Your agency is at least 5x more likely to win new business from your existing clients than new clients. And yet, most agencies fail to approach this significant area of potential growth with the same rigour and vigour as a new client opportunity.
Moreover, it’s not a choice – given the first 6-12 months of any new client revenue will be offset against the cost of winning it, you will only achieve profitable growth if you can successfully grow your new business wins into established, long-term, growing clients.
Last week, JFDI’s Mark Clark delivered a webcast on this very subject. Here are the 10 top tips for New Business people who want to engage their client leaders /Account Directors in growing their Agency’s existing clients :
Firstly, help them recognise the importance of New Business to the Agency. Tell them if they have any aspirations to lead an agency one day, they will need to be able to grow one! It is definitely in their interest to develop these skills.
Secondly, you need to give your client teams insights into the New Business market place so they know what the Agency is up against.
Next, it is important to share your New Business plan with the agency and to make clear the role of organic growth in that plan. You need to have targets and numbers for growing your existing clients that everyone commits to.
Remember what was said at the outset of this blog, you are 5x more likely to win new business from existing clients. Make sure that the agency knows this!
Tell them that organic growth needs to be planned for and not prayed for.
Equip them with the New Business tools that you use for winning new business from new clients and apply them to winning new business from existing clients. Look at your ideal client profile – do your existing clients still fit with that?
Ask client teams to write up their growth opportunities. You have to overcome the hurdle that people are reluctant to share their ideas as this may expose them and makes them think they will be adding to their workload if asked to pursue these opportunities. Ideally, these ideas should be on 1 side of A4 and include the what, why, how and how much.
Give open access to the marketing plan – ask them to help you leverage its value to existing clients.
Hold regular review meetings with the Management Team. You need to get buy-in from the start and ensure that senior management recognises the importance of these meetings.
Reward the success! If someone wins a new piece of business from an existing client, make sure they are rewarded and that they are seen to be rewarded by the rest of the agency.
If you would like to receive a link to the webcast, please email us