Four Ways Social Media is Changing Advertising Agencies New Business

To paraphrase Little Orphan Annie, “Tomorrow is only a day away.” 

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Traditional advertising agencies face significant technical challenges. Consumers have turned away from media channels that built the agency industry and have moved toward emerging internet media.  Ad agencies must build new interactive competencies quickly in order to survive. 

I receive inquires almost daily from ad agencies who are trying to discern how social media marketing will impact their current new business business model.

 I’ve highlighted four ways that social media is changing ad agency new business:

  1. A paradigm shift for how new business is acquired. According to a recent CMO survey, 80% of decision makers say they found the vendor, not the other way around. Instead of finding your prospects, the “new” new business paradigm for Marketing 2.0 is to help your prospective clients find your agency.
  2. SEO is now a critical part of new business strategy. According to Marketing Sherpa, 80-90% of business to business transactions begin with a search on the web. That means that SEO is a very important component to your agency new business program.
  3. An agency blog is a necessary component for marketing your agency. It wasn’t that long ago that it became understood, every business needed a Web site. Today it’s, every business needs a blog. This is especially true for ad agencies. We’re suppose to be leading not following our clients.
  4. The growth of new media mandates agencies participation. Social media is now mainstream, your agency’s credibility is suspect if it isn’t walking the walk, not just talking the talk. I can’t imagine ever advising a client to deal with an advertising, PR, or interactive team that doesn’t get social media. One of the best ways to demonstrate your agency’s participation is to incorporate new media into your new business program.

Combining social media and ad agency new business, provides a powerful, inexpensive and highly effective combination for your agency’s self promotional efforts. 

 

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This entry was posted on Thursday, August 14th, 2008 at 8:14 pm and is filed under New Business Trends, Social Media. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.

36 Responses to “Four Ways Social Media is Changing Advertising Agencies New Business”

  1. Al Shultz Says:
    August 27, 2008 at 12:43 pm | Reply

    You said, “I’ve highlighted 4 of the ways social media is changing agency new business practices: Read more…”

    I clicked. I read. But I did not see the four ways?? Am I missing something?

  2. Michael Gass Says:
    August 27, 2008 at 12:58 pm | Reply

    No Al you weren’t missing something. My bad. I’ve made some edits to state the ways social media is changing new business. Thanks for the response.

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    November 7, 2008 at 11:01 am | Reply

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  13. Christopher Says:
    March 10, 2009 at 4:43 pm | Reply

    Hey,

    just happened upon your blog. Great stuff, man.

    I am a recently laid off ECD in Chicago, contemplating launching my own agency (novel idea, huh?).

    Writing a business plan. Got to the part about new business and drew a blank. Then did a google on “how ad agencies get new business”.

    Your blog was at the top of the list.

    I love the internet. Thank you, Al Gore.

    And I love your blog. Thank you, Michael.

  14. Michael Gass Says:
    March 11, 2009 at 7:39 am | Reply

    Christopher,

    I’m glad you found my blog helpful. If there are specific questions I can help you with regarding new business please let me know.

  15. Christopher Says:
    March 11, 2009 at 12:06 pm | Reply

    right on.

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  19. Luigi Cappel Says:
    March 27, 2009 at 5:50 am | Reply

    I think you could add Location Based Services such as Proximity Based Marketing to the mix. Have a look at what we did at http://www.locationinnovation.co.nz. Two categories in the location innovation awards were by Tequila. Others are also starting to explore this concept in Europe, UK and USA

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