One big business development challenge for ad agencies: Looking Beyond Referrals For New Business
Referrals are often thought of as an agency’s best friend when it comes to driving new business.
But beware leaning on them as your only source of leads – here’s a few reasons why, along with a downloadable one-pager to help remind you and your team why you can’t solely rely on referrals.
1. Referrals aren’t necessarily the right type of client.
For several reasons this could be true (wrong fit, too small, no budget), and your team could end up spending time on the wrong types of work.
2. Referrals are not a consistent and scalable source of new business.
Just as your agency experiences certain lulls given the nature of your clients’ businesses, referrals function in the same way.
3. If you’re a small-mid sized agency, larger agencies are going after what they didn’t use to.
It’s a trend that’s gained momentum, which means those referrals you’re relying on have a better chance of slowing, or drying up altogether
4. Agencies continue to get more aggressive when it comes to new business
In our own survey reports, 86% of respondents say they’re getting more aggressive in their outbound and inbound activity.
(Whether or not they actually do-we’ll see.) :)
Referrals must be part of your new business strategy, but as we mentioned in the beginning of this post, they can’t be your only source of new business.
More here from our 3 Takeaways series:
We’re an outsourced ad agency business development firm that works specifically with ad agencies, marketing services firms, and PR firms to find better qualified new business opportunities and get you closer to close.
RSW/US is headquartered in Cincinnati, OH, with experts in lead generation, targeted prospect list building, and content creation driving our ad agency business development programs.
More about our advertising agency new business strategy and outsourced business development programs here.
If you’re looking for a more effective business development strategy, email Lee McKnight Jr., VP of Sales at RSW/US at email@example.com.
Learn more about our outsourced business development programs here.
Learn more about our process here.