In the last post (https://www.ignition.llc/post/3-ways-to-fix-agencies-new-business-problems), we talked about how one agency issue with new business is how they have no repeatable process to generate new business.
In this post we’re going to explore a second issue common to agency’s new business woes. That issue is impatience.
The magic of frequency
Think back to a recent media plan.
On there there is typically two common data points to show it’s effectiveness. Reach and Frequency.
We’ll be talking about Frequency. Frequency can also be considered a version of time.
The problem I see is that most agencies don’t give their own new business efforts enough time to give it a chance to succeed.
A favorite term many sales oriented organizations have towards clients who expect instant results is “looking for magic beans.” Those magic beans happen to be overnight success. In the case of agencies…new clients.
I’ve been in sales meetings where an agency owner can’t fathom why sales aren’t happening faster. Ironically agencies counsel their own clients to show patience, show time for a campaign to finds it’s audience, etc. when their clients start to show impatience with how slow performing a campaign might look. Seems to be a bit of a “do as I say, not as I do” predicament here.
The Double Standard
Flip the table now and you’ll find agencies giving their new business efforts a scattered approach. A month of blog posts here. A couple weeks of tweets there. A speaking engagement over there. And for good measure a strategically placed press release or two.
Only problem? They’re inconsistent and have no continued sense of frequency to allow them to either find an audience nor nurture an audience. Probably after 6 months, nothing is happening since “nothing is working” and it’s back to business as usual and waiting for referrals to show up (see problem #1: https://www.ignition.llc/post/3-ways-to-fix-agencies-new-business-problems).
An average media plan might need an effective frequency of 7, 10, or even 12 exposures before an audience starts to associate a message with it’s intended effect. What makes one think new business is any different?
Think a different line.
Think for the last time a sales rep was trying to reach you. I’m talking the real good sales reps now. How many times did you get a voicemail, email, or missed call from them before you connected? I’m going to guess somewhere between 5-10 attempts. That is what it takes to connect today.
So the takeaway here, before giving up on a new business tactic, claiming “it didn’t work,” ask yourself, did you really give it enough time to work? As the saying goes, it’s not necessarily the arrows in the quiver that is the problem but rather it’s the person shooting the bow who’s the problem.
Let me know what you think. Are agencies suffering from impatience when it comes to new business success?
In the interim, please feel free to reach out to me if you need help in working through your process. I’d be happy to chat about either about what you do, or do not, have going on and ideas on how to improve it.