Ockham’s Razor for Agency New Business

ockhams-razorWhen you have two competing systems that make the same predictions, Ockham’s Razor (also the Principle of Parsimony or the Law of Succinctness) tells us that the system that contains all of what is required to deliver the objective and none of what is not required will be the better solution.

In code writing this means the software engineer who solves the problem with the fewest lines of code has produced the best software.

In agency new business we at RSW believe it means doing everything that is necessary to achieve the objective set and agreed whilst leaving out those things that are NOT necessary.

And most importantly, achieving the objective in the best possible way.

The agency’s objective is usually to win a new client. In order to achieve this they probably need to submit three proposals or partake in three pitches (if they pitch!). In order to achieve THIS, they will need to meet with “X” number of prospects. THAT is our objective.

In order to achieve this objective whist making sure that the agency’s objective is also met means keeping a very keen eye on quality.

And the best way to make sure the quality of the meetings is up to scratch is to know when to approach prospects so that you are not a) strong arming prospects into meeting for the sake of hitting target or b) looking for a needle in a haystack.

That is why the algorithm we have developed that pinpoints companies who are 80% likely to be reviewing their agency within the next 100 days gives our clients the best possible chance of achieving their objective. Without fuss.

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Don’t Work Hard. Work Intelligent (sic)?

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I totally agree!

The key thing to working more intelligently is to make sure that you understand the whole picture and are not simply making your own life easier. Although this individual may think he has been clever, he may well have ruined the entire project by not doing as he was asked.

From a management POV it is also interesting as it conveys the importance of making sure each member of the team understands the importance of the role they have been assigned within the greater context of the organisation.

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WE ARE A CREATIVE AGENCY SPECIALIZING IN ALL YOUR BRANDING NEEDS.

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Welcome! We are a creative agency specializing in all your branding needs. To give you a sense of what it’s like to work with us, this is WHAT WE DO: Discovery, Development, and Direction.

READ MORE – REALLY, YOU SHOULD!

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RSW New Business Report 2014 highlights

50% of marketing directors review their agency annually.

The average pitch list is three agencies long.

The best outreach methods are LinkedIn, PR and the good old telephone.

More than 50% of marketing directors have a Twitter account they use for business …

… and 31% follow agencies.

Almost 85% of marketing directors have an up to date LinekdIn profile …

… and only 15% never accept invites from agency personnel.

Almost 40% of marketing directors review their agency immediately upon taking up a new position with another 40% doing the same within the first 100 days.

More than 90% of those surveyed quoted creative stagnation as a reason they review.

Over 80% of clients said that incumbent agencies either often or quite often retain their business.

Download the REPORT HERE.

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LinkedIn, PR and the good old Telephone reign for agency new business

 

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The latest RSW New Business Report (our eleventh) tells us that clients rate LinkedIn as being the most effective outreach method employed by agencies, with PR coming in second and the good old telephone third. Click HERE to download of view the whole report.

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Too Busy to Talk?

Wheel

This was brought to my attention the other day and it made me smile.

How often have you, as an agency new business person, felt like this poor chap. There you are, with a really great offering and yet no-one will even give you the time of day. Why is that?

Well, the usual reason is one of the following:

  1. Your timing sucks
  2. Your proposition isn’t different enough
  3. You are simply employing the wrong outreach techniques for that particular person

So let’s look at these three key reason why prospects refuse to engage.

  1. If your timing is wrong why is that and what can you do to improve it? Well, the main reason people start looking around for a new agency is because they have just taken on a new role. In fact 70% of marketing directors say that reviewing the incumbent agency is the first thing they do in a new position. And it’s not JUST marketing directors either. Every decision maker does the same thing. So you can either keep your eye on the press or do as RSW has done and develop a way to get this information before anyone else does.
  2. If your proposition isn’t up to scratch then get some help with it. Too many agencies just don’t put enough effort into it or concentrate on the chemical factors rather than the hygiene factors, which is an easy mistake to make.
  3. Every person responds to a different outreach tool and there are many at your disposal. Telephone, email, Twitter, LinkedIn, Facebook even. The key thing is to not have a “method”, but to have an “armoury” and to assess each individual as just that and choose your weapon carefully. Choose the wrong one and you may well blow the opportunity.

Good hunting!

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The Agency Football Team

My agency is like a football team.

The new business team are the strikers.

Account management are the midfielders.

Client services are the defence and keeper.

Every month is a new game against the opposition.

A new client won is a goal for us.

A client lost is a goal for the opposition.

The objective is to win each game.

But I’d rather we won 1-0 or 2-1 than 4-3 or 3-2.

Keeping a clean sheet is the most important aspect of our tactics, so let’s park the bus and counter-attack.

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The First 100 Days

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According to research conducted by ICM on behalf of Oxford Strategic Marketing and Hunter Miller, where they interviewed 75 of the UK’s leading Marketing Directors, 70% either agreed or Strongly Agreed that they consider changing agencies to be one of the first things they do when taking up a new position.

Our anecdotal evidence over the last 20 odd years certainly verifies this, which is why getting this information is ESSENTIAL and not all of it is reported in the press of course, especially not new appointments in sensitive business sectors or some of the mid tier and challenger brands our clients are interested in.

To this end we have developed technology that enables us to find them before anyone else.

Download the full report HERE

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Very Exciting Times at RSW

We are pleased to make a couple of announcements.

Nihir Patel has been promoted to Operations Director and will be responsible for helping the team achieve their targets of providing their clients with a pipeline capable of delivering their desired needs.

Josi Murphy has been promoted to Director of Client Partnerships and will oversee every account from a strategic perspective, attending reviews and making suggestions to drive our clients’ business ever forward as well as helping the team with proposition development and being the link between the Operations team and the Client Services team that was previously occupied by Adam Whittaker.

Both of these appointments come into force as from March 1st 2014 and will enable Adam Whittaker to focus 100% on driving RSW’s growth both in the UK and internationally.

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MD of Healthcare Consultancy says …

Hi Adam

In brief.

You undersold your team and their ability!

Incredibly impressive: responsive, flexible, professional and – most importantly – effective.

Thank you

Neil

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