Why Business Development Efforts Fail in Mid-Sized Ad Agencies
🎥 This is episode 103 of “3 Takeaways,” our RSW/US ad agency new business video series where we share three key takeaways to help you enhance your new business program and we’re talking Why Business Development Efforts Fail in Mid-Sized Ad Agencies
🚧 Tackling a Critical Issue: Why Do So Many Business Development Efforts Fail in mid-sized agencies?
Starting is half the battle, but once agencies get started, they often create their own roadblocks. Being too close to the effort and the business makes it difficult to see these obstacles.
If you notice one of these situations in your efforts, it’s time to step back and evaluate. We’ll break this down over two episodes. Here are the first three reasons why biz dev efforts fail:
1️⃣ Lack of Prospecting Skill Set
Having a knack for advertising doesn’t necessarily translate into being great at sales, especially at the top of the funnel. Agency principals often lack this specific skill, which is about making quick, impactful connections rather than detailed pitches upfront.
Agency principals often apply their pitch style to top-of-the-funnel activities, but these are very different processes. You have seconds to break through at the top of the funnel, and it’s easy for internally managed biz dev efforts to fizzle out due to frustration.
2️⃣ No Manageable Plan
Time and again, we’ve seen agencies take on too much initially and quickly get overwhelmed.
Baby Steps should be your mantra. While we aren’t diving into specific steps today, the first one is crucial: block out your calendar for the next month with 1 hour a day devoted to biz dev and stick to it as best you can.
That’s where you start.
3️⃣ Lack of Focus
Your agency needs a clear positioning aligned with the needs of your target verticals. It’s not just about what you want to sell; it’s about addressing what your prospects need help with.
These can be mutually exclusive, but always think about what your prospect wants to hear: “How can you help solve my business challenges?”
If you see these issues cropping up in your business development efforts, take a step back. Evaluate and adjust your approach using the insights we’ve discussed. Recognizing these roadblocks is the first step towards overcoming them and ultimately winning more business.
Stay tuned for the next episode, Part 2 on Why Business Development Efforts Fail in Mid-Sized Ad Agencies, where we’ll cover additional reasons why biz dev efforts fail and how to address them.
