For this episode of 3 takeaways, we get into a particular mindset that we’re seeing more ad agency principals embrace when it comes to new business, and it could actually be costing them business, potentially amazing clients, in the long run.
Let’s do it.
Welcome to “3 Takeaways”, your agency new business video series where we focus on one new business category and give you three takeaways to help improve your new business program.
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If there’s a place you want to be as an agency, it’s being able to walk away from work when it’s not the right fit.
During the pandemic, and certainly before, there are times when you take work, but in your gut, you know this client really is not a great fit-but you have to do it, given a current situation or circumstances.
Having said that, we’re seeing a trend, that’s not necessarily brand new, but seems to be popping up more lately.
It’s the all-or-nothing mentality some advertising agencies have when it comes to work.
All or Nothing
Specifically, that unless they’re getting all the work, they don’t just want a piece-all or nothing.
To be fair, there are those situations where financially, it truly does not make sense to take that project-you’re going to work just as hard on the smaller stuff as you do on bigger projects, and you know it’s a one-off for example.
But as of late, I’m hearing more examples of agencies not taking work where there is a chance to land and expand, and it has the potential to be a solid client, but they turn it down.
Well those are your three takeaways, and I’m going to phrase them by starting with 3 don’ts.
Here’s you first:
Don’t turn down that project because you’re flush with clients now.
Look, there are a lot of ad agencies who’ve had the best couple of years ever during the pandemic.
And I know hiring is tough right now, especially for AE positions, but one thing you can absolutely count on in our industry is change.
There’s a lot of organic growth happening right now, for example, but that will even out.
You have to make sure you can service your clients, of course, but make sure that’s the reason.
Because any of those clients could disappear tomorrow.
Here’s your second takeaway:
Don’t hold on to that AOR mentality.
While I think it’s changed in the last decade, there are still agency principals who feel their client relationships should all be AOR relationships.
And it has nothing to do with the nature of their services, they just think it should be that way.
You need to change that thinking, and be open to at least considering project opportunities.
And your final takeaway:
Don’t let your pride get in the way.
It’s the age-old story, right?
Why are we only getting a piece of this, when we know we’re better than the other firm that has a bigger piece of the pie?
All things being equal-if it makes sense to take it, you should want to take that piece of business and show your client what you can do-kick that other’s firm ass.
Much more rewarding.
Thanks for watching 3 Takeaways-lots of new business content our site at rswus.com, just hit the resources drop down.