3 Business Development Myths Costing You Clients: 3 Takeaways, Ep. 112

Leaders at ad agencies and professional services firms are stubbornly holding on to a few business development myths that have to be corrected.

That’s what we’re talking in this episode.

Welcome to “3 Takeaways”, our new business video series where we give you three takeaways to help improve your new business program. 

Alright we’re going to briefly dig into a few of those business development myths I mentioned.

The first one: social is a waste of time for business development. 

Takeaway 1:

Make social work for you by focusing on social listening, specifically Reddit

(Don’t stop watching, I know, it’s a free for all there, but hold on). 

You may feel like social isn’t doing anything for your firm. 

That’s probably because, 1) you posted once a week on LinkedIn for several weeks and gave up. And 2) I know, it seems like every LinkedIn post these days is a platitude, or a personal journey, or instructions on how to follow your dreams.

Social listening will help.

Get on Reddit, you initially will have to do a little bit of searching on the verticals you play in, in conjunction with your service offerings.

There’s some gold there if you pay attention to Reddit conversations. 

Yes, there’s a lot of garbage on there, a lot, but there are also a lot of frustrated marketers there, who are giving unfiltered insights into their challenges.

Let those inform your messaging, not only in prospecting, but in posting, or commenting, like an actual human being on LinkedIn about real business challenges.

The next business development myth: referrals are how we get new business, it’s how we’ve always done it.

Well, here’s your second takeaway:

Referrals are reactive – be proactive.

Even with a strategy around referrals (which you should have) you’re still waiting on them to come in.

Not a dependable process.

You get in the door when you show you understand your prospects’ business challenges before they ask.

Bring solutions to the table early with your prospects.

Not talking spec work, but ways you’ve helped clients in the same verticals.

It positions you as a strategic partner — not just a vendor waiting for a brief.

And that final mistaken business development belief: our amazing work speaks for itself.

Here’s your third takeaway:

Great Work Alone Doesn’t Speak for Itself.

Unless it’s something on a national scale.

Of course you need great work, creative or otherwise— but agencies still today often assume the work will do the talking. (Like the Joe Perry Project – Let the music do the talking.  No? I’m dating myself?)

But it can’t do that unless 1) they see it, and 2) there’s a clear niche to a targeted prospect.

It doesn’t have to be one vertical, but you have to focus your positioning.

Who are you best built to serve?

What verticals or business challenges are you especially good at?

That’s how prospects connect the dots between your great work and their specific needs.

Alright, until next time, stay on the path on Reddit, leave it, and madness ensues.