3 Ways to Improve Your Business Development Efforts-An Example & A Challenge
Continuing content around your agency’s business development efforts, and coming off last week’s post on four consecutive months of growth in the U.S. ad market (Brands, Agencies, and The Currency Of Resiliency), more good news this week:
In November, employment in US advertising, public relations, and related services reached an all-time high for the second straight month, adding 1,200 jobs to bring the total to 504,500. (US advertising and agency hiring soars amid forecasts calling for 2024 spending growth)
The piece points out, “advertising and PR industries are adjusting to new technologies and evolving consumer behaviors, necessitating an expanded workforce”, and that new technology presents opportunity, but with a note of caution.
I know you’re receiving the same explosion of lead-generation emails and offers promising unrealistic returns that I do, much of it purportedly AI-based.
Your prospects are getting bombarded as well, and you need to remember that.
From Ad Age (Phony AI Ad Tech—How Brands Can Avoid Misleading Marketing Products):
Brands are being flooded with offers from vendors with AI-based products that promise to improve marketing and work efficiencies.
3 Ways to Improve Your Business Development Efforts Right Now
I mentioned in my previous post,
Brands, across the board, will need help to accomplish these solutions, beyond what any internal teams might offer. And that help will come from agencies, of all types, but you must bring expertise and leadership to the table.
Sticking with the AI theme from above, from Ad Age:
As many as three out of four marketing products billed as AI really aren’t, Rashidi said, and marketing executives often can’t tell the good from the bad. “Executives are struggling”
So now to those 3 ways:
1) Show prospects (and clients) you’re staying on top of trends and tech
You don’t have to become the AI expert at this point, it’s effectively still the wild west, but you can show your prospects you’re staying informed, and that you’re keeping your clients informed.
Amidst all the junk your prospects get every day, you should be the voice of reason and expertise. (I’ll give you an example of this in #3 below)
2) Look at your current prospect targets-are they best-fit?
A real-world example: taking a recommendation from their RSW new business director, we took a look at target companies within a 100-mile radius of our client and found an ideal company 20 miles away they didn’t know existed.
Our client thought they were aware of companies within a certain range, and it was just a matter of taking a step back.
Think about my example as you read this quote from the Ad Age article:
The AI transition can be expensive, Rashidi said, which makes it even more important for companies to do their homework. “So marketers who aren’t technology-based, marketers who aren’t AI-based, who are drinking from a firehose of information,” Rashidi said, “how do we help them?
I realize I’m being very AI-focused here, but take that out and replace it with what your firm specializes in.
How can you help your prospect?
Tell them.
3) Give Away Your Thinking
I don’t mean the true secret sauce or anything that’s contractually protected of course, but give away your knowledge.
I mentioned above in #1 I would give you an example.
This example combines sharing helpful knowledge with a well-written email, increasingly rare these days. (And thanks to Tigercomm owner Mike Casey for sending this email he received my way)
I’ll preface by saying this email is a little long, but as I pointed out to Mike, there’s value given, it’s more conversational in tone (rather than SELLING!) and so the writer has more inherent permission to be a little lengthier.
Hi Mike,
I wanted to reach out and share some interesting developments regarding LinkedIn’s algorithm that could significantly impact your executive presence and engagement on the platform.
Over the past three months LinkedIn has implemented several noteworthy updates to its algorithm, aimed at creating a more personalized and engaging user experience.
One of the most powerful updates is focused on Engagement Timing & Consistency:
The algorithm is placing emphasis on the timing and consistency of engagement. Engaging with your connections’ content promptly and consistently can positively impact your visibility on their feeds and vice versa.
This is quite meaningful, as it means that when you engage with others’ content directly (mainly via comment) then your future content will be more likely to appear within their feeds (not just their content in your feeds). If done correctly, this will allow you to really get on the radar and nurture relationships with key people, even if they have not previously engaged with your content.
I left out about 3 more sentences at the end, the last being a soft sell of his platform, but as Mike pointed out when he sent it to me, “Gives value, isn’t obnoxious, bumps offer of help, but at the end. I think this is nicely done.”
My Challenge To You
Now, I know this can sometimes be tricky to come up with, but I encourage, and actually challenge you, to bring together your team, and take an hour breaking down your last 5-10 projects:
What were the business challenges in each, and
How did you help solve them?
Make a list and craft outreach and content around each of them.
