Tag Archives: New Business

How to Choose a New Business Agency

We’ve been around longer than most new business agencies or indeed prospective clients, so I think it is fair to say that when it comes to the problem of how to select a new business agency we’ve seen the good, the bad and the plain ugly!

So here we go – here’s our view on how best to go about it.

1 – Google “new business agency” – discount anyone not on the front page, you want someone who’s good at marketing themselves and if they can’t even figure out SEO then there’s no help for them. It’s not like there are thousands of us out there!

2 – Make a list of the hygiene factors you NEED. Is location important, do you want someone who works with other agencies like you or do you consider that a conflict.

3 – Choose an initial list of five, call them and speak to the MD, tell him or her about what you are looking for and take ten minutes or so to get a feel for them and what they are like.

4 – Whittle the list down to three and invite them in to take a thorough brief from you so that they can submit a proposal. Don’t ask them to bring the team they’d have working on your business in at this stage. If they already know then they’re choosing the team based upon who is available and not who would best fit the brief.

5 – Once you’ve seen the proposals, you’ll probably have already discounted one, have one favourite and one close second, so the nest step is to visit those latter two at their offices to meet the prospective team. Ask to meet them without the MD, see what happens. This will indicate the amount of trust the MD has in his or her team! Don’t grill them, just get a feel for them – would you be happy having them represent your brand.

6 – Take out a credit check on them – you want a partner that is financially stable.

7 – Ask to see their entire client list and then choose three clients at random and ask them if you can speak with those clients.

8 – Make your decision.

 

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Think Like a Marketing Director

So, you’ve got a new business meeting lined up with a marketing director, manager or whoever is the decision maker for your service. You’ve done your preparation, but remember, so has your prospect. Typically they’re pretty busy people and believe it or not they don’t spend all day thinking about agencies, dealing with agencies is typically about 10% of what they do or would LIKE to do!

So they usually leave it as late as possible so they’ve got a good idea about you before the meeting takes place. Ten minutes before they’re due to meet, they go back to the email you sent confirming the meeting and if they’re like me they right click on the email address and then visit the website from the domain contained therein.

Rule one. Make sure that points to your website. Common sense really, but you’d be surprised. One of our PR clients recently came back from a meeting and said to me “they though we were an ad agency! where did they get that idea from!”. Well, we had several emails to and fro with the prospect discussing possible PR projects so this was a mystery to us all. But wait! There was the answer. The PR agency email addresses were from the same domain as their sister agency, their much larger advertising agency they shared a building with – IT had obviously decided to make life easier for themselves. Oops.

Rule two. Make sure your website gives the right impression. For the sake of argument, let’s assume you’re going in to try to get them to use you for their social marketing. What would you expect? Well, I’d expect a really good socially enabled website, I’d expect them to be an agency that is talked about and respected. So, how many followers do you have on Twitter and what’s your Klout score? I’d expect them to be using Facebook really well and for them to have a lot of interaction on it – how many Likes do you have? I’d also expect them to have a lot of people subscribed to their email list – so if you have one of those gadgets that tells people to “Join us like ten other people us” then maybe remove it and buy some followers? I’d also expect them to be using Pinterest in a creative and entertaining manner.

Don’t expect anyone to trust you to do for them what you don’t do for yourself.

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Puzzle or Mystery? Agency New Business, a Paradigm Shift

Whilst on holiday I read Malcolm Gladwell’s new book, “What the Dog Saw”, a collection of his writing from The Spectator. One of the many insightful essays was on the vagaries of the stock market and hedge funds and how too much information can be a bad thing. His hypothesis was that in the pre internet age, trying to anticipate market movements was a puzzle. One had to search for the right piece of information and once found it was added to what you had already found until the picture was complete. Very neat and tidy.

With the advent and exponential growth of the internet, however, we are surrounded by all the information we need. Search Google for instance, for “will facebook shares rise in value” and you will find (as of 9.30am GMT, 7th August 2012) 93,900,000 hits. So this is no longer a puzzle. It is a mystery; we are surrounded by so much information our role is not to search, but to be intuitive and know what is useful and what is not.

The same is, of course, true for agency new business. Taking a single source of information and hoping it will provide the answer to the puzzle (is the client happy with their agency or not?) is, at best naive. Surround yourself with as much information as you can about the company and think, deeply and intuitively.

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NPS for Q1 2012

Net Promoter is a customer loyalty metric developed by (and a registered trademark of) Fred Reichheld, Bain & Company, and Satmetrix. It was introduced by Reichheld in his 2003 Harvard Business Review article “One Number You Need to Grow”. The most important proposed benefits of this method derive from simplifying and communicating the objective of creating more “Promoters” and fewer “Detractors” — a concept claimed to be far simpler for employees to understand and act on than more complicated, obscure or hard-to-understand satisfaction metrics or indices. In addition, proponents claim the Net Promoter method can reduce the complexity of implementation and analysis frequently associated with measures of customer satisfaction, providing a stable measure of business performance that can be compared across business units and even across industries, and increasing interpretability of changes in customer satisfaction trends over time.

The Net Promoter Score is obtained by asking customers a single question on a 0 to 10 rating scale, where 10 is “extremely likely” and 0 is “not at all likely”: “How likely is it that you would recommend our company to a friend or colleague?” Based on their responses, customers are categorized into one of three groups: Promoters (9–10 rating), Passives (7–8 rating), and Detractors (0–6 rating). The percentage of Detractors is then subtracted from the percentage of Promoters to obtain a Net Promoter Score (NPS). NPS can be as low as -100 (everybody is a detractor) or as high as +100 (everybody is a promoter). An NPS that is positive (i.e., higher than zero) is felt to be good, and an NPS of +50 is excellent.

RSW undertakes a Net Promoter Score audit each quarter. Our NPS for Q1 of 2012 was +36.

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How to Measure Success in PR – Are You Sure?

The MD of a PR firm told me this and he swears its true. They had been working for a client for six months on a project, at the end of which they went in to see the CEO of the firm with the Comms Director - they had a report and the press clippings etc.

As they started the presentation, the CEO stood up and said “I don’t need to know all this, does it pass the door test?” The PR firm looked a little confused. The Comms Director sighed, picked up the press clippings book and walked to the door.

She opened the door (which was a fire door) and used the press clippings book as a door stop.

The door stayed open.

The CEO said “Fine, retain them” and walked out.

Now, before laughing TOO loud and thinking what a ridiculous thing to do, answer this question. How do you measure the success of your new business agency or manager if you have an in-house resource?

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MD of PR Firm

“RSW, the finest new business agency in Christendom”

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Who’s the MAN! for agency new business.

Back to basics – SALES. It’s what we do – call it what you want, but that’s it. Many years ago I was making a speech at an Omnicom conference (DAS to be precise) and I was talking about sales and an MD of an agency at the end said that it was all well and good, but that he wasn’t in ‘sales’ he was in ‘advertising’. My response was that his CEO would probably said that he was in the business of selling the services of an advertising agency, not ‘in’ advertising per se.

Anyway, sorry, that was just an aside. Right, back to SALES. Remember the acronym, M.A.N. It stands for Means, Authority and Need and is how you should qualify a prospect from a suspect.

Means – do they have a marketing budget. Easy to ascertain.

Authority – is THIS person either the main decision maker or a major influencer. Again, pretty easy to determine with the right question.

Need – ah, now this one can be a little trickier. Let me explain further how RSW works – this is, after all, my blog, so hey, cut me a little slack for a plug!

We make email and telephone contact with targets with a view to identifying the prospects from the suspects, qualify these prospects and arrange a meeting for you to go and see them when their position in the need spectrum is aligned to your pre-determined position at which you have told us to do so.

What do I mean by ‘need spectrum’? Well, at the one end, you have someone who uses agencies, isn’t contractually tied to put all work through them, has ongoing projects that crop up every few months but hasn’t anything specific they want to discuss with you, but are interested in meeting so that they can then consider you for the next project they have. That’s a ‘need’, but a pretty tenuous one; however, if that person is senior enough, close enough geographically and the company is a priority for you, meeting them could be a good idea.

At the other end of the spectrum is someone who we speak to who says … “Wow, am I glad YOU called – you sound perfect! My agency has let me down, I have £150k to spend and need this doing within the next two months – can you please come and see me on Friday so that we can talk about how you can help me”.

So, what we  do is agree, for each company, where the cut off point on the need spectrum is and segment them accordingly so that every meeting, no matter what, is one that you are delighted with.

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20 Years Old!

In August 1992 Adam Whittaker went to see Jack Gratton at the recruitment firm Major Players. Jack gave Adam a psychometric test following which he said – “Adam, I’m not going to put you forward for any jobs. You should start up your own business”. He then handed Adam a business card. “Give these guys a call, they need help with new business”. So Adam did. And so it began …

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Bold marketers will come out top after economy improves for agency new business

This is exactly what we are seeing as well – more new business opportunities for marcoms agencies now that at any time for the last few years and those agencies who invest in a results driven new business program will reap the rewards at the expense of the more cautious.

IPA BELLWEATHER REPORT

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Quality, Quantity, Price – Fee Model for Agency New Business

There are many different models for pricing new business agency services – the most popular of which is a fixed monthly retainer. Now this CAN be the best way, depending upon what both sides need from the relationship. But consider this triangle – we call it the QQP Triangle.

Quality – the quality of meetings arranged is of paramount importance of course; but what exactly does quality mean? it means different things to different people at different times. Sometimes, or for some agencies at all times, quality criteria threshold can mean there MUST be a brief available; for other agencies (or at other times or even for certain prospects) there does not need to be a brief, as long as the prospect has a genuine interest in meeting. So, quality can be movable.

Quantity – the quantity of meetings arranged can be changed quite easily, by either altering the Quality criteria or the Price (i.e. buy more time). Sometimes this makes sense; you lose a client and suddenly need a boost – we’ve all been THERE for sure!

Price – the Price therefore, we believe, can be altered by both the amount of time bought but also by both the Quality and the Quantity of opportunities delivered. It’s quite straightforward and can sometimes be the most efficient way of delivering Quality, Quantity AND Price in a format to both parties satisfaction.

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