What We're Covering
Tom talks about the struggles agencies face finding and closing new business. But you DO NOT have to be in a marketing agency to benefit from Tom’s advice. If your job or business depends on getting more right fit customers, this interview will be of value to you.
Excerpt from the Conversation
Tom let's get into your sweet spot biz dev. Um, you're dealing with agencies a lot.
When you're dealing with your agency clients, what are they getting wrong? How are they approaching things? And where the common challenges agencies are facing.
Honestly, I think it's a lot of the same common challenges that agencies have always faced. And that is relying far too much on referrals, relying on competitive pitches, and just really not having a business development plan. Not having a structured plan that is based in really sound fundamental sales prospecting, nurturing, and closing principles and, and theory because they're not exposed to it.
They don't know it. I mean, think about it, who starts agencies? You know, its creative people, media people, account managers, but they're not really salespeople, right?
So the, the mistakes I see is either one, they'll go out and try to hire a Rolodex, you know, they'll hire a biz dev person. They usually tend to go into the media world, radio, print, and they think, “Oh, well, this person already has all these contacts in their Rolodex and so, they'll be able to, sell, our agency." And it doesn't work. And it doesn't work because that person's not credible to that client selling agency services. Selling agency service is very different than selling a media placement. And so, it doesn't happen. It doesn't, result in a good business program.
The other thing is agencies don't take a long enough viewpoint. They'll come in and say, “Hey, you know, we need to, ramp up our biz dev." And it's usually because they are about to lose a client. Maybe they lost some clients and there'll be like, "Give me a 90- or 120-day plan." Oh, that's not how to look at it. If you're going to look for a 90- or 120-day plan, you're going to look for low hanging fruit. What's going to be the easiest win to get. I've been there. I've lived that, but that's when it's too late. Instead, you should be saying I need a business development program when things are going good. When you don't really need a lot of new clients, because then you can build it strategically.
You can pick 20 or 30 people at companies you really would like to work with because they're strategically fit what we do. And let's put a plan together that will raise our profile against those companies. Ands let's also put a plan together long term to raise the profile of the agency across the board for any company that happens to need the kind of services we provide. And let's do it in a way that positions us as a truly unique option.
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