Did you know that almost 50% of all new business efforts fail within the first six months of the year? That is a pretty terrifying statistic, and the truth is, the agencies who make up this number have typically never dedicated the time to create a new business development strategy.
As a marketing agency, you understand how marketing and sales work, but why don’t you apply the same techniques you are using for your clients to fuel your own agency’s growth? Until recently, business development has never received much attention from the agency world. Without a dedicated focus comes a lack of investment in the time and resources needed to build a scalable new business process. Today, we find that many agencies are relying on referrals and are unable to predict revenue growth accurately.
So, if you are like most agencies and have found yourself here, how can you start moving forward and avoid falling back into the statistic above? Having a successful business development strategy starts with having a strong culture that makes new business, everyone’s business.
Here are 5 factors that are crucial for building a culture that promotes new business growth on all fronts.
- Find the right new business person– While every agency requires a specific personality type to mesh with their culture, there are several qualifications you must search for when filling this role. First, they must be a high energy person who can sustain a high outreach plan. Second, they have to be a strong communicator that can adjust their messaging in a moments notice depending on their prospects needs. Finally, this person needs to be process-driven to ensure your new business machine is scalable, repeatable and will never stop running.
- Start from the top– Designate your C-suite with the responsibility of encouraging each team member, at every level, to contribute ideas about what will bring the agency new opportunities. It has to feel like a team sport in the sense that your new business cannot be an individual pursuit. In addition, encourage your C-suite to build a strong network. If they aren’t actively attending events, meeting other industry professionals and referring trusted partners in an effort to pursue new business, your agency is missing out on opportunities.
- Rally the troops– Whether you host a weekly meeting or have a YouTube channel, make sure your entire agency is up-to-speed with what’s happening on the new business front. When your business development rep or pitch team goes off to pursue a new opportunity, wave them out the door with words of affirmation and encouragement. When they return, greet them with excitement and applaud them for their efforts. If they win a new opportunity, make sure the whole agency feels involved and celebrated. If you don’t, you risk losing the opportunity for cultural growth and leave your new business stuck inside its current box.
- React appropriately to wins and losses– For your new business lead, winning is the best feeling in the world. On the flip side, losing is the absolute worst. In the case of a loss, most agency executives focus on picking out what’s wrong with the individuals on the new business team. I challenge you to change this behavior and instead focus on building a culture that says “winning or losing, we are all in this together.”
- Leave a legacy– As an executive, how are you leaving a legacy for your agency? I guarantee that there are people at your agency right now who don’t like sales and want nothing to do with it. They also don’t feel that new business falls on their shoulders. Your culture allows them to think that this is attitude is okay and even assures them that the task isn’t on them. Start building a legacy that puts the weight of new business on every team members shoulders. Whether we are talking about the C-suite, account managers or the pitch team, everyone can be playing an active part in using their network to expand the growth of the agency.
Embedding new business into the culture and DNA of your agency is crucial to your success, and it can only happen if you hire a dedicated person who can make it their sole focus. But as mentioned, you cannot allow this enormous task to fall on this one person’s shoulders alone. As an agency executive, you must hold your entire agency accountable for generating new business, starting with yourself.
From hiring a New Business Director who fits your culture to actually sitting down and thrashing out your business development strategy, there is a lot of work to be done. At Catapult, we understand the incredible impact an agency’s culture can have on the organization as a whole. That’s why when you partner with us, our first step is to explore your exact requirements and provide you with a Sales Director who replicates your ideal characteristics. From there, we build a new business plan for your agency and are in market within just a few weeks.
If you are ready to embed new business into the fundamental core of your agency, give us a call today to see how we can help get you on the right track.