Not quite – but the green shoots are there. And there is significant opportunity to gain significant new business with a succinct approach.
How do we know this? The two-step approach highlighted this as fact. The first step was to go to a sample of agencies (appx 100) and ask the pertinent question – how is new business activity? The second step was to ask what has been organic and what has been from cold?
In October last year growth was predominantly organic. Now the split is 25% organic and 75% completely new. Evidence, if any was needed, of the green shoots that are evident.
The news media may well highlight the negative economic factors and uncertainty that prevails but there are still a sufficient number of organisations that need to continually push the boundaries of activity, companies that are young and need support in raising their profile. You also only have to look at the FTSE fast track listings to see that good news does exist across a multitude of sectors.
It is important to continually focus on your strengths, particularly in these testing times. Alliances between agencies continue to grow where synergy exists for services to be bolted on to build up the proverbial war chest.
There is a multitude of ways to develop new business streams, some not as evident on first glance, but the need to be a little braver even in challenging times is essential for continued growth. And whilst we are not necessarily in boom time within the wider arena, there are agencies that are in substantial growth mode. These have realised that alliances, a more focussed approach to new business and a realignment of their businesses as a whole was needed to ensure that not only did they survive difficult trading conditions but that they also made significant movement growth wise.
We are now getting into the more strategic and tactical work we carry out and we’ll expand upon this in the series to come but thanks, as always, for reading to this point.
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