Reading Hubspot’s most recent agency financial research, a couple of statistics jumped out: 66% of agencies operate without a full-time new business lead and, even more telling, less than 50% have a new business strategy in place.
Why don’t agencies have a new business strategy?
I mean, it’s weird, right? Even weirder when you consider that of these same agencies, 70% are dissatisfied with their sales process and financial health.
Ouch! Or to paraphrase the legendary Peter Levitan:
Agencies that are not actively preparing for growth will fail.
So, what then could explain the thinking of agencies that don’t consciously plan for growth?
There’s only one possible answer and it’s one I didn’t see coming.
The secret to new business is…
Evidently, it’s not hyperbole when I say the secret to winning new business comes down to MAGIC! No, not your run-of-the-mill Thursday night Magic Castle sleight-of-hand (although that is a really cool skill). No, I’m talking full on spell-casting; the conjuring up of the opportunity of a lifetime.
Spirits move me, every time I’m near you
Whirling like a cyclone in my mind
You’re my life line, angel of my lifetime
Answer to all answers I can find
But don’t take my word for it. Listen to the maestro himself, Barry Manilow, in his elegant ode to winning a new piece of business.
Still holds up pretty well, doesn’t it?
Okay. I jest. But seriously, agencies that are really invested in their success know that new business isn’t a “nice to have.” They don’t wait until growth stalls to implement their new business strategy. Even if they don’t have a dedicated new business lead in place they have built out a roadmap for future stability; a plan that is at once realistic and meaningful, a plan that places accountability on all senior leaders, and one that is capable of withstanding 12-18 months of learning and fine-tuning.
New business isn’t magical. It’s strategic
Winning new business is difficult. Winning new business without a plan in place is near impossible. Unless, of course, you write the songs that make the whole world sing.
Creating a meaningful agency positioning statement that establishes clear differentiation amongst your competitors is the first step in creating a re-energized new business pipeline.Read more
Do you have a new business strategy that actively plans for future growth and stability? The firms that consistently generate impactful new business opportunities, regardless of size, have four things in common.Read more