The List for Ad Agency New Business

March 2, 2011

To begin a successful agency new business program one of the first steps is to identify your best target audience and build a data base of company information that would include a contact database.

The List is a B2B sales lead generation resource with access to over 108,000 marketing, advertising, and media decision makers. Subscribers use the corporate decision makers contact database to generate sales leads and target new business prospects.

The List is one of the better services that I’ve used when I was leading new business efforts for a number of agencies. They specialize in providing intelligence to  advertising, marketing, and creative agencies.

Ad agency new business directors spend lots of time locating and pre-qualify prospective clients for their agency. The List simplifies this process and allows them to connect with prospective clients faster and easier. A very comprehensive new business prospecting tool.

Email and mailing list are easily assembled through a quick search and can be downloaded as an Excel or .cvs file. I’m already spending  more of my time executing tactics to win new business and far less time looking for the right contact information.

The best way to evaluate whether or not The List provides the new business intelligence for the type of prospects you agency is focused upon it is to take advantage of their free trial. If you are interested, access it by Clicking Here

Conduct some prospective client advanced searches by geography, industries, specialties and revenue/media spend/size.

To evaluate any data resources for prospective clients here are a few helpful tips:

  • Out of 100 contacts, how many are incorrect information? More than 10 incorrect data points and you’re dealing with inaccurate information.
  • How long does it take you to find the contact you’re looking for? How does this compare to your current data provider?
  • Once you have your desired contact, do you have the (correct) email, direct dial, address? Does your current information provider have it? Is it accurate?

Trying to maintain your own database is not the best return on your time investment, that’s why services such as The List are valuable.

Todd Knutson, CEO of The List, has created a blog, New Business Intel: Driving Ad Agency New Business. Todd provides lots of resources, tips and tactics for new business that I’m sure you will find helpful.  You can also follow and engage with Todd through Twitter: @Todd_Knutson


Survey: Economy Improving, New Business is Up for Small to Midsize Ad Agencies

January 27, 2011

Having endured one of the harshest economic periods since the great depression, agencies are reporting that 2011 is off to a better start.

A total of 430 advertising agency executives participated in the 2010 Advertising Agency New Business Survey.

The survey was sent by e-mail to a database of over 10,093 U.S. full service advertising agencies ranging in staff size from 5 to 350 full-time employees. The survey closed end of day, December 31, 2010.  The survey was developed and results analyzed by Michael Gass Consulting, Special thanks to THE LIST for providing the data sampling.

The results are not a scientific study, it does however, provide an indication of their beliefs, feelings and perceptions regarding agency new business trends in the last quarter of  2010.

Here is a summary of the survey results:

  • How has the economy impacted your business? Business is up or up significantly for 47% of the 430 advertising agencies that responded. 34.3% reporting that business was down or down significantly. These percentages are reverse from a similar study conducted in 2008. It looks like the end of The Great Recession for the advertising industry and business is starting to improve.
  • Would you say that obtaining new business is easier or harder than it was in 2009. New business is slightly better. In a 2008 survey, 56% of the agencies indicated new business was hard/harder than the previous year. That number drops to 47% for this 2010 survey, indicating a slight improvement. For 34% of the agencies surveyed new business was the same. 18.5% said it was easier or a lot easier in 2010.
  • What is the number one reason why it is harder to obtain business versus last year? Lack of opportunities (48.6%) was the number 1 reason new business was harder, followed by more competition (23.8%).
  • What are the 3 top sources for new business? 50% of ad agencies generate new business through referrals (25.9%) and personal networks (24.5%), the third primary source of new business is the agency’s website (9.1%).
  • Does your agency have a full-time new business director? If yes, how long have they been employed? More than half of the agencies (57.3%) have a new business director and most of them (38.5%) have been in their position 5 or more years.
  • Does your agency have a blog? 35.8%, of the agencies surveyed still do not have an agency blog.
  • Does your agency have a written new business plan? Just over half of the agencies that responded (53.7%), have a written new business plan.
  • Does your agency have a unique point of differentiation from competitors? An impressive 76.8% of agencies surveyed said yes, they indeed have a unique point of differentiation from their competitors.
  • When asked to briefly describe how their agency was different from the rest, you can decide if they are really that much different from their competition. Here’s a link to over the 243 of the agency’s that chose to respond: http://bit.ly/i3oe8J

Click on the following link to download a copy of the 2010 Advertising Agency New Business Survey


Jump Start Your Ad Agency Blog Using Email

July 2, 2010

 

This is a guest post from my friend Todd Knutson, CEO of The List, the most accurate online database of marketing and advertising decision makers in North America. Todd is also the author of a great new business blog, New Business Intel.

If your ad agency has or is considering writing a blog, deciding how to spread the word to acquire readers is important: If relevant corporate marketers aren’t reading it, the time you invest in writing may be in vain.
Common ways to promote your blog include:

  • Email marketing
  • Twitter
  • Links from your website

This post is a guide to using email as a blog promotional tool.
Your most important decision is choosing between using an internal email list or purchasing a list. There are pros and cons of each:
Your list – pros

  • You own it
  • It’s free
  • It has your clients and (some) prospects on it

Your list – cons

  • It may be out of date
  • It may not include all the prospects you should be pursing
  • It may be too small (you need at least 1500 good names to kick-start your blog (and more gets you there faster)

External list – pros

  • It’s the most effective way to increase the size of your list
  • The right llist will allow you to reach the corporate marketers that exactly fit your prospect profile: by the geography, industries, titles, company size(s), and media spend.
  • The right list will be high-quality (i.e. clean), with a low (5%) bounce rate
  • Certain list companies will completely update their email list multiple times per year, and/or will offer to correct or replace those emails that bounce.

External list – cons

  • There are few, if any, opt-in lists for corporate marketers
  • You’ll get what you pay for: low price usually equates to not being able to effectively target as described above, or you’ll have a high bounce rate.

The opt-in question is tricky: to my knowledge, highly targeted, opt-in lists of relevant corporate marketers just aren’t available. Our clients tell us they’ve purchased them from many different companies and they’re universally terrible. We’ve tried it internally and experienced the same thing. I think the reason is fairly simple: the corporate marketers you want to reach just don’t opt-in very often. However, that doesn’t mean they aren’t interested in relevant content.

Your next decision is to choose an email provider from the many available services. I recommend you look for one with as many of the following features as you can get:

  • Easily manages opt-out requests
  • Tracks soft and hard bounces
  • Tracks opens
  • Manages out of office replies
  • Creates browser-friendly, text-friendly, and HTML-friendly format
  • Allows you to test different subject lines to see which one(s) work the best, with follow-up emails going to non-opens of the first message
  • Allows you to easily manage days, times, time zones for each send
  • Has good analytics / reports so you can effectively measure your performance over time

Promoting your blog well makes the effort it takes to write all the more worthwhile, and email is a great way to do so.

Good luck, and let me know if you have any questions – Todd

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10 Tips for Creating an Ad Agency Blog for New Business

June 28, 2010

The following 10 tips are my suggestions for creating an ad agency new blog with the objective of generating inbound new business leads while simultaneously building social media capabilities and credibility:

1.  I recommend that you do not incorporate your blog into your agency’s website

Online inbound lead generation is like fishing. You should fish for a particular fish (your target audience) with a particular bait (an appealing positioning that differentiates your agency from the rest) and do your fishing away from the boat (the agency’s website) so that you don’t scare away the fish.

Some additional reasons to allow you agency’s blog to reside apart from the website:

  • Most agency blogs look too corporate and less personal.
  • If  tied into your agency’s website and branding, is constricted and has little room to breathe and grow.
  • A blog can and should have a much narrower focus that speaks to a specific target audience. You can think more narrowly without the risk.

Your agency’s website is more like an online brochure, the place where capabilities, credentials and client work resides. It’s okay for your agency’s Website to show its diversity of clients but a blog has to have a specific target audience.

2. The agency’s blog should be reflective of its owners

You have to remember that social media is about people. Be the face of the agency and don’t hide behind a veil. For instance, if your agency’s Twitter account is the agency and the avatar is the agency’s logo, how does a person know who they are speaking to? It makes it awkward if you are not leading your social media with people.

Your agency needs a face and for most small to mid-sized agencies, that face needs to be the agency principal(s).

The agency’s  principals are the least likely to leave the agency.  If you lose a staff member who you’ve allowed to be the face of the agency through social media, you lose a lot of equity, your audience and you must start the process all over again.

3. Keep the design simple

I know an agency that took 5 months just to design their blog’s header. The more people you involve in this process the more chance you will have a bottle neck that slows down the process.

Keep the design simple and highlight the content. The content is the fuel for using social media as a lead generation program.

I would even suggest utilizing WordPress, TypePad, Blogger blog platforms to keep the process as simple as possible. My favorite is WordPress. You can create a blog in minutes rather than days, weeks or months. It will be a constantly evolving process and its important that you keep the process moving.

You have to stay razor focused delivering valuable content to your audience.

A great example is Edward Boches’s blog, creativity_unbound. Edward is the chief creative office for the Mullen agency. With an arsenal of resources available to him, he has kept his blog’s design simplistic, easy to navigate and consistently provides excellent content that has positioned him as a thought leader.

4. Make your target audience crystal clear

I write specifically to small to mid-size agency principals. She-conomy’s audience is male advertisers who should be marketing to women, Blue Collar Branding has a focus on marketers of manufacturers who want to reach blue-collar workers.

For your blog to be successful, keep you target audience in mind. Make your blog a repository of helpful resources they would consider of value. You don’t want traffic for numbers sake, you want targeted traffic.

Being focused-in on a targeted audience will enhance your blog’s SEO, also drawing targeted traffic from other social media platforms such as Twitter, Facebook and LinkedIn.

5. Before you begin to write learn to listen

Some to-dos:

  • Spend time building your online community and network. This will require a significant time investment in the beginning but once created it is much easier to maintain.
  • If you want to receive learn to give. Be a help to others and they will in turn be helpful to you.
  • You will have ambassadors, be kind and express your appreciation.
  • Look for opportunities to engage your prospects. This is networking on steroids. Social media provides you with the capability of being in dozens of places, networking with a much greater number of people than you could ever do offline. There are no geographical limitations and you can network literally from anywhere you have internet access. But you must be a participant.

Listen to your readers. Your blog’s analytics will help you to fine tune your writing to make it more appealing. Your readers are the judge and jury of the content you post. Always look to your readers to provide you with direction for your writing, what they care about and respond to.

6. Write Concisely

People read online differently than they do print. They usually don’t read word-for-word, they tend to scan.

Nielsen Norman Group ’s research found that 79 percent of their test users always scanned any new page they came across; only 16 percent read word-by-word.

Make your posts scannable by:

  • Always lead with the conclusion. Use the inverted pyramid style of writing. The very first sentence in your post should be the “takeaway or benefits statement.” Answer the question, what will be my takeaway if I commit to read this post?
  • Being brief, give your readers the Readers Digest version, the executive summary. Do the work on their behalf
  • Divide up long copy into shorter paragraphs
  • Use bullet points or numbered lists
  • Use compelling subheads, quotations, bold, italics, etc,  so readers can scan for the information they need

7. Jump start traffic to your blog to accelerate lead generation

“Build it and they will come,” is not the answer to generate traffic to your agency’s blog. You must employ proactive tactics to create awareness and interest among prospective clients. The more traffic that you can generate, from among your target audience, the more inbound new business leads that will follow.

You can create a great return on your time investment by repurposing your content. Two good ways to build initial traffic quickly is to repurpose your blog’s content through Twitter and an email newsletter.

Don’t make assume that just because you’ve written it, everyone has read it. You are better off assuming they haven’t.

My newsletter is emailed every other week to a data base of over 10,000 email addresses. The copy for  the newsletter comes from my blog posts. It takes literally 10 to 15 minutes to create and send. That allows it to be maintainable even when I’m at my busiest.

A program called SocialOomph allows me to automate repurposing blog content to my Twitter accounts. I actually have a media schedule for Twitter. Another helpful program is TweetAdder, which will quickly build a targeted Twitter following.

Here are some other tips to help generate traffic to your blog:

  • Publish posts frequently. I would encourage you to post at least 3 times and preferably 5 times per week.
  • Write evergreen for your posts to have a long shelf life and a good return for your time investment.
  • Syndicate your new posts to Twitter, Facebook and LinkedIn.
  • Add your blog link to your email signature.
  • Add  a Share Button at the bottom of your posts to allow them to be easily promoted by others to through their personal networks.
  • Provide subscription options for your blog such as through email or an RSS Feed such a Feedburner.
  • Identify key words you want to dominate in Google search and consistently use them in your posts titles.
  • One thing to not do that will impact traffic. Don’t sell! The moment you start to sell on your blog is when you will most likely LOSE your audience.
  • Don’t forget SEO. Identify the key words you want to dominate and consistently use them in your posts titles to accelerate your rankings in search engines such as Google.

8. Fueling blog post ideas

Please remember this, your reading will fuel your writing. The key is to find the online sources that inspire great content. A huge time saver for your reading is to use an RSS Reader. My suggestion would be to sign up for Google Reader.  Instead of you constantly having to search for resources, Google Reader will flow it all to you and allow you to scan and organize hundreds of sources daily with little time and effort.  It is very efficient.

Because I know who my target audience is, I have identified the categories that I’m going to write to, coming up with blog posts ideas is not difficult. From my experience, the narrower your focus the easier it is to find things to write about.

9. Be focused and consistent

It is as simple as planning the work and following the plan.

  1. I follow a daily ritual to keep me on track and consistent. I start every day with my strategic reading. My homepage in FireFox is my Google Reader. I open it before I check email. Because if I open the first email, my day is usually done.
  2. I start out each day knowing who is my target audience.
  3. I write consistently to the stated purpose of my blog which is, “fueling ad agency new business through social media.”
  4. I find lots of resources that isn’t specific to my target audience but I make it irrelevant. I do the work on their behalf.
  5. I do my best to follow a regular posting schedule of 4 to 5 posts per week.
  6. I usually write 1 original blog post for every 4 to 5 resource posts which is taken from other online resources. My blog becomes a repository for everything related to agency new business.

10. To keep up you must have the right mindset

One of the main reasons agency principals haven’t been as inclined to participate in social media is that they are already over extended with little time for anything additional in their professional or personal lives.

When they make time to participate and understand social, is when they’ve finally relented,  it isn’t going to go away. What will make the social media pill easier to swallow is the understanding the multiplicity of benefits it provides:

  • I’ve helped to create over 60 agency blogs and have found it to be a great agency branding tool. A lot of agencies are in a perpetual state of branding their agency. A blog helps them to answer the tough questions and provides a way to be more narrowly focused without throwing the baby out with the bath water.
  • A blog is worth doing if only for this one big benefit, professional enrichment. It provides a system for you to stay ahead of the learning curve in communications technologies and in front of where your clients and prospective clients. A position of leadership. Thought leadership.
  • The interaction with your prospects provides you with rich, priceless info. If you really want to know what your prospective clients obstacles are and become a thought leader, then write a blog.
  • The old saying is true, “you don’t know what you know until you write it down.” Writing a blog will help you become a much better communicator.
  • Learn to create a strong appeal for your agency. A blog will help you to stop using agency speak and speak in a language that resonance with your target audience. It will teach you how to generate an appealing message.

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Three Helpful Services Improves Ad Agency New Business

June 23, 2010

There are three services that are essential to “jump-start” you agency’s ability to generate inbound leads for new business using social media.

Most ad agencies are participating in social media, meaning they have a blog, Facebook Fan page, Twitter and LinkedIn accounts, but they haven’t connected the dots to generate qualified leads for their new business pipeline. It is primary for agencies to have a focused strategy and a clear objective for using social media specifically for new business.

Ad agencies can’t wait six months to start generating leads. They need to new business now.

To accelerate the time it takes for your online new business activities to begin producing, there are three services that I recommend:

To begin a successful agency new business program one of the first steps is to identify your best target audience and build a data base of company information that would include a contact database.

Many ad agencies and marketing services companies expect their new business director to build their own marketing and sales database. A number of ad agencies that I talk with attempt to maintain their own database of prospects. For a short list that is doable but if your list is large it is impossible to maintain unless you have someone totally dedicated to keeping it updated on a regular basis.

I recommend using a database service company. Most charge an annual fee to subscribe but the cost is usually worth the price because of the internal time saved along with updated information on thousands of companies, agencies and businesses.

My recommendation is The List, the service that I currently use and the service I recommend for my clients. It provided the “seed list” of email addresses for the FUEL LINES email newsletter. If I need information on a company not in their data base, I can make a request and The List will research and get the data for me.

It’s worth your time to review their free trial and explore how many of your targeted prospects they have in their data base.

Questions to help determine if  The List is the right new business database service for your agency:

  • How many “qualified” companies are listed that are viable prospects for your agency?
  • How many (marketing) contacts do they have at the companies that matter to me? Be sure they have them in the quantity you need to justify the expense for their.
  • What contact information is provided?  Beyond the usual address and phone numbers do they have sufficient numbers of email addresses which would be a great resource for your agency’s eNewsletter.

SocialOomph.com is a service that provides free and paid productivity enhancement services to fuel your agency’s new business through social media. It is not only a great tool for your agency but also one that will greatly help with your clients social media efforts.

Content marketing is a key component for using social media for ad agency new business. Content is written for SEO so that it will be found by your best prospects who elevate you to a position as a thought leader. SocialOomph will help to repurpose you content through multiple social media channels. It is a huge time saver.

Out of the  hundreds of tools that have been developed to enhance Twitter’s usefulness for marketing SocialOomph is the one that has been the most helpful for me.

These are some of the SocialOomph features that I like and use:

  • Manage multiple accounts from one dashboard (your agency’s as well as clients Twitter accounts)
  • Manage an unlimited number of blogs
  • Upload your agency’s blog posts and URLs from an Excel spread sheet, in bulk to Social Oomph
  • Pre-set the date/time range for each post in minutes
  • Automatically shorten post URLs through Bit.ly and track clicks
  • Automate – follow those who follow you in Twitter
  • Automate – unfollow those who don’t follow you in Twitter
  • Purge and filter your Twitter account’s DM box
  • Small monthly fee that is month-to-month, cancelable at any time (more than pays for itself for the time that it saves)
  • Junior level people/interns can be easily trained to use this tool on behalf of the agency and clients
  • You can also schedule your agency blog posts to Facebook, just keep the repurpose level to only a few per day

Basecamp is an online project management tool that focuses on communication and collaboration. It is the best tool that I’ve used for creating consistent new business programs for my clients. Many agencies enjoy it so well they in-turn use it for their clients. Basecamp expedites the new business process, provides an accountability system and moves projects forward. All communications, files, presentations, resources, meeting notes, etc. are all in one place. Milestones and To-Do lists easily created, assigned and tracked.

Basecamp is so simple you (or your clients) can’t do anything wrong. Basecamp is addictively easy-to-use.” — Robert Hof, BusinessWeek

Basecamp features I love the most:

  • No “IT Guy” required
  • Nothing to download all Web-based, always up-to-date and backed-up
  • Plays well with Mac
  • Easily handles multiple client accounts and dozens of projects
  • Transfer info from one account to another such as detailed to-do lists
  • Any client can use it, no need for training

Additional new business resources: 75 Ad Agency New Business articles, posts, reports, surveys and white papers

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The Top 50 Ad Agency New Business Articles

April 8, 2010

With almost 500 post on this blog, I thought it would be good to publish this top 50 post list. I’ve assembled the “best of” FUEL LINES agency new business articles based upon analytics of site visitors and their comments.

This is an example of how you can optimize popular blog posts on your agency’s blog. Here are also 10 Ways to Optimize a Popular Post on Your Blog, from ProBlogger.

FUEL LINES Top 50:

  1. Ad agency having explosive new business growth by leading with social media
  2. The Top 10 Social Media Questions Ad Agency Clients are Asking
  3. Four Ways Social Media is Changing Advertising Agencies New Business
  4. IBM Study: The end of advertising as we know it
  5. A Guide for Ad Agencies: The Cost and Servicing of New Media
  6. Social Media “Teaches” Ad Agencies to Promote Themselves the Right Way
  7. Twitter List: 500+ Advertising Agencies on Twitter
  8. Time Saver Tip: Build A Treadmill Desk
  9. The Dysfunctional Client and Ad Agency Relationship
  10. 5 Ways I Use Twitter to Help Ad Agency New Business
  11. The Top 100 Social Brands of 2009
  12. A Simple Twitter Formula for Ad Agency New Business
  13. Social Media Marketing Map Used For Ad Agency’s New Business
  14. Promote Your Ad Agency Through the Recession
  15. Recession Creates Opportunities for Small-to Midsize Ad Agencies
  16. 400 articles on the subject of “Advertising In A Recession”
  17. Does social media end cold calling as an ad agency new business tactic?
  18. How Teens Use Media: A Nielsen report on the myths and realities of teen media trends
  19. Design Your Ad Agency’s Website for New Business
  20. Four Things Your Ad Agency Should Know Before Jumping Into Social Media
  21. Clear and Present Danger of Social Media for Ad Agencies
  22. Prediction: Ad Agencies that make social media central to their business model will be hiring
  23. 10 Things Ad Agencies “Usually” Say About Themselves
  24. Ad Agencies: 6 Quick Tips for Pricing and Servicing Social Media
  25. Edward Boches, CCO for the Mullen Agency: What Twitter Can Do For You
  26. The Changing Role of Ad Agency Rainmakers
  27. 5 Reasons Ad Agencies Have Problems Creating Online Communities
  28. Major Shift in Advertising Means a Shift for Agency New Business Practices
  29. 6 Practical Tips for Ad Agency RFP Responses
  30. How Social Media Impacts Advertising and Marketing
  31. Top 25 Ad Agency New Business Through Social Media Articles
  32. 10 iPhone Apps for Ad Agency New Business
  33. 10 additional questions to ask before hiring your agency’s new business director
  34. 10 Blogging Tips for Ad Agency CEOs
  35. Four-step Approach to a Social Media Plan
  36. The First of Five Ways to Promote Your Ad Agency Using Social Media
  37. 50 Ad Agency New Business Tips
  38. 10 Reasons Ad Agencies Should Participate in Social Media for New Business
  39. Top Ten Reasons Your Ad Agency Should Blog
  40. Ad Agencies: 5 Ways to Find Prospects on Twitter
  41. Should Ad Agency Pitches and RFPs Be a Thing of the Past?
  42. Digital Agency Uses Social Media for New Business
  43. 40 Ways to Take Your Ad Agency’s Blog to the Next Level
  44. 75 Ad Agency New Business articles, posts, reports, surveys and white papers
  45. What words do you use to describe your ad agency?
  46. SlideShare: Fueling Ad Agency New Business Through Social Media
  47. Twitter Traffic Explosion Being Led By 45-54 Year Olds
  48. Social Media. It’s Time for Ad Agencies to Be Creative
  49. 20 Reasons Why Social Media Won’t Replace Email
  50. Should Ad Agencies be Expected to Have a Presence in Social Media?

Additional ad agency new business articles can be found on these blog sites:

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Advertising Works: Ad Agency Advertises for New Business

September 18, 2009

Todd Knutson, CEO of The List, recently highlighted an agency that actually practiced what it preached, An Ad Agency that was advertising its services, even offering a discount during the recession. It worked!

Advertising Agency Advertises

Advertising Agency Advertises

When asked by a reporter from the National Post, Ron Telpner, chairman and CEO Brainstorm, a Toronto-based agency, (read interview here), Why did you choose to advertise your services? It’s not a move that many agencies would take — at least not so publicly.

The primary motivation was to “walk the talk”: to remove the inherent hypocrisy of an agency that would recommend advertising to its clients as a strategy while not having enough belief in the power of advertising to use it for themselves.

The recession provided a unique opportunity to make this point more poignantly. And as an agency that’s offered fully integrated services from inception, we also wanted to ensure that the market was aware of our full range of services, including digital.

It started with the development of our new website (www.brainstormgroup.com),which offers a more “shopper friendly” interface for potential clients, with less about the agency’s philosophy and more about the goods. One of the campaign objectives was to increase visits to the new site, and it attracted 1,600 new visitors the day the ad ran. (Click Here to read the entire interview, “We’re Walking the Talk”)

I would also encourage you to read Todd’s entire post to learn the results and to get his perspective regarding the ROI this agency generated: “$40,000 Off Our Fees, Your Next New Business Pitch?”

Additional ad agency promotional articles that may be of interest:

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3 Ad Agency New Business Blogs That Provide Fresh Perspectives

June 16, 2009

There are several blogs that will be of help to your agencies new business efforts that I want to introduce. Each of these blog authors has a great amount of experience working with advertising agencies of all sizes for new business and each of them also has a unique perspective. I highly recommend that you include them in your online reading as resources for your agency’s new business.

clive maclean

Clive Maclean’s Blog, Resources to Grow a Profitable Agency

“Driving profitable growth within an agency requires much more than just new business! Most agency principals tend to rely on new business development as the key driver to profitable growth within their agency. All their aspirations, dreams, energy and resources are focused in this area while not realizing that new business development is in fact only one pillar of the five pillar strategy required to be successful.” Clive Maclean, Clive Maclean Consulting


new business dingo 

The New Business Dingo, Ad Agency Growth Through Proactive New Business

Unless you’re consistently implementing new business campaigns to drive new revenue in-line with organizational objectives, (be that through social media or traditional DM strategy), it’s highly likely that you’ll fall short this year.” Dave Currie, President of Catapult New Business

New Business Intel

New Business Intel, Driving Ad Agency New Business

“New Business Intel provides a way for me to share my experience and help advertising agencies, media companies and other marketing solutions companies drive business growth by developing the right ongoing sales processes.

I’m convinced that a blog makes me a better communicator, helps me to stay ahead of trends, and provides leadership to our clients.”  Todd Knutson, CEO of The List

 

I’ve the good fortune to know each of these authors personally and count them as friends and colleagues. They are all passionate about agency new business. I hope you find them as refreshing as I have regarding their unique perspectives for agency new business.

 

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Do you buy or build your ad agency’s new business database?

April 29, 2009

A recent survey reveals that only 34 of advertising agencies and 57% of all other marketing services companies understand how to implement a proactive new business program. A key to any new business program is prospective client database.

todd-knutsonThis is a guest post written by Todd Knutson, CEO of The List, a leading provider of prospecting information on corporate marketing, advertising decision makers and a sponsor of FUEL LINES. Todd has extensive experience in new business development, particularly for ad agencies.

Many ad agencies and marketing services companies expect their new business director to build their own marketing and sales database. Is this a smart business decision?

I remember speaking with, Jeff, a twenty-something new business guy. Jeff was a new employee at a well-known regional ad agency. His management team had given him a group of industry categories that they wanted him to pursue, and had charged him with identifying likely companies and people he should talk to.

So, he called my company, The List about purchasing a customized database of corporate marketers that fit their criteria.  Jeff determined that he could purchase exactly what his agency needed for only about $3,500 and have it in 24 hours. He said he’d call back with his president’s approval.

A few days later, I called Jeff and learned that his president told him it was his job to build the database.  I told him I’d call back in 6 months to hear how he was doing.

Right on schedule, I called Jeff 6 months later. Not surprisingly, he had just been fired for not generating any new business. Why? Because he’d spent the entire time building the database (at the request of his president).

Let’s do some simple math: Assume Jeff was paid $50,000 a year. Add in benefits and his total annual cost was probably close to $60,000. So, over 6 months this regional agency spent $30,000 building a new business database they never used.

Think of the losers in this equation: Jeff is out of a job; the agency lost 6 months of potential revenue; and, the management team is disheartened about the “failure” of their new business effort.

This is a common mistake made by ad agencies and other marketing services companies that illustrates the fallacy and drawbacks of building instead of buying. I encourage readers to do the math to avoid making the same mistake.

Ask these 5 questions to help determine the quality and applicability of your new business database:

  • How frequently do you call and verify the accuracy of each contact in your database? If you hear 6 or 12 months, given turnover in corporate America, you have to question the veracity of what you’re buying.
  • How many companies can I access that spend more than $____ (fill in your minimum) per year on marketing services? If how much your potential clients spend on marketing is important to you, be sure that the resource you buy provides a number that tells you approximately how much it is (no one knows a company’s marketing budget, so media spend is usually the surrogate).
  • How many (marketing) contacts do you have at the companies that matter to me? Too often, you purchase contacts that aren’t important to you. If you need marketing, brand, media, or C-level contacts, be sure your chosen resource has them in the quantity you require.
  • What contact information do you provide? Do you need mailing address, direct dials, main phone numbers, email addresses? Be sure they have what you need.

 


8 Benefits of Social Media for Small-to Midsize Ad Agencies

March 13, 2009

Social media benefits the bottom line for small-to midsize ad agencies  - new business. 

I arrived in Atlanta last night and had some time to catch up with my good friend, Scott Nelson, Nelson Creative. Scott and I spent the evening together talking mostly about social media and its impact upon our industry. Scott is a believer.

I’m prepping this morning for a “Fueling Ad Agency New Business Through Social Media” workshop for Catapult New Business, Marketing Mine and THE LIST.

As you can tell I am a social media enthusiast. Social media is making the biggest impact upon the advertising industry from anything else seen in my lifetime. It also impacts ad agency new business. I view these as  positive impacts.

Below are a few of the benefits social media provides ad agency new business:

  1. From an agency new business perspective, social media “teaches” ad agencies to do new business the way they should have been doing all along.
  2. Social media is the best tool I’ve ever used for creating ad brands for ad agencies.  
  3. The personal and professional enrichment provided through social media allows you to stay up on the latest trends, stay ahead of your clients and provide them with genuine leadership.
  4. Social media greatly improves your communication skills. “You don’t know what you know till you write it down.”
  5. Social media is not a fad, it is my prediction that it will be the central hub for all of our advertising and marketing. The rich feedback from audiences is incredible, timely and affordable.
  6. People want to work with people that they know, like and trust and social media provides the opportunity to build relationships in the most efficient way possible. I’m connected with people all over the country, even have globally. As I’ve repeatedly said, it is networking on steroids.
  7. Combining social with your agency’s niche, your agency’s point of differentiation can become an appealing and powerful position.
  8. Social media provides and small-to midsize agencies their opportunity of a lifetime.  There are no experts in social. It is so new, anyone who claims to be you can be assured they aren’t. The rules are continually being rewritten as others come into this space. Jump in and allow social media and your agency’s creativity to take your agency beyond your wildest dreams. It’s done exactly that for me.

Additional articles that may be of interest:


Ad Agencies Should Use a Database Service for New Business

February 26, 2009

A number of ad agencies that I talk with attempt to maintain their own database of prospects. For a short list that is doable but if your list is large it is impossible to maintain unless you have someone totally dedicated to keeping it updated on a regular basis.

I recommend using a database service company. Most charge an annual fee to subscribe but the cost is usually worth the price because of the internal time saved along with updated information on thousands of companies, agencies and businesses.

A database service can provide detailed prospecting data on public, private companies and advertising agencies. Many will provide features such as:

  • Company profiles
  • Executive contact information that often contains direct lines and even email addresses
  • Company products and services
  • Competitor information
  • A break down of their advertising spend
  • Ad agency of record
  • Information regarding your own agency’s competitors
  • Ability to assemble customized, filtered prospect lists that are downloadable

In the past I’ve used services such as Hoovers, Redbooks and The List.

My recommendation is The List, the service that I currently use and the service I recommend for my clients. It provided the “seed list” of email addresses for the FUEL LINES email newsletter. If I need information on a company not in their data base, I can make a request and The List will research and get the data for me.

This is a sampling of the kind of information you receive: Honda


More Women Pursue New Business for Ad Agencies

July 19, 2008

New business directors, who often carry the title of senior vice president, are responsible for marketing their agencies to prospective clients. Their tasks range from calling on companies to seek the opportunity to present an agency’s credentials, to positioning an agency, to leading a pitch team to win an account in a specific business category. In the past, as with many executive level advertising agency positions, this position had been mostly held by men.

Women are now filling one of the more critical roles in agency management: the pursuit of new business.

One of the largest independent advertising agencies in the country, The Richards Group, tapped Diane Fannon, to oversee new business development back in 2004. Diane is a frequent panelist and speaker for AAAA new business seminars.

Cindy Scott, Director of Business Development for LWT Communications. Cindy is a natural at New Business Development. She has all of the abilities, plus learned skills and personality that make her very successful in what she does for this regional ad agency.

Ad agency executives and consultants who assist companies in finding agencies say that half or more of agency new business directors are women. Some sources say that upwards to 75% of agency new business directors they talk to are women. The trend is significant, these people say, because the new business position may be a possible path to agency leadership, which has been nearly closed to women.

 


Ad Agency New Business Tool, “The List”

June 28, 2008

To begin a successful agency new business program one of the first steps is to identify your best target audience and build a data base of company information that would include a contact database.

I was recently reintroduced to the services of The List, having been a subscriber some years ago. I was so impressed by all of the new features that I’m now a new subscriber to their premium version.

Ad agency new business directors spend lots of time locating and pre-qualify prospective clients for their agency. The List is a service that provides up-to-date information on a wide range of industries.

 

 

 

You will find comprehensive, up-to-date, contact information. Useful detail such as direct dial numbers, email addresses, titles, personal notes, like an assistants name, is often provided. There are also bios, media spend and agency of record data.

It is worth the cost just for the email addresses to “seed” your agency’s email newsletter that will in turn help to initiate traffic to your agency’s blog or website.

Email and mailing list are easily assembled through a quick search and can be downloaded as an Excel or .cvs file. I’m already spending  more of my time executing tactics to win new business and far less time looking for the right contact information.

It would be worth your time to explore The List’s new features by  taking a tour yourself. If you like what you find, be sure and ask for a free trial period to try out the service.