Though much remains unknown as we navigate the health and economic crisis, there is one thing I can say with certainty: new business outreach is back in full swing.
Don’t get me wrong—new business has changed. Big agencies can’t impress clients with fancy offices and catered food platters, and everything is virtual (Campaign). But deals are still happening, relationships are being forged, and sales fundamentals are more important than ever.
In this post, I’m going to share some questions I’ve heard recently from agency owners, as well as advice on what to do right now for your agency’s new business efforts.
There are lots of things you can do now to prepare your agency for the future. I’ve seen some recommendations about using downtime to work on your agency’s website and content. I would add that it’s a great time to strengthen your team’s sales skills.
Most salespeople have never really had to hunt for new business or new accounts. This is especially true for those in agency new business. A few years back, Hubspot found that referrals account for roughly 90% of agency new business. Incoming referrals are a passive lead source that takes the pressure off of your new business team, despite often leading to less desirable work. As referral volume decreases during this global pandemic, the importance of “hunting” ability will only be magnified.
No matter how busy you are, it's no time to be sitting on the sidelines where agency new business is concerned. Neglecting your pipeline could leave your agency without opportunities in Q3 and Q4 when the economy will be some yet-to-be-determined degree of bad. Not to mention, it may set your agency up with an empty pipeline going into 2021. Agency services are a long sell, so making time for business development is a vital investment in your future.
Most agencies still don’t have a new business plan. Even fewer have any real strategy around sales—they may have a target list, but no real questioning strategy or game plan for when they get in the meeting or for following up. If your end game is to “get in the room,” this may apply to you. Getting in the room is not the end goal; in fact, it’s where the real selling starts.
Part of the sales mindset is having confidence and equal stature. Another part of it comes from sales strategy and knowing that you are going after business that you have a right to earn based on relevant experience. If that’s not true, if you are going after the business because you want it but don’t have a right to it, you shouldn’t be doing it.
If you can genuinely help a company right now, phone calls seem to be fair game. You may even have a better chance of reaching someone in these atypical circumstances. People who are starved for interaction may be more inclined to engage in conversation. Just keep in mind that many people are having office calls forwarded to personal cell phones, and their attention levels may be hampered by immediate distractions and personal crisis at home.
Cold calls have always been a mixed bag, requiring patience, perseverance, and thick skin. It’s not a popular activity, but it’s a necessary one. The beauty of agency new business is that we forge mutually beneficial business relationships. We have a shared end-game of generating bottom-line value—and, in the current climate, survival. If your agency and your prospect’s business don’t generate revenue right now, people will lose jobs. Sales may be a 4-letter word, but our work is critical and worthy, as long as it is relevant and helpful.
Image credits: Photo by Nastuh Abootalebi on Unsplash; Photo by Марьян Блан | @marjanblan on Unsplash