We think RFPs suck. New business is necessary, but it comes in many forms. For us, we have had success with organic growth as practitioners and as a consultancy. Organic growth is less expensive and more profitable. Let's shift the new business paradigm.
A recent Bain & Co. report stated, “Acquiring a new customer is anywhere from five to 25 times more expensive than retaining an existing one; increasing customer retention rates by 5 percent increases profits by 25 to 95 percent.”
And they want your business. Organic growth from doing great work. Great works gets you more work, and good work will get you fired. A byproduct of your great work is keeping those other agencies who are calling your clients at bay.
In the agency business, typically, we are trained to run business, not grow business. But guess what ... we are in business too. You’ve done the hard part; you’ve won the account. The client has invested in your agency. Now let’s exude partnership and GROW THE BUSINESS.
Let's shift the new business paradigm.
Stop trying to up-sell your clients. Solve their problems and the business will take care of itself.
Anemic Account Growth, Attrition/Retention Challenges, Managing for Profitability, Properly Staffed?
The issue is not always obvious.
Would you ever drive a car and not check the gas? 96 percent of unhappy clients do not complain and 88 percent said they were happy with their agency right before they fired them. Harvard Business Review
In our business, we give so much away … POVs, thought leadership, ideas, etc. At Pemberton, we help you organize your giving, so you are giving agency resources in a way that is designed to create ROI
We plan for our clients, so let's effectively plan for ourselves by evaluating Client and Category Landscape, conducting SWOT Analysis, Financial Goals and Identifying Pathways
As professional marketers and communicators we think people want to hear us talk. You have two ears and one mouth, so use them in proportion.