I got into ad agency business development two years ago, and I’m still learning the ropes to this day. Unfortunately, there is no handbook when you first enter this biz; oftentimes, it feels as if you are thrown in headfirst with the sharks. Of course, there is a level of mentorship, learning and understanding to live through, but at the end of the day, you’re gonna fumble. You’re going to be asked a question you were never prepared to answer. You are going to be hung up on, told off and patronized. But if you think about it, every job has a level of being hung up on, told off and patronized…even those jobs that never require picking up the phone. But if there were ever a few new business tips I could have been privy too before that first call, I think the following list is decent for starters:
1) Make a list and check it twice: High quality contacts trump almost every other business development tool besides the phone. It’s a fact: quick, easy access to marketing decision makers’ direct lines and email addresses allows more time for you to contact multiple people at multiple companies…correctly, the first time. There are several subscription-based contact lists out there, but a few of my favorites are The List and Access Confidential, for the simple reason that these companies are boutique corporate contact providers for marketing services organizations.
Of course, if the funds are unavailable at the moment, there is always good old-fashioned research. The company website is always a great place to start for executive names and contact information. You can also grab the URL from the homepage and easily figure out the domain (ex. @catapultnewbusiness.com). The next part is figuring out format (ex. firstname.lastname@domain.com). Once you have a name, you can continue to research email addresses in Google, LinkedIn, Twitter, Facebook, articles, press releases or dial the main line and respectfully attempt to get the email address out of the receptionist’s mouth. If all else fails, you have a case for immediate cold calling.
2) Rock the research: In addition to researching contact information, you need to branch out and observe the company’s website a little further past the “team and management” page. After a thorough website evaluation to get an idea of the company, go ahead and quickly research the prospect’s industry and current industry pain points. Catch up on your reading and dig for recent company news, current client roster, current agencies and recent campaigns. As NBC has been pushing for decades, “the more you know, the more you grow.”
3) Don’t set appointments, set opportunities: It takes enough to land a prospect’s undivided attention and get an email reply or a call back. Don’t blow it by not qualifying; in other words, it’s okay to throw in the towel if a prospect just isn’t that into you, recently hired an agency or doesn’t have the funds or resources available for a relationship (just make sure to set up a follow-up email in the next quarter or two). You might not be part of the pitch/credentials presentations between your agency and the corporate prospect, which means you are probably facilitating new business meetings for your boss. Make sure to develop a set of guidelines for qualifying a meeting before you pick up the phone; as weird as it sounds, sometimes the prospect will set a meeting only for it to end in one big dog and pony show. If you go into outreach with a clear expectation (a definitive budget, a list of “dream clients”, certain categories and target markets) you will know the types of questions to ask the prospect, and you will ultimately set opportunities for immediate consideration.
Next Up: New Business 102. Cheers!
