The Allure of a Silver Bullet
In the fast-paced, ever-evolving advertising world, staying ahead of the curve is crucial for survival. New trends and techniques emerge daily, promising to revolutionize how we reach potential audiences. It’s tempting to chase these shiny new objects in the hope of generating new clients. But here’s the thing – while evolving and adapting is essential, you shouldn’t abandon the basics in favor of the latest trends. Staying grounded in a shifting landscape is imperative. That is why advertising agencies should embrace time-tested marketing principles as they plan their 2024 business development approach.
We are all witness to the change in marketing occurring all around us. Consumers, buyers, or, more to the point, marketers are also in the middle of this change. Declining response rates, unwilling consumers, decreasing store traffic, scrutiny of transparency, skepticism, despondent brand loyalty, and many other symptoms are as real to your next client as they are to ad agency new business. We should all dust off that David Bowie song, Changes, and give it a listen.
Everyone wants a silver bullet, a magic potion, a business development cheat code. I scan the business development landscape and beyond every day. I’ve talked with hundreds of agency leaders and new business executives about lead acquisition techniques and successes and failures. I hear the sad stories that start with, “I was seduced by the promise of X new clients.” Agencies must resist the allure of fads, impossible claims, and suspended beliefs and instead embrace time-tested marketing principles to grow their client base. Better yet, do for yourself as you do for your client.
The Fascination with New
The world of marketing is like a whirlwind romance. Just as soon as you fall for the latest trend, another one sweeps you off your feet. While staying current and experimenting with new techniques is essential, it’s equally important not to lose sight of the fundamentals.
Modern marketing guru Seth Godin once said, “Don’t find customers for your products, find products for your customers.” This timeless wisdom reminds us that the core of marketing is about understanding your audience and delivering value to them. No matter how fancy the tools or techniques may be, this basic principle remains unchanged. Yet many claim to have a better way.
There are three primary sources for new business, and healthy agencies generally grow in three ways equally. The first is prospecting, which accounts for about a third of new revenue. The second is organic growth among existing clients, contributing another third, and referrals bring in the rest. Agencies that are aggressive prospectors but leave the second two opportunities to chance are leaving money on the table. In fact, data shows that organic growth and referrals are far more likely to lead to a new client and far less expensive than prospecting.
3 sources of new business to help you grow
The Graveyard of Forgotten Trends
Remember Foursquare? For a brief period, they were everywhere, plastered on billboards, print ads, and even business cards. People were told they were the future of advertising. Yet, in a matter of years, they all but disappeared. The lesson here is clear: not every trend will stand the test of time.
I’m not making this up. “Marketing should tell the truth,” advises legendary marketer Philip Kotler. In the rush to adopt the latest trends, agencies might be tempted to exaggerate, mislead, or overpromise, harming their reputation in the long run. Remember, truth and authenticity never go out of style. Kotler’s wisdom is as true for the agency client as it is for the agency itself.
The Consistency Conundrum
When agencies frequently shift their strategies to follow the latest trends, it can create an inconsistency in their branding. It can also be a huge time suck. Put another way, consistency is far easier, requires fewer resources, and is far less disruptive to an already time-stressed, under-resourced, over-stretched agency staff. Once you define your agency differentiator,
Differentiation is a universal conundrum. It plays a role in almost every part of our lives and choices. Marketers are no different. Agencies are no different. With their agencies, marketers spend countless hours trying to find and exploit the difference between their brand and its competitors. They create, ideate, refine, test, revise, and relentlessly monitor their brand vis-à-vis the marketplace to ensure it performs at its best. It is arguably the most critical aspect of marketing, and ad agencies know it too well. But when it comes to differentiating the agency, the cobbler’s children have no shoes.
Think about this. A lack of consistency can confuse clients and dilute your brand’s identity. If you are focused on retail banking and have been prospecting your list of marketing decision-makers in that sector, and over time, you execute one tactic and then something different, and then hire a lead generator, a cold caller, a LinkedIn expert, what is the experience on the other end of all that? Chaos, I think.
Marty Neumeier underscores the importance of a consistent brand image: “A brand isn’t what you say it is, it’s what they say it is.” Maintaining a consistent image and message is crucial to ensure clients remember your agency. Once again, the same is true for the agency brand.
The Time-Tested Trio
To highlight what I’ve found as the most critical marketing fundamentals for ad agency business development, let’s explore three principles that have endured the test of time:
Know Your Audience: “The aim of marketing is to know and understand the customer so well the product or service fits them and sells itself.” — Peter Drucker. This is the foundation of successful marketing and successful business development. When you understand your audience’s needs and desires, you can tailor your message to resonate with them.
Content is King: Content marketing expert Ann Handley once quipped, “Even when you are marketing to your entire audience or customer base, you are still simply speaking to a single human at any given time.” Quality content remains paramount, no matter the medium. Informative, engaging, and valuable content will always attract and retain clients.
Build Relationships: As Ryan Holiday, author of “Trust Me, I’m Lying,” wisely put it, “Great marketing is all about understanding your audience’s motivations and desires.” Building lasting relationships with your prospects based on trust and understanding will serve agencies best in the long run. It cannot be rushed or shortcutted with the latest trends.
The Perils of Chasing Trends
When agency leaders get frustrated with poor client acquisition efforts, they blame the process and jump on whatever new trend they read about in the trade press, thinking they must try something different. When I come into the picture, I often see why the process isn’t working and ways to make the necessary adjustments rather than throwing everything away and starting a new one. That’s always the first and best thing to do because chasing the next new trend can often lead to problems for the agency. Here are some pitfalls to be wary of:
Short-Term Gains, Long-Term Pains: The latest trends may offer quick, short-term success but often lack sustainability. To truly grow your client base, you need strategies that can withstand the test of time.
Budget Drain: Constantly adopting new technologies or trends can be costly. Overextending your resources on these shiny objects can leave you with fewer funds for long-term, stable marketing strategies.
Risk of Overextension: Juggling multiple trends can spread your agency thin, making it challenging to maintain the quality and consistency that your clients expect.
When I start my day, a cup of joe in hand, and begin reviewing the countless emails about this new campaign or that failing brand, I think about the one million-plus marketers doing the same. Having been in their shoes, I know how that day begins. How am I going to get my numbers up? How can I justify my social spending? Why does my mobile experience suck? Rarely do they say that today’s going to be a great day. More likely, it’s; there’s got to be a better way.
Some Legitimate Silver Bullets for 2024 Planning
David Ogilvy (Ogilvy & Mather): “The best way to attract new clients is to do brilliant work for your existing clients. Word of mouth is the most powerful advertising there is.”
Stephen Fairley (The Rainmaker Institute): “Embrace the power of specialization. Find a niche or industry you’re passionate about and become an expert in it. Clients value expertise.”
Shelly Palmer (Palmer Group): “Never underestimate the importance of listening. Understand your client’s needs before trying to sell them something.”
Alex Membrillo (Cardinal Digital Marketing): “Build a strong personal brand. People buy from people, not companies. Showcase your expertise and personality.”
David C. Baker (ReCourses, Inc.): “Saying ‘no’ can be just as powerful as saying ‘yes.’ Don’t chase every opportunity; focus on the ones that align with your agency’s strengths.”
Michael Gass (Fuel Lines): “Content is king. Share valuable content and insights regularly to establish your agency as an industry thought leader.”
Nina Hale (Nina Hale, Inc.): “Networking is everything. Attend industry events, build relationships, and be open to collaboration. Partnerships can be incredibly valuable.”
Brent Hodgins (Mirren Business Development): “Continuous learning is key. The industry is always evolving, and staying informed about the latest trends and technologies is vital.”
Sherry Turkle: “We’re smitten with technology. And we’re afraid, like young lovers, that too much talking might spoil the romance.”
Jay Chiat (Chiat/Day): “The best ad agencies are the ones that can bring the best people to the table.”
John Hegarty (Bartle Bogle Hegarty): “Remember that your best new business development is your old business development.”
Sir Martin Sorrell (S4 Capital): “Clients don’t care about the labor pains; they want to see the baby.”
Jerry Della Femina (Della Femina, Travisano & Partners): “You can’t sell anything if you can’t tell anything.”
Rory Sutherland (Ogilvy UK): “The perceived quality of a brand is as important as the actual quality.”
My current favorite, Kevin Kelly: “The business plans of the next 10,000 startups are easy to forecast: Take X and add AI.”
If you want more, see New business advice from the pros
Rely on the Fundamentals
If you read some of the secondary posts I linked to in this article or others on my site, you’ll see consistency in my approach to business development. Some were published in 2014 when I started consulting with agencies. That’s because it is what I believed then, as in now, and how I’ve been successful over the years.
In the ever-evolving advertising world, agencies must stay relevant and explore new techniques. However, the allure of the latest trends should not divert them from the timeless marketing principles that have consistently delivered results.
Don’t take my word for it. Marketing legends like Seth Godin, Philip Kotler, Marty Neumeier, Ann Handley, Ryan Holiday, Brian Halligan, and David Ogilvy all offer valuable insights that emphasize the importance of understanding your audience, delivering high-quality content, building relationships, and maintaining consistency.
Remember, the classics never go out of style. By balancing innovation with these timeless principles, advertising agencies can achieve long-term success and build a loyal client base that stands the test of time. In the words of the great advertising guru Ogilvy, “Never stop testing, and your advertising will never stop improving.” So, test the trends but rely on the fundamentals to truly stand out in the ever-crowded advertising landscape.
And always remember, there is no such thing as a silver bullet.
Happy Planning
Let’s schedule a call if you need help planning your new business strategy for 2024. I would gladly discuss what I have learned from years of experience and hundreds of agencies, including running business development at various firms. I have a hard-earned sense of how it might apply to your circumstances and marketing fundamentals.
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