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HOW TO CREATE A WINNING NEW BUSINESS PLAN - PART ONE

Here’s the thing: if an agency doesn’t grow, it dies. The commercial imperative is for forward motion, never more so than right here, right now. The industry and technology are changing at an unprecedented rate and change (as well as necessity) is the mother of invention. Those agencies that succeed have strong leadership and a compelling vision of what the future might hold - how they can lead the change and create opportunities for competitive advantage. So, it starts with a vision and it starts with a plan. Success is about the execution– and this means you and the agency team.

This vision, these goals, are the pivot around which your new business strategy and effort revolves, so make sure you’re engaged and involved as you will be accountable. That said, new business, whether proactive or organic, is everybody’s business - it’s a collective effort and an agency priority. You, however, will be at the sharp end when senior management comes to call.

So first up, what’s the vision and the plan? Here’s a snapshot of what you need to know.

Market intelligence

A thorough market analysis will identify both threats and opportunities for growth. Conduct a forensic examination of your agency’s strengths and weaknesses and try looking at these through the clients’ lens.

Future proofing

How could the agency’s skills and expertise be developed to position it as an agency of future, staying ahead of the curve? What new profitable services could be offered, how would these be resourced?

What does your agency stand for?

Be bold, this is the time to stake your claim and it calls for clarity and simplicity of purpose. A strong positioning will make you famous, more profitable and more able to build relevant prospect lists.

Revenue targets

What are they and how will they be achieved? How much is targeted through proactive new business wins, how much through organic growth. You’ll also need to consider the potential flow from intermediaries and RFPs. Use your agency’s past performance to extrapolate what will it will take to realise your future goals.

Who are your targets?

Not all clients are equal and some will suit your ambitions better than others. Map out your ideal client/brand/sector targets against criteria including the following:

  • Does it take us towards our vision?
  • Will it contribute towards profit and growth?
  • Does it play to our strengths or allow us to gain sector experience?
  • Will it enhance our reputation?
  • Does it represent an opportunity to create great work?

It’s rare that a client delivers against all your criteria. The objective here is to focus, allowing you to use your time, energy and resource to maximum effect.

Now the work begins. Part Two to follow.

Want to learn how to hone your new business skills and grow your agency’s revenue and reputation? Then join us on 23rd October for our New Business Skills Day. Click here

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