“How’s the pipeline?”
Three words that casually creep into conversations with my colleagues as I’m making my second/third/fourth cup of tea of the day in the DC kitchen. A common query, us growth folks have the answer down by rote. And although the pipeline had been healthy – even buoyant – this question had started to make my stomach flip. The niggle not the value of the pipeline but the number of opportunities we genuinely had a right to win.
With such a diverse offering and ever-present annual targets, I was letting my head be turned by every new opportunity that presented itself, rationalising each as something we could convert. The slate was always full. Yet the conversion rate on value was impacted and the opportunity cost of the pitches we didn’t convert was high. We needed a back-to-basics moment and to properly qualify all new engagements.
Heading into a new year (2024) we made a pact as a leadership team to triage every opportunity and agree a win strategy before saying yes. Straightforward stuff but only effective with a process you are religious about sticking to.
We worked up our criteria for accepting a brief – a simple traffic light system – and ensured we had the right forum, with the right people, to discuss and stress test the decision. I also had to gulp down some pride and admit this was an essential principle I’d let slip.
It turns out it wasn’t too bitter to swallow. We now have better decision making – and a team who are more joined-up on new briefs from the off. Most importantly, we have greater focus and over the past 18 months, we have declined more opportunities than we’ve taken on.
Saying no isn’t easy. Individual pitches can feel higher stakes. And it’s not easy to be put under scrutiny for saying no. There will always differing opinions about if it’s the right decision or not.
It’s a test of holding your nerve and strengthening your knack for new business by properly ordering your thoughts and asking the right questions.
You also need to let go of certain metrics. Such as the volume of opportunities in your pipeline, or some industry benchmarks. In 2023, we were ranked #2 for the most advertising/integrated pitches. Last year, we slipped to eighth place. Not because the opportunities weren’t presented but because we got better at saying ‘not for us’ to focus on the right stuff. Fewer, bigger pitches. Different capability areas, and organic growth.
However, by the same count our conversion rate on value has doubled. We’ve been twice as effective as following the money through the pipeline and impacting the bottom line. Proving that good growth needs the right method. And that sometimes there’s merit in going back to the drawing board.
So always question what you could do better.
Put any pride aside.
And give it a go.