Burning the proverbial bridge has always been the negative aspect of new business activity. Why? Because, both internal personnel and external new business agencies have historically, and continue to play, the scattergun numbers approach.
Our typical burn rate, if we need to call it something, is 0.5%. How is this possible? Because given the pre-work put in to identifying targets with each and every client we develop a deep understanding as to the reasoning behind contacting a specific prospect. With a far more focussed approach the burn rate is reduced vastly so over a typical 12 month period, starting with an average target audience of 200, we’ll still have a base of 120+ at the end of this period, even at a meeting rate of 6 per month (which typically is the level required by clients on a monthly basis).
This does not take into account referral opportunities, work with lapsed clients and the like but gives you a good feel as the difference of approach and the minimisation of the burn ratio.
Given that some of the successes will no doubt come with companies that have multiple divisions there is even greater opportunity for organic growth through these new relationships. This should further leave fertile ground as such.
We always emphasise the need for this focussed approach. Fed with relevant business intelligence, new business activity can become a formidable force in growing any agency.
With the hope this insight proves useful but please remember it is purely our opinion. One though, we believe, works.
Thanks, as always, for reading.
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