the flaw in your agency's new business strategy
TRANSCRIPT
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Webinar: New BusinessMastery Course – Proactive New Business
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Webinar: New BusinessA key flaw in your agency business development strategy, and how to overcome it.
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USA
15 – 300+ Employees
000’s of Agency Clients >=$1.0M New Business
Sample pool of agencies
Since 1995
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What is the role of Business Development?
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What are the expectations?
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Why do they keep changing?
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Key flaw
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Role mash-up of Sales & Marketing
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Two VERY different roles, expectations and outcomes.
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Require different skills sets, uncommon in one individual.
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Deliberate separation into Marketing & Sales functions
A Best Practice Approach
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Marketing Sales
Content
Strategic
Activation
Tactical
Marketing Generated Leads
(MGL)
Sales Generated Leads(SGL)
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Often prioritized in different ways throughout the year
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Biggest blunder: Distraction of focus on the prize
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“ “© 2015 Catapult New Business
Chris M.Executive Vice PresidentGlobal Brand Activation Agency
We need our Business Development Director focused on what she’s been hired to do – which is prospecting and selling.
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How do you improve?
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Today’s agenda
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2. Best Practice Process
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1. Success Measures
3. Implementation Plan
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1. Success MeasuresWhat successful agency business development programs have in common
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Who are we talking about?Top 5% who have a formula that
consistently works.
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The whole picture
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Deliberate Marketing PlanDeliberate Sales Plan
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Deliberate Marketing PlanConversion based website:
2k Visits & 25 Conversions / Month = 1.25%CRM: Activities logged on MGL / SGL
Marketing Automation: 5k Audience, 3 emails/mth, 7% Click
Moderately active on social media3,500 words of content per month© 2015 Catapult New Business *Source: Statistics provided by Newfangled www.newfangled.com
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Deliberate Sales PlanDefined function, dedicated role <22%
Benchmarks define success <13%Formalized Roadmap for engagement <6%
Sales conversion plan <6%
© 2015 Catapult New Business *Source: Statistics provided by LPI
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What are the top 5% doing differently?
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2. Best Practice ProcessSimplifying Core of Business Development
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Biggest blunder: Prioritization uncertainty.
What is most important today?
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Sales Role Simplified
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Drive new incremental revenue
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1. Drive incremental revenue
2. Focus on strategic and tactical paths to obtain
3. Set clear expectations
4. Implement consistently
Business Development: Sales Role Simplified
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Simplify Expectations
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Dedicated BDD do three things;ResearchProspect
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1. Research: Only 14% undertake pre-call researchOnly 18% have triggers defined on target prospects
2. Prospect:Only 5% undertake consistent prospecting activity daily
3. Sell:Only 5% have formalized annual sales trainingOnly 3% have a written sales plan for new or existing customers
Dedicated BBD
© 2015 Catapult New Business Source: LPI
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3. Implementation PlanWhat the best do today. What 5% will do.
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Simplify objectives
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Secure that first scheduled interaction
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One scheduled interaction to another
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Incremental steps only path to consistently winning new
business.
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Simplify workflow
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Biggest blunder: Distractions aka Groove Killers
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Dedicated BDD do three things;ResearchProspect
Sell© 2015 Catapult New Business
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Buckets of work
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Model: Buckets of work
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Researching Prospecting Selling
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Success Factor: Cycle through buckets of work
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Researching Prospecting Selling 30% 65% 5%
Time Spilt:
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Workflow Efficiency
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Simplify prospecting interaction
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Interaction RoadmapDefining a specific path for each interaction
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To get to first scheduled interaction
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…and lead to the next
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Entice Disarm
Discover
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1. Entice: Problem you uniquely solve with dramatic results.
2. Disarm:Disarm notion that you sell to everyone< less than half of the people I speak toCan’t promise this will help you
3. Discover:Proceed with asking great questions to uncover 3 i’s
Process flow
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IssueImpact
Importance
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1. Issue: What is the issue/problem they are trying to solve?
2. Impact:How is the organization impacted by NOT solving?
3. Importance:How important is it to the person you're working with to solve issue/problem?Why now?
Questions prospect needs to answer
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It’s not BD’s role to convince a prospect – it’s their job to ask the right questions.
Empower the prospect to identify that their issue has enough impact on their business, and is important enough to solve, to make it worth our time to help them find a solution together.
Remember
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Build your concise business case
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Outcomes, fees and terms
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Closing / Converting
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Entice Disarm Discover
Issue Impact Importance
Buying Vision
Concise Business Case
ProposalClosing
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3a. Your Implementation PlanWhat the 5% will do after this session.
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Within 24hrs >200% increase in likelihood of implementation.
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Ownership. Accountability.
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Deliberate separation into Marketing & Sales functions
1. Deliberate Separation
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Marketing Sales
Content
Strategic
Activation
Tactical
Marketing Generated Leads
(MGL)
Sales Generated Leads(SGL)
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Deliberate Marketing PlanDeliberate Sales Plan
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Dedicated BDD functions: Research Prospect
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Interaction RoadmapDefining a specific path for each interaction
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Exercises to walk through to help define each of these success measures.
Help with research on national advertisers and their agencies
Define prospecting techniques to follow, and questions to ask
Help set standard benchmarks to achieve over time
Just for you 5 percenters
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Need a Sherpa?We apply these principles to win new business for agencies with national advertisers.
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Outsource the functions of marketing and sales.
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Compliment and build upon internal resources to scale.
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