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Short tenures are often a symptom of a deeper problem. For a closer look at why agency new business programs struggle in the first place, read our breakdown of the six reasons business development efforts fail for ad agencies.
RSW/US has helped 300+ agencies build disciplined new business programs since 2005. These articles cover outsourced prospecting, pipeline strategy, and what separates agencies that grow from those that stagnate.
Building prospect lists can be challenging and sometimes frustrating – but it doesn’t have to be.
If you start with a solid strategy, the execution can be simple. The goal of a list building strategy is to review the qualifiers that make up the types of companies where your best opportunities lie. And key is staying focused.
In this post, I’m going to dig down into the 5 steps that will get you on the road to developing a kick-butt list building strategy.
A qualifier: these steps are mostly questions you need to ask yourself, so get ready to do a little work:
#1. Analyze your Business
Take a look at the makeup of your firm. Where does your current work lie? What kind of clients are you most often working with. Which are the most profitable, the least time consuming, the greatest joy to work with? Are you spread out among multiple sectors, or, are you more focused?
Additionally, ask yourself where your strengths and weaknesses lie, what sets you apart from other companies operating in your space? What defines you amongst your peers? 
#2. Industry Analysis
Look at the industries you serve. If you have multiple industries you may want to focus your efforts, so determining true fit during any given time period will be an important factor.
For example, are there cyclical considerations that would eliminate or push up a certain sector’s timeline for prospecting? You need to not only think about what you’re building, but when you think the best time is to prospect a given sector.
#3. Geography
Leverage commonality. There are some real efficiencies that can be gained if you’re working with clients that are in the same geography…but obviously that’s not always going to work that way.
#4. Revenue
Proven track record shows that your best opportunities will be amongst those companies within the same revenue range as your current clients.
Start there. And stay there for awhile.
#5. Titles
Typically we like to focus on VP and Director level contacts because those are our decision makers – BUT – this can absolutely fluctuate based on the size of the company we’re targeting.
Don’t be afraid to attack a company on all different levels if the first go-around wasn’t a fit.
Just remember, a successful outreach program is dependent on the quality of prospects on your list- and it all starts with the strategy. Get it done!
In our 2024 Agency New Business Report, 83% of agencies told us the average length of time to close business is 1-6 months, up from 75% in 2023.
And “more than 6 months” has dropped slightly from 18% last year (to 13%), which was the highest percentage since we started asking the question in 2020.
How does this impact your business development strategy?
What does this mean in practice for your firm, from a business development standpoint?
Initially, taking both these stats into consideration, it means the typical sales cycle has shortened slightly compared to the elongated time frames seen in 2023.
That’s good news, right?
But then we get some cold water dumped on us from this Ad Age story: 5 challenges facing agency leaders as 2025 looms
As M.T. Fletcher wrote an Ad Age piece this year, new business pitches are broken—they’ve only continued to get more expensive and dragged out. This continues to be a challenge for agencies heading into 2025.
Winterton said the pitch process has become so “prolonged.” Adam&eveDDB is in a pitch that was supposed to be done in six months—which have now elapsed—and there is not even feedback on what the outcome might be, she said.
Cold water indeed, but these are predominantly larger firms.
For a sizeable portion of you reading, you’re not typically in ongoing pitches, they aren’t the norm for small and mid-sized firms.
You’re typically in the prospect’s door with an initial project.
So that’s good news as well, but it means you’ll have to do what small and mid-sized firms don’t like doing, aren’t good at doing, or don’t have time to do (sometimes all three): nurture those leads to close.
Average Length of Time To Close Business is 1-6 months – now what?
Establish realistic expectations
Adjust expectations and plan for a lead nurturing process of at least 6 months.
If the close happens sooner, fantastic.
As we point out in our report,
It’s understandably one of the hardest aspects of business development. Most agencies are not built with the business development mindset and flame out on an internal effort 3 or 4 months in, which we can tell you from our almost 19 years of experience in the industry, is not enough time to see the process play out.
Tighten Up Your Lead Qualification Process
With more time spent on deals, you must focus on the right prospects out of the gate.
Create a snapshot of your ideal client, with all key parameters, which are, broadly: geography, title, vertical (or verticals) and company revenue. This is a form of pre-qualification that will help you avoid wasted effort on prospects that may never close.
Build Trust Over Time
Longer deal cycles mean more opportunities to build relationships, especially for small and mid-sized firms.
Prioritize providing value at each touchpoint, through content and a personalized outreach.
Show your prospects what it’s like to work with you before they ever do.
And long-form content, a podcast, or video series are excellent ways to provide that value, but even a few sentences against a trend, article, or new tech will help you accomplish this.
Improve Your Follow-Up Cadence
As the sales cycle extends, it’s easy to lose momentum.
Develop a clear follow-up strategy based on established timeframes ahead of time that keeps communication active without overwhelming your prospects.
Also, Establish those timeframes
I mentioned timeframes above.
Do your utmost in that first meeting to set the second meeting, or at least a timeline for follow up.
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Preparing for and expecting deals to take time to close will keep you motivated and most importantly, keep frustration at bay.
(And you will still get frustrated at some point, but at least you’ll be more prepared.)
Thought I’d take a look and see what our good friend chatGPT had to say about this.
Not too far off of what we might recommend. Pretty impressive.
Here are chat’s thoughts on Professional Services marketing:
There are several effective marketing tactics that businesses can use to reach and engage their target audience. Here are some of the top tactics:
Content Marketing: Creating and sharing valuable content that educates, informs, and entertains your audience can help you establish thought leadership, build trust, and generate leads.
Social Media Marketing: Using social media platforms to share content, engage with followers, and run targeted ads can help you expand your reach and increase brand awareness.
Email Marketing: Sending personalized emails to prospects and customers can help you nurture leads, promote your products/services, and build lasting relationships.
Search Engine Optimization (SEO): Optimizing your website and content for search engines can help you attract more organic traffic, generate leads, and increase your online visibility.
Account-Based Marketing (ABM): Focusing your marketing efforts on specific accounts or target companies can help you tailor your messaging, improve engagement, and close more deals.
Influencer Marketing: Partnering with industry influencers or thought leaders can help you reach new audiences, build credibility, and increase brand awareness.
Video Marketing: Creating engaging videos that showcase your products/services, share customer success stories, or provide educational content can help you increase engagement and drive conversions.
It’s worth noting that the most effective marketing tactics may vary depending on your industry, target audience, and business goals. A comprehensive marketing strategy may include a combination of these tactics to achieve the best results.
This is me talking/typing…
So while all of this is good and mostly spot on, if you’re operating in the Professional Services space and you’re “doing things” without really thinking about how it all ties together, what your end-goal is, or how effectively different tactics or combination of tactics are delivering for you, then you might want to sit down with your marketing team (or your agency if you use one) and do a bit of a re-set. Tactics for tactics sake aren’t the answer. And impressions or “likes” are a feel-good outcome, but they don’t buy you leads or business.
Maybe one of the most frustrating aspects of new business development for professional service firms is being ghosted by a prospect.
I recently included a past blog post in our weekly newsletter and on LinkedIn and it struck a chord, although not the chord I was expecting with some.
In brief, my post talked about buyers who want to change suppliers, and are even vocal about it, but just aren’t feeling enough pain to make the change. (And on top of that, change is just hard.)
It wasn’t about getting ghosted really, but close enough that a fair amount of salespeople who responded focused on their own struggles with prospects ghosting them, especially after a productive and solid first meeting.
A prospect ghosting you certainly isn’t new, but it does seem to be happening more lately. I don’t need to tell you how insane it can make you feel, especially where you felt you connected with them in a meaningful way.
So in this post, I’m laying out a schedule and messaging to help you get unghosted. (Probably not a word).
Step One-Slow Your Roll
So you waited a week or so, and nothing.
You probably dropped an email or two, a text, maybe a call.
As hard as it is, that’s almost/probably too much.
Before you ever go down that road, here’s one thing you need to do before you end that awesome meeting with them:
Set the follow up date/time
I’m not going to pretend this is always easy, but you have to try.
And it’s a great time to do it, when everyone has the feels and optimism is high at the end of this great meeting.
If you’ve talked any potential next steps, but no follow-up dates, say something along these lines.
Really appreciate all your time today and feel like we have a good understanding of how we can help. Noted on timing, we’ll sit tight, but would love to set a date to touch base so we stay on track.
There are an infinite number of ways to phrase it, but the point is to ask.
Step Two: There is typically a reason (or reasons) they’re not getting back to you
It will drive you a little crazy, but you have to be patient, and not come off as desperate, because more often than not, there’s something going on within the company or in their personal lives.
Yes, the prospect is ghosting you, but not intentionally (mostly).
Unfortunately for you, your firm is not priority number one at this point.
Case in point-I had a situation with a deadline and only heard crickets from a prospect-I wasn’t sure what was going on, but was certainly starting to feel ghosted, and then she calls me from the hospital! (Thankfully all was ultimately OK.)
Just as a matter of course, your prospects are busy.
It is inconsiderate when they don’t get back, even with a brief update, but it is what it is.
But just because they’re not getting back doesn’t mean they’re not interested.
Having said that, you need a yes or no, right? (And ideally a yes.)
Step Three: Your Prospect Ghosting Schedule and Templates
Here’s a proposed “ghosting schedule” for you to follow.
I’m advocating 3 business weeks, and if you still haven’t heard anything, you move on.
In this scenario, no firm follow up date was established, and the discussed project/work, according to your prospect, is imminent. (If that’s not the case, obviously you’ll have to alter as needed)
5 business days post-meeting:
Send an email:
- The ideal is opening with something you talked about with your prospect in the last meeting. Could be personal: a hobby, a favorite sports team or college, a trip-something you both connected with and since your meeting, something new has happened in that space/world you can share, or,
- Something that’s come up with their company in terms of news, announcements, or something on LinkedIn,
- Or, something worth sharing regarding your firm: news, new work, or content you’ve created to show how you think.
In this email, you’re not asking specifically about timing or next steps. The language is:
Hi X, I saw UK has won the last 3, there’s still hope. 😊
Looking forward to potential next steps-if it makes sense, I’ll plan on following up middle of next week, but if there’s a better day/time, let me know.
Have a great weekend,
X
This is a soft drop-in to keep you in front of them.
And ideally they respond here.
8-9 business days post meeting
No response-so, rather than another email, I would go with a phone call next.
And you have a reason-you said you’d be following up in your email.
Ideally they answer, but if it goes to VM, the goal is to find or come up with something specific to mention from your last meeting:
Hey X, Lee McKnight at MPQ, I know you were hoping to get X project off the ground in the next several weeks. I’ll stay tuned, but if that’s changed, totally understand, we know timelines can be fluid. Look forward to talking again. Thanks, Lee
With this VM, you’re making sure you continue to be on the radar, and rather than asking about next steps and timing, you show some empathy, and indirectly ask about timing.
Rather than, “Why the hell haven’t you gotten back to me”.
Which is actually what you would like to say.
13-14 business days post meeting
Time to get direct. Even if they’re busy, now it’s just rude.
But again, probably a lot going on, and they may be waiting on someone else to get it rolling.
It’s not over yet.
I would go in with an email next:
Hi X, I want to make sure I stick with you-but I also don’t want to be a pest.
If the project is on hold, or pushed back, we totally understand, but would appreciate any update when you get a chance.
Thanks, Lee
Still showing some empathy, but now employing a more direct approach, and ideally getting a response finally.
19-20 business days post meeting
Damn. No response.
Time for the nuclear option
You can go with email, phone or text-depending on what this prospect tends to favor (if you have a feel for this) and what you’re most comfortable with.
It’s time for you to move on to other prospects.
With this email, which you very well may have a version of already, you’re closing the door now (although not permanently) and ideally making them feel a little bad they haven’t gotten back to you.
Hi X,
I’m guessing at this point you’ve changed course or moved in a different direction.
It was a real pleasure getting to know you and X company. We would love to stay in touch, especially if this project resurfaces.
Thanks for your consideration,
Lee
You will typically get some kind of response after this.
The key is to take the high road, unless you just really don’t care about burning that bridge.
Because odds are the project is still alive in some form, but you need to focus your new business efforts elsewhere and stop spinning your wheels.
Any further contact and you will look desperate.
If you still get nothing back, they are either legit ghosting you, or that person has been fired. (I’m sure you’ve seen this)
(Which is why ideally you have more than one point of contact in that meeting.)
If they are legitimately ghosting you, it hurts, but you probably don’t want to work with them anyway.
Ideally this post is helpful-there will be many different factors in play that could change the cadence and copy in these steps, but ideally these are templates you can take and change as-needed.
RSW/US is an outsourced ad agency business development firm that works specifically with ad agencies, PR Firms, and Martech Firms to find better-qualified new business opportunities and get you closer to close
In this episode of Marketer’s Edge we’re talking ecommerce with Amitai Sasson,VP of eCommerce at OverstockArt.com, the largest online retailer of handmade oil paintings in the United States.
If your ad agency focuses on ecommerce, you should watch this episode of Marketer’s Edge.
Specializing in hand-painted reproductions of famous works by renowned artists such as Van Gogh, Monet, Renoir, Klimt, and more, OverstockArt.com offers a wide selection to enhance any space.
Whether you’re a home decorator, office manager, or the owner of a high-end hotel or restaurant, overstockArt.com will have the perfect wall decor for your needs.
Why Ad Agencies and Marketing Services Firms Should Watch This Episode – Amitai talks:
- 🛍️👀 The importance of controlling product visibility in retail partnerships
- 🏠✨ Adaptation to trends in the home decor market
- 📈✉️ Marketing strategies, including SEO and direct email campaigns
- 🏅💼 His athletic background and the connection to business leadership
- 🧑🏫🤝 Advice for marketers on bringing new agencies onboard
- 📊🏆 Advice for agencies looking to win business from marketers
- 🎨📖 An overview of overstockArt.com and its founding story
- 💻👔 His role as VP of eCommerce
- 🎨🖼️ The unique selling proposition of selling hand-painted reproductions of famous artwork
- 📦📊 Inventory management strategies for eCommerce
- ⛓️📉 Use of the Theory of Constraints in inventory management
- 📱🔄 Development and spin-off of Communicator Base, a supply chain software
- 🤝🌍 Challenges in partnerships with large retailers post-pandemic
If your firm is struggling with new business, contact Lee McKnight Jr. at lee@rswus.com for a conversation. That’s our sole focus at RSW/US.
RSW/US is an outsourced ad agency business development firm that works specifically with ad agencies, PR Firms, and Martech Firms to find better-qualified new business opportunities and get you closer to close
In this episode of Marketer’s Edge we’re talking educational marketing with Julia MacMullan, Director of Marketing at Springside Chestnut Hill Academy, the largest independent school in Philadelphia.
If your ad agency focuses on educational marketing, and specifically independent, private schools, you should watch this episode of Marketer’s Edge.
SCH offers a unique educational model that empowers its younger students with a single-sex education in Pre-K through 8th and a coed experience in Upper School.
Students learn in a community that inspires unbounded curiosity, independent thought, and a passion to effect positive change. SCH’s unparalleled, 62-acre campus combines the best of city and suburb, and they are distinguished by their signature programs in entrepreneurial leadership, global travel, robotics and engineering, college preparation, new media, outdoor education, and principles of sustainability.
Why Ad Agencies and Marketing Services Firms Should Watch This Episode – Julia talks:
- 🧠 Concerns about students’ mental health during and after COVID-19, and policies regarding technology use in schools.
- 💻 Shift from large open house events to virtual sessions for student recruitment.
- 📚 Curriculum changes focusing on AI in education and evolving teaching methods.
- 🔮 Julia’s predictions for the future of private education, including curriculum adaptations and marketing strategies.
- 🎓 Benefits of the school’s educational structure and how it is communicated to prospective families.
- 🏫 What kind of school Springside Chestnut Hill Academy is and Julia’s role within the organization.
- 🌐 Challenges faced during the pandemic, such as transitioning to online learning and marketing.
- 🌍 The importance of their website for marketing and engagement during COVID-19.
- 🔄 Potential consolidation of smaller schools, addressing diversity, equity, inclusion, and sustainability issues.
- 🤝 Advantages of collaborating with external agencies for marketing support.
- 💡 Her advice for marketers considering bringing outside agencies onboard.
If your firm is struggling with new business, contact Lee McKnight Jr. at lee@rswus.com for a conversation. That’s our sole focus at RSW/US.
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Frequently Asked Questions
What is omnichannel prospecting for agencies?
Omnichannel prospecting means reaching potential clients across multiple channels simultaneously, including email, LinkedIn, phone, and direct mail, rather than relying on any single method. For agencies, it means a prospect might receive a personalized email, see a relevant LinkedIn post, and receive a phone call as part of the same coordinated outreach sequence. The goal is to create multiple points of contact that build familiarity before a formal conversation ever happens.
Why is omnichannel prospecting more effective than email alone?
Email alone is increasingly insufficient because inboxes are saturated and open rates continue to decline. When a prospect sees an agency’s name across multiple channels, in their inbox, on LinkedIn, and in a trade publication, it builds recognition and credibility that a single-channel approach can’t replicate. Omnichannel prospecting dramatically increases the odds that a prospect actually registers your agency’s existence before you ask for a meeting.
How many channels should an agency use for prospecting?
A minimum of three channels, typically email, LinkedIn, and phone, produces meaningfully better results than one or two. Direct mail has also seen a resurgence because it stands out in a digital-heavy landscape. The specific mix matters less than consistency: each channel should reinforce the same positioning and message rather than operating in isolation.
Is cold calling still effective for agency new business?
Cold calling alone has limited effectiveness, but as part of an omnichannel sequence it remains valuable. A phone call that follows a relevant email and a LinkedIn connection request is no longer truly “cold,” because the prospect has already had multiple exposures to your agency. The combination of digital and phone touchpoints consistently outperforms either channel used alone.
Welcome to Part 1 of our blog series, “Overall Business Performance Expectations for 2024”, written around our 2024 New Year Outlook Report. (Download it here at no cost.)
2023 was a wild ride, perhaps a bit too wild, as we found in our report.
Close to 50% of agencies and almost 40% of marketers said their overall business performance in 2023 showed a slight decline or was significantly worse than in 2022.
Let’s break it down a bit for context:
Agencies’ Overall Business Performance in 2023 vs. 2022:
- Varied Results: These stats show a near-equal division between business growth and downturns, shaped by market forces, consumer spending behaviors, and the strategies adopted by agencies.
- Consistent Performance for a Few: 20% of agencies revealed their business performance in 2023 mirrored their 2022 results. This points to a portion of the sector that succeeded in sustaining their footing in fluctuating market circumstances, although they didn’t experience any significant growth either.
Marketers’ Overall Business Performance in 2023 vs. 2022:
- Balanced Outcomes: The scenario for marketers is reflective of the agencies’ experiences, showcasing an equal division (39% for each group) between those who witnessed growth and those who faced a downturn in their business performance. This equilibrium highlights the expected parallel influence of economic and market elements on both agencies and marketers.
- Steady Performance for a Segment: About 22% of marketers reported that their business results in 2023 remained on par with the previous year, indicating either a sustained market strength and adaptability or a persistent status quo from 2022.
And as we mention in our report, it’s worth noting a few key agency business development stats from our 2023 Agency New Business Report:
58% of agencies found it harder to obtain new business in 2023
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38% of ad agencies reported a decrease in new business opportunities in 2023, up from 26% in 2022.
Agencies and marketers are accustomed to operating in a market characterized by diverse performance results, but it’s essential to have strategies in the arsenal that emphasize unique service offerings, showcase their value, and adjust to evolving market demands.
So let’s look to the present, and our report, where we asked agencies and marketers this question:
What are your expectations for overall business performance looking ahead to 2024, versus 2023?
79% of Agencies said they expect some to significantly better performance in 2024 and only 5% expect a slight decline in 2024 compared to 2023.
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57% of Marketers said they expect some improvement/a significantly better performance in 2024, versus 2023, and only 26% of Marketers expect a slight decline in 2024 compared to 2023.
We see two key points coming out of these predictions:
Agency Optimism: A significant 79% of agencies expect better performance in 2024, with only 5% anticipating a decline. This optimism could be fueled by the recent growth in the U.S. ad market and an all-time high in advertising employment in November of 2023, suggesting a robust industry environment.
Marketers’ Cautious Optimism: With 57% of marketers expecting improvement in 2024, there is a sense of optimism, albeit more cautious compared to agencies. The 26% expecting a decline might be factoring in market uncertainties or budget constraints.
Bottom Line
Agencies need to strike a balance between optimism and strategic caution as they navigate 2024.
Now is the time to nail down your business development strategy by making sure your positioning is clearly defined, you’re targeting the right prospects, and you have a mix of outbound, referrals, and client retention within that strategy.
In this episode of Marketer’s Edge we’re talking automotive marketing with John Vincent, Director of Business Development at Apex Automotive.
If your ad agency focuses on automotive or the concept of Modern Retail Marketing, you should watch this episode of Marketer’s Edge.
The Apex Automotive Group, with locations in Myrtle Beach and Anderson, SC, treats the needs of each individual customer with paramount concern.
They know that you have high expectations, and as a car dealer they enjoy the challenge of meeting and exceeding those standards each and every time.
Why Advertising Agencies Should Watch This Episode-John talks:
- John’s predictions for future changes in the industry over the next decade.
- The impact of companies like Carvana on dealership business.
- The concept of Modern Retail Marketing and the possibility of it reaching an inflection point, and if so, when.
- What The Apex Automotive Group does as an organization and John’s role within it.
- The notable changes that John has observed in the auto dealer industry over the past few years.
- The need for a shift in the “net to gross” mindset for Modern Retail Marketing to be widely adopted.
- Whether John has an agency to assist him in overseeing all of the marketing activities for Apex Automotive.
- Any advice he would offer to agencies seeking to win business from him.
- Advice for marketers who are considering partnering with an agency.
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If your agency or PR firm is struggling with new business, contact Lee McKnight Jr. at lee@rswus.com for a conversation. That’s our sole focus at RSW/US.
