If you follow the advice we dish out regularly, your agency conducts a 365-day-a-year new business effort aimed at winning great accounts. And while an ongoing effort is a very good thing, new business planning should take pride of place in the agency business plan.
You and your new business developer should have an approved, A-list of prospects on which to focus your efforts and new business budget. It is helpful to review and retool your list of “prime” prospects at least annually. Sit with the new business developer first, then invite input from other agency staff people to firm up your new A-List for the year.
Your new business developer should approach planning by doing the prep work for you. S/he should work with your research staff to recheck each prospect on your A-List and update their profile.
- Are they a high-quality company making high-quality products?
- Can you get passionate about their products, enough to do outstanding work?
- Do they respect marketing and want the best from their agency?
- Will they work with you as a strategic partner and advisor, not as a vendor?
- Do you have experience in their industry or category?
- Are they financially sound?
- Is their credit rating good?
- Are you compatible personalities? Will they be comfortable working with you and you with them?
Are there any old prospects you want to move off the A-List?
Are there new prospects you want to add?
What did you spend on new business last year? What do you want/need to spend this year to achieve your goals?
How many pitches did you make this year? How many new accounts did you win? Calculate your spending/win ratio. Can you do anything to improve that ratio for the coming year?
Pick twenty accounts you would most like to win and discuss strategies for getting your foot in their doors.
- Will you need custom direct mail pieces or email templates? Estimate costs.
- What research/data do you need to “get smart” about these prospects?
- Do you have any business contacts who might gain you an entrée to the company presidents or marketing directors?
Review the new business developer’s career goals and salary/commission arrangements. Get feedback on how the process is working and his/her suggestions for changes and improvements.
You should review new business efforts with new business developers weekly or at least bi-weekly, throughout the year. But revisiting the plan annually helps to “recharge” the new business effort and reinforce your goals. Incorporating new business planning into the larger agency business plan also keeps the rest of the agency aware of the importance of new business in the agency’s daily efforts. Your employees will follow where you lead. Lead them to new business planning and watch the new accounts roll in.
