business is work that the vast majority of those within the professional marketing services industry didn’t sign-up for, and have no inclination to be held accountable for now, or in the future. I see it and hear about it from out of work agency new business people and frustrated agency owners every day.
The good news? It is possible for your agency to have an effective new business process in the year ahead. While it can be difficult to know what your competition is doing to be so successful, we have found that the invisible trend has increasingly been to outsource your new business.
Over the past five years, for more agencies than you’d guess, the answer to solving the business development equation has come from partnering with an outside firm for proactive prospecting. More recently, the trend has evolved to include organic client development too, once the exclusive domain of the agency account and leadership team.
Why are more agencies increasingly handing the reigns of client growth over to a third-party? It’s a daunting thought for some, but for those who’ve experimented with this model, success has come quickly. “I’ve seen agencies win more business from our involvement in their organic client development efforts this year than any other,” said Dave Currie, President of List Partners Inc. “Its often the low hanging fruit that everyone can see, though rarely is there a systematic and accountable plan to harvest it,” he continued.
What value do agencies find in outsourcing?
A Systematic Approach.
Agencies often find that creating a new business process from scratch is difficult. It’s usually thrown together last minute at the onset of a lost account and the strategy and tools are often lacking. Outsourcing to new business professionals, like Catapult, allow agencies to implement a systematic approach to how they win new business. Teams are able to move swiftly into market because there is a proven model of success, and the tools to back it up.
We come across agencies every day that have multiple people working on new business, but not dedicated to it with 100% of their time. Once you have this “we all chip in approach,” when it fails, who is accountable? All? Nobody? With this outsourced model, it is very clear who is accountable for success and we can put clear objectives and goals at each stage of the process. This leads to greater transparency and understanding to who the responsibility of driving new business lies with.
A Specific Focus on New Business
Similar to our Accountability point, according to Hubspot’s Agency’s Pricing & Financial Report, 66% of agencies do not employ a full-time new business person. What does this mean? Those in-house people that are working on new business do not know where to spend their time every day. If I have learned anything during my time as a new business professional, it’s that you cannot minimize the importance of focus. Focus ensures greater success by keeping all efforts dedicated to prospecting and driving conversations with those most sought after prospects.The invisible trend of outsourcing may always remain slightly hidden due to the nature of the business, but we are seeing more inquiries than ever from agency execs that are seeing the benefits of having a systematic approach that provides accountability and focus. I’m confident we will continue to see an increase in adoption of outside resources to manage new business in 2017.
When you can win more business at a lower cost, why would you not outsource?