Thanks for all the replies I got to this week’s emails – it’s easy to see that we are all experiencing similar challenges! One reply to Thursday’s email about eliminating business development follow-up was worth noting. It said, Most people, me included, lie to themselves about why things don’t work out in biz dev… self-blame, not worthy, not good enough… feeding insecurity in self-serving ways. In reality, we aren’t trained to see that the sale wasn’t happening, EVER!Becoming aware of that behavior and breaking that habit is like breaking your own arm. Not all activity is good activity. When we chase after ghosts, leads that are not ready to buy, or opportunities for which we … [Read more...]
Eliminate business development follow-up
An agency owner asked me this question recently. I reviewed the pricing options with my client last week, but I haven’t heard back from them. How long do I wait before I send a follow-up email? The short answer is, you’ve driven into a cul-de-sac; there’s no good way out but to go back to the beginning. When we’re selling creative services, it works best for the sales process and the subsequent project for you to maintain a peer position in the relationship. Follow-up, where I’m chasing the client, undermines that by placing me in a position of need. (I need your business more than you need my services.) So, starting from the beginning, here’s how you make sure you never end up … [Read more...]
What’s growth look like for your business development process?
If the economy slows over the next 18 months winning new business will get more challenging. To keep your business strong in any economic condition, you need to upgrade your business development process. There are three critical decisions you have to make to ensure you’re able to win business in unfavorable economic conditions: Focus on one target market. When new business is scarce, there will be more agencies vying for fewer opportunities. How will you get in the door if the prospects don’t see you as meaningfully different from the herd? You need to know your prospects’ business and be able to show relevant case studies to set you apart. Identify a channel to reach … [Read more...]