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Agencies generate income in a variety of ways, the most common being:
- Organic growth: Leveraging your existing client relationships for program enhancements and/or new assignments.
- Prospecting: Proactive lead generation based on agency experience and key strengths.
- Competitive pitching: Taking part in an open agency review usually spearheaded by procurement and/or a consulting firm.
You are most likely already taking care of the first and the last, but the middle one—PROSPECTING—requires the research, strategy, resources and time to make the right business connections.
Key Resources
Development of results-oriented business development plans:
- Identify best “win” opportunities to improve “win” ratio.
- Improve networking and company presence.
- Maximize lead-generation.
Thorough analysis of the agency's new business practices:
- Agency's past experience doing new business and level of success.
- Analysis of credentials presentations and new business outreach materials.
- Identifying areas of strengths and weaknesses.
Through-the-line management of business development process:
- Prospecting, follow-up/nurturing, pitching mode.
- Pitch strategy, presentation development, staging, presentation skills coaching.
- Development of SOW (Scope of Work) / agency fee proposals.
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