The Flaw in Your Agency's New Business Strategy

Webinar: New BusinessMastery Course – Proactive New Business

Webinar: New BusinessA key flaw in your agency business development strategy, and how to overcome it.

Webinar: HostDave CurriePresident, LPI

[email protected]@NewBizDingo/davecurrieLPI

USA

15 – 300+ Employees

000’s of Agency Clients >=$1.0M New Business

Sample pool of agencies

Since 1995

What is the role of Business Development?

© 2015 Catapult New Business

What are the expectations?


Why do they keep changing?


Key flaw


Role mash-up of Sales & Marketing

Two VERY different roles, expectations and outcomes.


Require different skills sets, uncommon in one individual.


Deliberate separation into Marketing & Sales functions

A Best Practice Approach


Marketing Sales

Content

Strategic

Activation

Tactical

Marketing Generated Leads

(MGL)

Sales Generated Leads(SGL)

Often prioritized in different ways throughout the year


Biggest blunder: Distraction of focus on the prize


“ “© 2015 Catapult New Business

Chris M.Executive Vice PresidentGlobal Brand Activation Agency

We need our Business Development Director focused on what she’s been hired to do – which is prospecting and selling.

How do you improve?


Today’s agenda


2. Best Practice Process


1. Success Measures

3. Implementation Plan

1. Success MeasuresWhat successful agency business development programs have in common

Who are we talking about?Top 5% who have a formula that

consistently works.


The whole picture


Deliberate Marketing PlanDeliberate Sales Plan


Deliberate Marketing PlanConversion based website:

2k Visits & 25 Conversions / Month = 1.25%CRM: Activities logged on MGL / SGL

Marketing Automation: 5k Audience, 3 emails/mth, 7% Click

Moderately active on social media3,500 words of content per month© 2015 Catapult New Business *Source: Statistics provided by Newfangled www.newfangled.com

Deliberate Sales PlanDefined function, dedicated role <22%

Benchmarks define success <13%Formalized Roadmap for engagement <6%

Sales conversion plan <6%

© 2015 Catapult New Business *Source: Statistics provided by LPI

What are the top 5% doing differently?


2. Best Practice ProcessSimplifying Core of Business Development

Biggest blunder: Prioritization uncertainty.

What is most important today?


Sales Role Simplified


Drive new incremental revenue


1. Drive incremental revenue

2. Focus on strategic and tactical paths to obtain

3. Set clear expectations

4. Implement consistently

Business Development: Sales Role Simplified


Simplify Expectations


Dedicated BDD do three things;ResearchProspect

Sell© 2015 Catapult New Business

1. Research: Only 14% undertake pre-call researchOnly 18% have triggers defined on target prospects

2. Prospect:Only 5% undertake consistent prospecting activity daily

3. Sell:Only 5% have formalized annual sales trainingOnly 3% have a written sales plan for new or existing customers

Dedicated BBD

© 2015 Catapult New Business Source: LPI

3. Implementation PlanWhat the best do today. What 5% will do.

Simplify objectives


Secure that first scheduled interaction


One scheduled interaction to another


Incremental steps only path to consistently winning new

business.


Simplify workflow


Biggest blunder: Distractions aka Groove Killers


Dedicated BDD do three things;ResearchProspect


Buckets of work


Model: Buckets of work


Researching Prospecting Selling

Success Factor: Cycle through buckets of work


Researching Prospecting Selling 30% 65% 5%

Time Spilt:

Workflow Efficiency


Simplify prospecting interaction



Interaction RoadmapDefining a specific path for each interaction

To get to first scheduled interaction


…and lead to the next


Entice Disarm

Discover


1. Entice: Problem you uniquely solve with dramatic results.

2. Disarm:Disarm notion that you sell to everyone< less than half of the people I speak toCan’t promise this will help you

3. Discover:Proceed with asking great questions to uncover 3 i’s

Process flow


IssueImpact

Importance


1. Issue: What is the issue/problem they are trying to solve?

2. Impact:How is the organization impacted by NOT solving?

3. Importance:How important is it to the person you're working with to solve issue/problem?Why now?

Questions prospect needs to answer


It’s not BD’s role to convince a prospect – it’s their job to ask the right questions.

Empower the prospect to identify that their issue has enough impact on their business, and is important enough to solve, to make it worth our time to help them find a solution together.

Remember


Build your concise business case


Outcomes, fees and terms


Closing / Converting



Entice Disarm Discover

Issue Impact Importance

Buying Vision

Concise Business Case

ProposalClosing

3a. Your Implementation PlanWhat the 5% will do after this session.

Within 24hrs >200% increase in likelihood of implementation.


Ownership. Accountability.


Deliberate separation into Marketing & Sales functions

1. Deliberate Separation


Marketing Sales

Content

Strategic

Activation

Tactical

Marketing Generated Leads

(MGL)

Sales Generated Leads(SGL)

Deliberate Marketing PlanDeliberate Sales Plan


Dedicated BDD functions: Research Prospect



Interaction RoadmapDefining a specific path for each interaction

Exercises to walk through to help define each of these success measures.

Help with research on national advertisers and their agencies

Define prospecting techniques to follow, and questions to ask

Help set standard benchmarks to achieve over time

Just for you 5 percenters


Need a Sherpa?We apply these principles to win new business for agencies with national advertisers.

Outsource the functions of marketing and sales.


Compliment and build upon internal resources to scale.


Thank youDave CurriePresident, LPI

[email protected]@NewBizDingo/davecurrieLPI

The Flaw in Your Agency's New Business Strategy

Sales

Transcript of The Flaw in Your Agency's New Business Strategy