Resource: Harvard Business Review blogs for your agency new business efforts

May 17, 2012 By Leave a Comment

Hello again, new business fan! Today’s few hundred words detail another resource from the Thunderclap files. The Harvard Business Review blogs. Very smart stuff here that will help improve your new business development efforts. What follows are some quick thoughts.

Jumpstart strategic thinking
Either or yourself or for a prospect or a client. Here’s a great example. This smart post illustrates four ways a company can stay relevant.This particular article is written by David Aaker, a thought leader who has published more than 100 articles and 15 books on marketing and branding. This post could be something you could pass along to your pitch, planning or account management teams. Or maybe even – gasp – a potential client.

Identify a few potential partners
While I have no idea if Mssr. Aaker is open to some sort of win-win partnership, he’s not the only writer on their blog. Many of these professionals write for the purposes of business development. They might welcome a call should you have a good idea or opportunity.

Demonstrate you are current and smart
Kinda goes with saying. But what I have always loved about the kind of writing seen in HBR is it’s clarity and simplicity. Harvard Business Review is a well regarded brand. Just reading what’s on their blog makes me sound and look smarter. Imagine what your potential clients and existing clients would think.

Here’s a thought or two on what I look at when I use this work on behalf of agencies. Of course, your mileage will vary. It really depends on usage context. And while you might read about some specific examples, that stuff is zipped in Thunderclap’s cone of silence. But here you go:

  • Avoid posts written by other agencies. Generally speaking, not that great an idea. I try to stick with people that are general management consultants, and better known authors. People or people at brands that already have some awareness. This adds impact.
  • Check out the “more popular” links. This is a quick way to determine what might be in the minds of your target: business readers. You can check all sorts of metrics: most read, most shared, etc. Smart.

Anywho, hope this helps. Thanks. And happy surfing.

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Filed Under: Agency Operations, Closing, Existing Client Growth, Prospecting, Uncategorized Tagged With: , , , , , , , , , , , , , ,

How search consultants can survive in the ad agency new business world

May 9, 2012 By 1 Comment

Hi. A couple of well-written stories came up recently in our industry’s leading trade book, Ad Age, that made me think a bit more about search consultants. I worry for their business. There are, after all, some good guys out there. So I wanted to write a few hundred words on what they could do. The first story was about search consultants whining about procurement in the most recent Mirren conference. The second story was about the changes taking place in agency compensation (and the rise in performance incentives.)

Oh, and in full disclosure… I also worry because some of these guys will begin to get into my business – giving paid advice to agencies and agencies alone. They become an ad agency new business consultant. It’s bad enough that some play both sides. Happy to accept checks from either clients or agencies. We don’t need any more of this monkey business. Papa’s got a mortgage to pay. But we digress…!

So, what’s a search consultant do to?! Here are some thought-starters:

Sharpen your own marketing and business development
The Ad Age article about agency compensation was based on a survey performed by a highly regarded and well known search consultant. Very, very smart. Naturally, I encourage you to take a look around this site for new business strategies. But   here’s another place to find some inspiration and innovation. This “place” lists a few non-agency resources for professional service business development. Having suggesting this, though, there are a couple of really easy things to consider:

  • Develop win-win partnerships with other professional service offerings (law, accounting, etc.)
  • Get published regularly. Very smart guys out there doing this right now. But there are many platforms still available.
  • Re-engage with all your past clients. Odds are good they’ve moved on from the brand you served. I wonder if there isn’t some way you could keep in touch with your old clients each month with some valuable, helpful information.

Change up what you offer
Try to take a 30,000 foot view of what’s happening in the CMO suite. What are they looking for that you are not providing? Blow apart the Integrated Marketing Communications function. Find the areas in which your skill set has value. And yes, that’s a big, fat hint.

Specialize
Agencies are beginning to build practice areas and market their specific expertise in targets or categories. Is this something for you to consider?

Change your business card
Buy someone, join forces, or become part of a much larger firm. For instance, my experience has suggested that when a management consultant gets an agency search project, they bungle it. I wonder if there isn’t an opportunity there for you.

And these are just for starters. It’s not lost on the industry that the most successful search consultants are changing the way they do business. They have already employed one or more of the thoughts outlined above. YOU can do this, too!

Many search consultants are actually nice folks. Competent, fair, smart professionals that are industry experts. While I feel for you, we are at a point when change must be necessary to thrive. Don’t make me pull this car over!

Gentle reader, should you have any thoughts related to helping a search consultant out, feel free to share with the class.

Thanks!

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Here are just a few posts written about the consultant world on this blog:

The consultant world in ad agency new business

Do you need to know agency search consultants?

The 4as List of Search Consultants (and how to use it) 

 

Filed Under: Marcom Industry, Planning, Search Consultants, Uncategorized Tagged With: , , , , , , , , , , , , , , ,

RFP how-to articles in ad agency new business

May 1, 2012 By Leave a Comment

Hi, folks. Thought you might appreciate a heads up on some interesting articles related to agency RFPs and RFIs. In this post, you’ll learn some tips you can pass along to clients, as well as get a reminder where you can insert client benefit in your agency’s story. All of which will drive new business development for your ad agency.

Chris Shumaker wrote a bit in Ad Age that offers up some tips to clients on developing RFPs. I love what he has to say. Chris would definitely be one to know, by the way. He’s an experienced new business hand, having worked in “the bigs” for years. Personal experience suggests he’s a smart, nice guy.

By the way, one of the things Chris recommends clients use are the new 4As / ANA guidelines. Agreed. Find Thunderclap posts here and here on how this can be used in your agency’s new business efforts.

Avi Dan wrote a piece in Forbes CMO Network also aimed at clients. Avi’s a search consultant – one of the good ones, I understand. He writes a good post. And while his message is a little self serving (that clients should hire search consultants instead of working through procurement), get over that quickly. He’s got some suggestions in it that you should be aware of as an agency. Here’s a snippet of what he writes with regard to a good RFP…

“ a good RFP should provide information about how the agency differentiates itself; what is its business model, what is its vision. We want to know: have any of your ideas ever failed? What did you learn from that?”

He goes on:

“You are not hiring an agency’s past; you’re hiring its future. And that future, while somewhat informed by previous accomplishments like case studies and samples of creative work, is more likely to be a reflection of an agency’s culture and people, and its willingness to embrace what’s coming rather than preserve what’s been.”

Pretty damn inspiring stuff from an experienced pitch man.

From your perspective, these articles can mean a couple of things:

Understand the benefits your vision, business model and culture can deliver to your clients
This should kinda go without saying. But you’d be surprised how often agency RFP responses don’t call out the value of these things to readers. I see this a lot when past responses are used as source material. The readers of your document are looking for the WIFM – what’s in it for me. Spell it out.

Take part in the industry paradigm shift
Value yourself more. The Ad Age article suggests that the smarter agencies are also evaluating their client just as much as the client is eyeballing them. Your taste alone in new business blogs suggests you are smart! Avi’s wisdom suggests it’s OK to be yourself, relying less on the Jedi mind tricks of ad agency new business. Should you be looking for more ways your uniqueness is marketable, do a search for “authenticity” on this blog.

Anywho, hope this helps. If you’ve noticed any new RFP trends, feel free to share. Thanks!

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Almost forgot: if you are looking for FREE RFP Response How-To tips, sign up for the RSS feed or drop me a line. Happy to send some over to you in the form of a presentation I delivered to a group of 4As agencies.

Filed Under: Client News, Marcom Industry, Pitch Strategy, Search Consultants, Uncategorized Tagged With: , , , , , , , , , , , , , , , , , ,

Big agency experience and your career, part three

April 24, 2012 By Leave a Comment

OK. So, you’ve read a bit about how much big agency experience you should get . Then, you might pondered what a big agency can throw at a pitch and why this can help you. But you didn’t read about another thing to consider: your function in new business at agencies of this size.

So, here are three typical roles, ordered from least to most valuable in the eyes of senior management. And, well, folks that hire new business professionals.

Producer
You’re the go-to person. You take the lead on RFP responses, credentials presentations and finals. You develop the pitch schedule, arrange the meetings, research, participate and lead the internal meetings. You have “the football” – the deliverable. It’s part project management, part strategist and part thankless. Being a producer is typically how most people get started in the new business department. Or, they take part in a pitch at their agency. And then, get hooked!

Marketer
You help make the bits & pieces that tell your agency’s story. This list is endless: website, blog, social media, whitepapers, agency thinking, events, partnerships, credentials, etc. Typically, you plan and execute elements of the new business program that last beyond a single pitch. This kinda stuff ultimately increases the number of phone calls your agency earns.

Prospector
Rolodex-grower and relationship builder. You’re working it. One of the proactive faces at the agency that gets the proverbial fish in the boat. These are typically more senior people, capable of having conversations with directors of marketing and CMO-types. This could also include search consultants, a key target for big agencies.

Of course, your mileage may vary. But the above are the basic functions of a new business department of any agency. Not just the bigs. The bigger the agency, the more compartmentalized the functions become. At FCB Chicago (now DraftFCB), we had a five-person team. Ultimately, it became a boss, a prospector and some marketers/producers. At a 150-person shop, you might have a boss and a producer. At a 50-person place, it’s one professional doing a whole lot of juggling. Lots of variations here.

But ask just about any agency principal, and they’ll say they need more pitches. Which means marketing or prospecting.

So, you career-minded folks…

Your mission, should you chose to accept it, is to be valuable across the functions. Smarties may be paid for producing, for instance, yet contribute to agency marketing…AND build their network. So that over time, your personal network produces leads for your agency. But we digress!

Hope this gives you a perspective. Happy career-ing.

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Oh, almost forgot. A bit on general new business experience and what it can do is here. Now, yours truly has gotta hop. There’s producing, marketing and prospecting to be done.

Filed Under: Agency Operations, Career, Marcom Industry, Recruiting, Uncategorized Tagged With: , , , , , , , , , , , , ,

How to spin your agency’s experience in new business

April 10, 2012 By Leave a Comment

This might be a bit basic for many of you. But it’s being shared because it’s an essential new business skill as it relates to your agency’s experience, capabilities or expertise. By “spinning,” I mean, in a word, RELEVANCE. Tying an aspect of your agency story to a prospective client’s need. Here are some common links:

  • Category / business segment?
  • Marketing communication challenge?
  • Target?
  • Marketing challenge? (Think 4 Ps)
  • Distribution / channel structure?
  • (Specific retailer?)
  • Internal stakeholder challenge?
  • Media investment?
  • Industry changes?
  • Product/service life cycle?
  • And on and on
I’m sure you’ve got the hang of it.
The skill is seen in just about every aspect of the new business pitch process: from prospecting to closing. Here are two related tips:
  • Kinda goes without saying, but the closer your story matches the prospect’s need, the better off you are. Period. Spin too much and you risk losing precious credibility. Your competitors that don’t have a relevant story will play a card like the following. “We have no experience in the category. But this can bring innovation to your brand and business.” Or something similar. Believe me, if they had a good tie or relevant spin, they’d use it. One could ask why the agency is pitching, but we digress…!
  • Call out this relevance in a case study before it is presented. This ensures you have the prospect’s attention. In a written RFP response or presentation, for example, I like to add a bullet point or sentence or two.
Oh, and the term “spinning” is, well, what it is. The word itself has become a negative. Everyone thinks about slick, inauthentic PR folks, political mouthpieces or unprofessional “media relations” people. The perception is that “they” are usually backpedaling or trying to shape a perception.
It’s too bad the term has been maligned. And sure, when you think about it in the common way, the bullshit meter goes off, right? I suggest to you the term is used differently here. But to be clear, it would be smart for us as an industry to coin a new word for this essential practice. The agency business has enough problems with our perceived image.
By the way, if you’re interested in discussion around the common definition of “spin,” check out Arment Dietrich. For years, Gini Dietrich has been writing about the practice through her blog, “Spin Sucks.” She has since morphed into helping businesses and firms with their social media efforts. Very smart. Nice, too.
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Filed Under: Marcom Industry, New Business Lore, Pitch Strategy, Prospecting, Uncategorized Tagged With: , , , , , , , , , , , , ,