Pt 16 – Developing The War Chest

The majority of agencies are constantly active within the new business arena. Using traditional methods of finding new business ekes out a few opportunities. The lack of focus on strengths remains the major failing of agencies to find the better ones.

This brings us to the war chest scenario. What quite a few agencies lack is a clear and concise focus as to what their chosen marketplace needs against what they have to offer. The very simplest of methods can alter a sectors perception of them.

By looking inwards at their recent wins and the reasoning behind them this can offer substantial value to their ongoing new business push. An agency that knows that they had their hand bitten off by a prospect with regard a specific piece of work that worked wonders for them can act as a superior tool when approaching similar audiences.

Engaging with all departments within an agency can often also throw up opportunities. One agency does just this. They hold weekly meetings that last little more than an hour in length but involve all internal parties. Departments hold their own pre-meeting get together just to delve into the thoughts of team members as to areas where they feel the agency might be missing a trick. These are brought up within the main meeting and the findings are then fed through to the new business team or individual to action with the results then raised in the next meeting.

Such activity generates on average a 25% uplift in opportunities because the war chest contains more tangible arguments when approaching prospects.

So for 60 minutes of each week you can have a constant reinvigoration of new business activity that not only generates opportunities but also brings everyone into the process and also creates that team ethos sometimes lacking.

The final point on this approach is you can also find gems within your various teams that may not necessarily be evident in the day to day operations. And utilising these strengths can further enhance the agencies standing in a sector that has strength in numbers but remains strategically amiss in terms of focus.

Thanks, always, for reading.