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Master of New Business – Will you win the New Business Challenge

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How to play Masters of New Business
• There are ten multiple choice questions
• Write down your answer
• Be prepared to justify your position
• The ones that get the most correct wins the competition
• The ones that learn the most win the big bucks
• Good luck!

Questions include:
1. What is the purpose of new business?
2. What is the best way to add new business?
3. How do you win new business without pitching?
4. What is biggest new business mistake?
5. What is the best way to be included on pitches?
6. What is the smartest way to win new business?
7. What are the successful pitch ingredients?
8. How important are awards in winning new business?
9. What are the key requirements for a successful new business program?
10. How do you grow existing business?

Have we missed anything out?
Please leave your question suggestions here in the comments.

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Master of New Business – Will you win the New Business Challenge

  1. 1. marketing management consultants 1 Masters of New Business By Darren Woolley, Founder & CEO, TrinityP3 Marketing Management Consultants © Copyright 2016
  2. 2. marketing management consultants 2 How to play and win New Business •  There are ten multiple choice questions •  Write down your answer •  Be prepared to justify your answer •  The ones that get the most correct wins the competition •  The ones that learn the most win the $$$ •  Good luck!
  3. 3. marketing management consultants 3 Question 1 What is the purpose of new business?
  4. 4. marketing management consultants 4 What is the purpose of new business? 1. To grow agency revenue and profit? 2. To boost agency morale? 3. To test the agency against the category? 4. All of the above?
  5. 5. marketing management consultants 5 What is the purpose of new business? 1. To grow agency revenue and profit? 2. To boost agency morale? 3. To test the agency against the category? 4. All of the above?
  6. 6. marketing management consultants 6 What is the purpose of new business? •  Ultimately a New Business program is a significant investment in time, money and resources and you would want to see a direct return on that investment. •  While winning New Business can boost agency morale, not winning can deflate agency morale very quickly too and the extra pitching hours for agency staff are a killer. •  There are other less expensive ways to measure the agency’s performance. •  While ‘All of the above” is legitimate it requires focus and discipline to win at New Business.
  7. 7. marketing management consultants 7 Question 2 What is the best way to add new business?
  8. 8. marketing management consultants 8 What is the best way to add new business? 1. Pitch or tender for accounts? 2. Organic growth from existing client? 3. Project engagement awarded without a tender? 4. All of the above?
  9. 9. marketing management consultants 9 What is the best way to add new business? 1. Pitch or tender for accounts? 2. Organic growth from existing client? 3. Project engagement awarded without a tender? 4. All of the above?
  10. 10. marketing management consultants 10 What is the best way to add new business? •  Pitching or tendering for accounts is what many in agencies think of when they think of New Business. But in fact this is the most expensive way to grow the business. •  Organic growth from existing clients is a much more cost effective, but less public and dramatic way to grow the business. •  Project engagement awarded without a tender can convert into on-going revenue but it is a slow. •  Ultimately you can add New Business with all of the above but the best way is the cost efficient way.
  11. 11. marketing management consultants 11 Question 3 How do you win new business without pitching?
  12. 12. marketing management consultants 12 How do you win new business without pitching? 1. Take on project work for new clients? 2. Benefit from a global account realignment? 3. Acquire competitors businesses? 4. All of the above?
  13. 13. marketing management consultants 13 How do you win new business without pitching? 1. Take on project work for new clients? 2. Benefit from a global account realignment? 3. Acquire competitors businesses? 4. All of the above?
  14. 14. marketing management consultants 14 How do you win new business without pitching? •  Taking on project work for new clients is incremental revenue at best, but may lead to on-going work. •  Picking up a clients from a global account realignment feels like a bonus if you were not directly involved in the pitch. But if outside the major markets in the network you will find margins slim as a deal was done to achieve economies of scale. •  Merger and Acquisition of a competitors businesses is a great way to pick up additional clients and add revenue to your business. •  Of course, all of the above will add New Business, but…
  15. 15. marketing management consultants 15 Question 4 What is biggest new business mistake?
  16. 16. marketing management consultants 16 What is biggest new business mistake? 1. Failing to make it to pitch lists? 2. Losing more pitches than you win? 3. Losing more business billings than you win? 4. All of the above?
  17. 17. marketing management consultants 17 What is biggest new business mistake? 1. Failing to make it to pitch lists? 2. Losing more pitches than you win? 3. Losing more business billings than you win? 4. All of the above?
  18. 18. marketing management consultants 18 What is biggest new business mistake? •  You may be disappointed now making that pitch list, but it could be a blessing in disguise and it is usually not life threatening to your agency. •  Losing more pitches than you win will cost you money, exhaust your staff and lower morale but are not usually deadly. •  Losing more business billings than you win will see you go out the back door so stay focused on retention while you chase the New Business. •  While all of the above are true, only losing more business than you win will wipe you out, so stay focused.
  19. 19. marketing management consultants 19 Question 5 What is the best way to be included on pitches?
  20. 20. marketing management consultants 20 What is the best way to be included on pitches? 1. Build a desirable agency reputation? 2. Actively develop relationships with potential clients? 3. Make your agency easy to find? 4. All of the above?
  21. 21. marketing management consultants 21 What is the best way to be included on pitches? 1. Build a desirable agency reputation? 2. Actively develop relationships with potential clients? 3. Make your agency easy to find? 4. All of the above?
  22. 22. marketing management consultants 22 What is the best way to be included on pitches? •  You need to build a desirable agency reputation and as you are in the brand building business why not do it for yourself? •  Actively develop relationships with potential clients through networking and B2B engagement is important. •  Make your agency easy to find and that means using SEO, paid search, possibly content marketing and well designed and executed digital presence. •  Ultimately it is all of the above and more that will build your reputation and profile and make it easy for advertisers, procurement and consultants to find you.
  23. 23. marketing management consultants 23 Question 6 What is the smartest way to win new business?
  24. 24. marketing management consultants 24 The smartest way to win business? 1. Is go for every pitch opportunity? 2. Only pitch for the big opportunities? 3. Be very selective in what you pitches you participate in? 4. All of the above?
  25. 25. marketing management consultants 25 The smartest way to win business? 1. Is go for every pitch opportunity? 2. Only pitch for the big opportunities? 3. Be very selective in what you pitches you participate in? 4. All of the above?
  26. 26. marketing management consultants 26 The smartest way to win business? •  Going for every pitch opportunity is just sheer wasteful desperation and should be avoided at all costs. Evaluate each opportunity as it comes. •  The big pitch opportunities may look enticing, but they also attract the most competition. Evaluate the potential risk and reward. •  Ultimately the winning strategy is to be very selective in what you pitches you participate in. Make sure you have the best change of winning at a cost that is justified by the reward. •  Just going for all of the above is a ‘Mug’s Game’.
  27. 27. marketing management consultants 27 Question 7 What are the successful pitch ingredients?
  28. 28. marketing management consultants 28 What are the successful pitch ingredients? 1. The right expertise & capabilities? 2. A high standard of strategic thinking & creativity? 3. The right cultural fit and chemistry? 4. All of the above?
  29. 29. marketing management consultants 29 What are the successful pitch ingredients? 1. The right expertise & capabilities? 2. A high standard of strategic thinking & creativity? 3. The right cultural fit and chemistry? 4. All of the above?
  30. 30. marketing management consultants 30 What are the successful pitch ingredients? •  Of course you need the right expertise & capabilities. If you did not have them you would have to question why you were even on the list for consideration. •  What is a high standard of strategic thinking & creativity? The fact is that it is extremely subjective and what you have the advertiser may not want. •  Every decision is an emotional one and the the right cultural fit or chemistry or what ever you want to call it is the deciding factor. •  Of course you can argue that all of the above have influence, but play the game winning strategy.
  31. 31. marketing management consultants 31 Question 8 How important are awards in winning new business?
  32. 32. marketing management consultants 32 How important are awards in new business? 1. Clients do not really value awards? 2. Awards are a great way to attract top talent? 3. Effectiveness awards are the best? 4. All of the above?
  33. 33. marketing management consultants 33 How important are awards in new business? 1. Clients do not really value awards? 2. Awards are a great way to attract top talent? 3. Effectiveness awards are the best? 4. All of the above?
  34. 34. marketing management consultants 34 How important are awards in new business? •  The truth is that very few clients really value awards. In fact most are very sceptical of industry awards. •  Awards are a great way to attract top agency talent. Especially creative talent. But they do not attract marketers and advertisers or procurement. So stop showing off the metal. Show off the work and the results. •  Effectiveness awards are the best, because they at least have some consideration to performance. But marketers are increasingly sceptical about this too. •  All of the above is just wrong. Use your awards to attract the talent. Use the talent to do the standout work.
  35. 35. marketing management consultants 35 Question 9 What are the key requirements for a successful new business program?
  36. 36. marketing management consultants 36 Key requirements for successful new business? 1. An agreed new business strategy? 2. Enough human and financial resource to implement and maintain? 3. Support and alignment from all agency stakeholders? 4. All of the above?
  37. 37. marketing management consultants 37 Key requirements for successful new business? 1. An agreed new business strategy? 2. Enough human and financial resource to implement and maintain? 3. Support and alignment from all agency stakeholders? 4. All of the above?
  38. 38. marketing management consultants 38 Key requirements for successful new business? •  An agreed New Business strategy is an important first step, but it is never enough for success. •  Enough human and financial resource to implement and maintain the New Business strategy is also essential. But there is something more important if you want to get results. •  That is the support and alignment from all agency stakeholders to actually winning New Business. New Business requires the whole agency to perform to get results. •  All of the above is true. But if you fail at any one it all fails.
  39. 39. marketing management consultants 39 Question 10 How do you grow existing business?
  40. 40. marketing management consultants 40 How do you grow existing business? 1. Offer new service to existing clients? 2. Update clients on agency capabilities? 3. Encourage clients to meet each other? 4. All of the above?
  41. 41. marketing management consultants 41 How do you grow existing business? 1. Offer new service to existing clients? 2. Update clients on agency capabilities? 3. Encourage clients to meet each other? 4. All of the above?
  42. 42. marketing management consultants 42 How do you grow existing business? •  Offer new service to existing clients is a good technique except that it can end up feeling you are doing nothing but selling what they may not want. •  It is important to share with your clients and update them on new and existing agency capabilities. It builds the relationship by being responsive to their needs. •  Encourage clients to meet each other is always a good business strategy and should be a part of your business plan, but may not directly deliver growth from existing clients. •  Sure, you can do all of the above. But be disciplined.
  43. 43. marketing management consultants 43 How did you go? 1.  What is the purpose of new business? 2.  What is the best way to add new business? 3.  How do you win new business without pitching? 4.  What is biggest new business mistake? 5.  What is the best way to be included on pitches? 6.  What is the smartest way to win new business? 7.  What are the successful pitch ingredients? 8.  How important are awards in winning new business? 9.  What are the key requirements for a successful new business program? 10.  How do you grow existing business?
  44. 44. marketing management consultants 44 Did you pass or fail? Less than 50% - Try harder or transfer to the production department. 60% to 80% - Good job but you need to do more work on your new business strategy and skills. 90% + - Perfect score! Now get out there and grow that agency business.
  45. 45. marketing management consultants 45 To be a Master of New Business •  Focus on growth •  Develop growth from existing clients •  Maximise wins / minimise losses •  Take a holistic approach to business development •  Be selective in what you pitch •  Focus on culture and chemistry •  All of the above
  46. 46. marketing management consultants 46 Thank You TrinityP3 Pty Ltd Sydney +612 9964 9900 Hong Kong +852 3478 3982 Singapore +65 6631 2861 people@trinityp3.com www.trinityp3.com TrinityP3.com/blog/ @TrinityP3 TrinityP3 TrinityP3.StrategicMarketingConsultants

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