Creating New Business Silos

In our ongoing series on developing the new business pipeline the smart developers will understand the methodology behind the following approach.

To start with we’ll reverse the approach into a real life scenario. When you see an advertisement, through whatever channel, it will create one of three silos in your mind:

·         Of no interest at all

·         Possibly of interest

·         Of definite interest

Based on the “possible” and “definite interest” silos you’ll then action a further interest approach by doing your homework as to where to go for the product and service and the most competitive price.

New business development is no different. If you apply the same logic to your prospect list you’ll create your own three silo scenario:

·         Prospects that have no relationship with your historical pedigree but you are aware of activity through word of mouth, network activity etc.

·         Prospects that have some correlation but do not represent the cream of the target audience

·         Prospects that have a direct relationship with the experience of the agency

These three silos will then become their own silos of activity:

·         Tier 3 – No relationship but you know of activity within the prospects that could offer a potential revenue stream

·         Tier 2 - The bread and butter clients – those that will generate a robust revenue stream which will act as the bedrock for new business activity

·         Tier 1 - Clients that, with time and effort, will transform the agency and are the “A” targets

So by working through this process you’ll then begin to develop strategic thoughts as to how to approach each silo which could typically be:

 

·         Tier 3 – Generic targets that might receive a traditional or viral related communication

·         Tier 2 – Again a viral/traditional generic communication but with the ability to reflect some form of correlation with the agency offering

·         Tier 1 – Targeted communication which reflects succinctly the pedigree you offer as an agency

The Tier 1 silo is where the clever approach is in terms of pre-contact intelligence and this will be an area we will cover tomorrow.

That’s one approach to new business – everyone will have their own thoughts but from a standing start it represents, we believe, a good point to make solid progression when developing the new business pipeline.

If you want to learn more about our own approach, as a whole, please feel free to visit us online at www.mintconsultancy.co.uk

Thanks as always for reading.