Where to Look for a New Business Agency
Maintaining a steady flow of clients and customers is crucial. It is pretty simple to become complacent when you have a large enough clientele, but would your company suffer if one of those clients suddenly vanished? Or even worse, would it collapse? Partnering with a New Business Agency can help you attract clients and develop your firm. There is no doubt that generating new business and leads can be expensive, time-consuming, and complex, but overall, it may be rewarding.
… and a……………………. After consulting with the directors of creative agencies and other business development managers, I prepared this post. Small Creative and Marketing Agencies looking to work with a New Business Agency for the first time should read this post.
In the realm of new business, I believe it is accurate to state that you get what you pay for. You can choose an agency that approaches new business strategically or hire a telesales person to phone thousands of companies for a small charge. The second will cost money, but is it essential?
To expand your firm, new business agencies specialize in finding you clients. Although different agencies operate in different ways, the bottom line is that they will contact businesses on your behalf to arrange a meeting between you and a possible client. Although it may seem straightforward, the new business process involves more than cold phoning.
When hiring a new business agency, there are a few things to consider before diving in headfirst. Since they are all unique individuals, they will have various opinions regarding how new businesses should be performed. Before you deal with your new business agency, consider asking them the following questions.
Numbers or Results, Question 1?
Be wary if a new business agency assures you five meetings and says it will target 500 companies every week. For some organizations, this could be a potential time waster. A New Business Manager will put you in front of x number of clients if they are under pressure to do so. They merely need to hit their goals; it is not their concern whether the meeting is beneficial.
If the individual managing your new business account is a very skilled salesperson and uses a forceful sales approach, they could be able to compel a potential customer to meet with you regardless of whether they have work or you are the right fit. Although these salespeople are competent, they might not be generating qualified prospects.
For instance, you wouldn’t want to find yourself in a meeting to rebrand Kellogs if you work for a design firm specializing in content management websites for small businesses. Indeed, this would be a great opportunity, but do you have a chance against the best branding agencies? Similar to how you might not want to attend a meeting to discuss a £300 website if you exclusively work for significant businesses.
A compelling new business manager should be motivated by outcomes and competent to assess a qualified lead. Giving them too many goals will finally force them to schedule meetings. You don’t want to go to just any conference. A potential client looking for an agency for a specific project or wanting to change their agency roster would make the ideal meeting. An excellent meeting can also be a brief credential meeting with a company on your wish list that you intend to impress with some vital concepts.
Consider an agency motivated by results as opposed to one driven by data. However, gaining work right away is not always the focus of new businesses. Building a pipeline and enhancing your profile are the goals. A friendly chat between your account manager and a decision-maker regarding a project that will be commissioned later that year is preferable to a credentials meeting. The decision-maker can then be contacted frequently until that project is initiated. By the time of the meeting, you will not be going over a portfolio but instead discussing a specific task.
Examine the pipeline in addition to the number of meetings.
How Is Targeted Their New Business Approach, Question 2?
Are you attempting to contact as many businesses as possible to offer your services? This may be effective for some companies, but I suspect it will be effective for many. A New Business Agency that recommends a narrowly focused strategy will probably see better outcomes. A design agency, for instance, would not want to target “any” business with the statement “we do design” because it won’t stand out and would instead turn into a game of chance.
A web design company that primarily serves restaurants and creates content management websites could make a similar offer to other eateries. You don’t have to restrict yourself to eateries, though. Always strive to grow your market, but do it carefully. You might target hotels, pubs, taverns, and clubs if you work with restaurants. Of course, you may always increase your market, but it will be advantageous if you can demonstrate your expertise in the industry to a possible customer. (I’ll get deeper into this topic in my upcoming blog).
Consider the company’s scale; if you’ve only ever worked with SMEs, build this up gradually then aim for Coke. Look at the businesses’ locations. Can you afford and have the time to fly from London to Glasgow for a meeting, or do you need to stay close to home? A reputable new business agency will build a database for your company’s strengths. It is advisable to first consult with your new business agency to tailor a database, as they should be able to offer guidance. But, you must be aware of your company’s direction and your current and desired positions in the market.
Even though it would seem simple, many of the new business managers I spoke to shared anecdotes with me about how their clients showed no interest in the strategy and merely relied on them to schedule meetings without guidance. These clients later refused to travel outside London for conferences and rejected projects worth less than £5,000 (although they had never completed a project for this much money).
How do they locate the Decision Maker, question three?
How will the business identify the correct individual when your New Business Agency sends them your information? These days, there is a ton of data on the internet about company marketing directors. While it would be nice to meet with someone in such a prominent position inside the organization, how likely is this?
Typically, the Nike Marketing Director won’t conduct agency interviews for a microsite. Usually, calling them to schedule a meeting would be a waste of time and money. Shoot lower. Finding the individual in charge of commissioning microsites at Nike will require persistence and thorough investigation; it won’t be the Marketing Director. Nike is a huge organization.
Who do you want to work with? Companies are constantly adding new positions, such as new media managers, advertising managers, mobile managers, interactive managers, account directors, and creative directors. The target is fewer businesses because research takes time, but ensure your representative is speaking with the correct individual. It is challenging to call in response to letters that are merely addressed to the Marketing Director. Learn who and how your new business manager will be contacting.
Who else is the agency collaborating with? Question 4?
Working with a company that is good at selling what you have to offer is fantastic, but finding a new business manager with these specific abilities is even better. But is your account kept distinct if your new business manager collaborates with three mobile marketing agencies? What guidelines does your company have for sharing potential clients?
If possible, keep your new business account separate from any other corporations. You don’t want to finance someone else’s startup company. A New Business Manager may obtain information on a company trying to rename all of its marketing materials—and maintain the goodwill of two design agencies—too quickly.
Who handles your account, per question 5?
Always request a meeting with the account representative. Make sure you like how they come across because it is your business, and they represent you. Your new business manager should be competent and self-assured enough to hold a lengthy conversation without seeming like they are reading from a script. If you work for a new media agency, does your new business manager understand the difference between augmented reality and RFID barcodes? How far can they take this discussion?
Knowing about a potential client’s business before speaking with them will help you uncover points of commonality. This implies that your new business manager should be informed about the industries they focus on.
An s……….. They should be proficient speakers, good researchers, and quick learners. A New Business Manager will comprehend the procedures and terminology and be generally able to adapt to various industries that have specialized interests if they have prior experience in marketing or creative agency. Conversely, it will undoubtedly be more difficult for someone with no expertise in design, marketing, or the creative industries, in general, to learn everything from scratch and discover niche markets.
It might be a good idea to bring your New Business Manager to the meeting if they’ve developed a relationship with a Decision Maker as an employee of your business. Does your New Business Agency permit this? Your account manager should ideally feel like a member of your team.
You should always be prepared for meetings and be aware of what is expected of you while you’re there. You are responsible for providing your new business manager with all the required information. You are knowledgeable about your market, therefore, keeping them informed of current developments never hurts. Keep your New Business Manager informed and involved whenever a new initiative is launched.
How do you get ready to collaborate with a new business agency?
Get willing to participate. According to most new business managers surveyed for this study, “the more closely they have worked with clients, the more likely they are to produce results.” It’s rare for a new business agency to begin working for you and return to you a week later with some new business. Ensure you have the necessary materials if your new business agency is initiating interactions with the appropriate parties. You are responsible for giving the URLs to your work, PDFs, showreels,
or brochures that many potential clients will request via email. Make sure you are ready for the presentation when you attend meetings that you have essentially spent a lot of money to attend. Only so far can your New Business Agency carry you. Remember that you are likely the most outstanding candidate to lead your new venture if you own a business because you are intimately familiar with its capabilities, strengths, and flaws. If you can’t acquire a £500,000 contract for yourself, don’t count on a new business agency to. Be truthful.
The rationale for this piece is that many creative firms I spoke with have worked with at least a few New Business Agencies before choosing the one they thought they could work with. Before incurring the fee of a New Business Agency, there are undoubtedly a lot of concerns to consider, but I hope this post answers some of them. Please visit my website for additional guidance on managing your own new business.
Freelance writer Keri Newman Small business marketing and web design.
Read also: The 12 Highest Paying Jobs In America – Become One Of Them!