As the business development lead at your agency, you may already have a solid understanding that the CMO has more turnover than any other c-level position. What you may not know, however, is why and how it directly affects your prospecting efforts.
In December 2018, our sister company, Winmo, released the annual CMO Lifecycle Tenure Analysis report and it’s full of new business opportunities that you can bank on. The report analyzed over 2,400 CMO tenures across a variety of industries and also by gender.
So before you kick off the new year by pounding the phone with cold calls and shooting out emails to every CMO in the US, here are a few items that will help you build a strategic plan and reach CMOs more efficiently:
Who’s Coming In, Who’s On Their Way Out
When a CEO hires a CMO, they expect a complete brand transformation…and fast. We’ve found that CMOs typically rotate up or out of their positions around the 43 month mark. Six to 18 months later is usually when the new CMO will shake up their AOR. What does this mean for you? Start paying attention to this ‘new biz sweetspot.’ Not only do you have a possible win with the incoming CMO, but potentially with the outgoing CMO…if you know where he/she lands.
Not Every Industry Is Created Equal
According to Winmo’s report, more traditional industries such as financial services, education, associations, and travel average longer tenures. Other sectors such as consumer goods, digital business providers, restaurants and retail, however, show higher turnover rates. When prospecting, prioritize those top turnover categories to fuel your prospecting lists with new potential opportunities.
Prioritize Your Right To Win Categories
After analyzing the tenure report take a look and see if there are particular industries in which you specialize. These right to win clients will be low hanging fruit for prospecting. If you are experts in retail and consumer goods, prioritize your prospecting and spend time crafting your messaging to appeal to the CMOs and decision makers in those spaces. Your credible portfolio in these spaces will make them much more inclined to have the initial conversation.
Unfortunately, no crystal ball can tell you exactly when to contact a CMO, but this Winmo report is pretty close! Keep an eye on those brands you’ve been hoping to work with and use this resource to your full advantage! If it’s creeping up on their 3 year anniversary, get your messaging ready. Tailor your outreach strategy by prioritizing your right to win categories. Now you’re ready to go out there and win over those dream clients! Happy prospecting!
On average, it takes 7-11 proactive touchpoints to schedule a first meeting with a prospect. In the world of agency new business, relevant persistence is key, and having a solid content distribution strategy to back it up is a requirement. Our last webinar discussed the types of content successful new business teams use in their sales outreach. In this webinar, we’ll specifically show you how to leverage certain pieces of content through targeted channels to increase engagement with top prospects and speed up sales cycles. Simply producing content will not drive results. You need to put it into action.
Watch now to learn the difference between sales and marketing content, what channels are best for amplification, and how often you should be publishing your content for new business success. Other questions we will answer throughout this webinar include:
- Should I segment my prospects to receive different types of content?
- What types of content are best for new business prospecting?
- How do I distribute content for sales vs marketing approaches?
How to Amplify Your New Business Strategy with Content Distribution from AgencySquared on Vimeo.
We’ve seen more than a few agencies who aren’t seeing the results they were looking for with their current new business strategy. Many new business teams are stuck with an old mindset that proactive email marketing is just spam and not worth their time. When done right, email marketing can be a terrific way to maximize your ROI of time and money for new business growth.
So why is email such an important piece of your new business strategy? Email as an outreach approach has fewer barriers to implementation and is a relatively inexpensive process to begin. It’s also a great way to deliver the tangible results you’re looking for, because you can track everything and easily attribute leads to different campaigns. There is no mystery where leads come from.
The biggest obstacle to adopting a marketing automation strategy is “not having a strategy at all,” according to Marketing Automation Trends Survey.
Email marketing—specifically email automation campaigns—offers an inexpensive approach that will not only drive growth, but build your agency a sustainable prospect database from which you can always mine new opportunities. It’s the most effective way to grow your business, relative to the amount of money you spend. In fact, your ROI should skyrocket by implementing an email automation campaign. Consider these statistics:
- B2B marketers see an average 20% increase in sales opportunities from nurtured leads compared to non-nurtured leads after deploying a lead nurturing program.
- B2B marketers who install marketing automation increase their sales to pipeline contribution by 10%.
- 54% of companies using marketing automation capture intelligence for the sales team. This compares to only 25% of companies without marketing automation.
It all boils down to one simple fact: Agencies that adopt an email marketing and marketing automation strategy outperform those companies that do not.
Resist the stories about emails and email marketing. Not all email is spam you need to filter. If used properly, email can be your least expensive means to grow organically and gain new business.
Agencies that focus on nurtured lead programs with great content via email, will find themselves starting any new relationship with a client at a much warmer spot. Rather than viewing each other as “seller vs buyer,” good email nurture programs allows for a “teacher and student” relationship. We trust our teachers while we don’t necessarily trust someone selling something.
Our most successful agencies keep this in mind. They build a marketing automation program, implement a CRM and combine it all with a business intelligence platform such as Winmo. As you build out your new business strategy, don’t discount email’s importance, just because it’s a discounted rate to get it started.
Agencies might go about generating new business differently than large ad sales teams, but it doesn’t mean they can’t take advantage of great sales techniques through marketing automation.
You’re likely spending a ton of time creating what you believe to be relevant, compelling content you hope your prospects find engaging. But, after all the time you spend researching, prospecting and crafting the perfect email copy, are you truly getting the results you expect? Is your new business development audience even big enough or segmented effectively to truly receive the results you’re looking for?
In this Webinar Matt Chollet, President of AgencySquared, discusses what a successful new business audience should look like and the tools available to help you build robust, hyper-targeted prospecting lists that drive more revenue.
If these challenges sound familiar, we encourage you to watch the recording:
- My email click through rate is embarrassingly low.
- My outreach efforts aren’t generating many leads.
- I’d like to learn how hyper-targeted prospecting lists can benefit my outreach efforts.
- I’m in need of a better way to refresh and grow my prospecting lists easier & faster.
How to Build Prospecting Lists That Convert from AgencySquared on Vimeo.