The business of new business

New Business has nothing to do with advertising.  New Business is about the chase.

New Business is like chasing a new romance and advertising is like being married.

New Business people love the pursuit.

The appeal of working on New Business is the stimulation it provides.  You are hunting.

This doesn’t appeal to all.  Some people are outside people and some people are inside people.

Some people are finders and some people are grinders.

Both are valuable to organizations but a New Business person is an outside person.  They are finders not grinders.

The buzz of working on New Business is that you are learning new things in new categories so you are constantly updating your knowledge base.  This provides more career satisfaction than what can be the day to day grind of agency work.

The accumulation of knowledge forms the fundamental basis of the sales process.  New Business is not about hype. It is fact based as you are trying to solve a client’s pain point and most marketing today is grounded in fact based decision making.

One of the key measure that wins New Business is sweat equity.  If a prospect walks into a room and sees the walls literally covered with category advertising, photos of store checks, prints outs of websites, newsletters or whatever it immediately communicates how much the agency wants the client without a word being said.

Every client that I have worked with loves to talk about their business.

To succeed in New Business you need to immerse yourself in the client’s business and walk in their shoes.  If they are retailers visit them and their competitors, if they are an automotive company test drive their products and competitors.  If they are a food brand eat their products.

I once conducted an agency search for a weight loss product.  The agency started their presentation by saying everyone in the room had gone on the prospect’s weigh loss program.  It stimulated an immediate dialogue and started to build chemistry.

The agencies that are best at New Business do not chase rejection and low probability opportunities because they are disciplined.

They have a list of criteria that they measure each prospect against.  If they are not a fit they don’t submit. Weak agencies play the quarter slots.

Successful New Business people are great at building and maintaining relationships.  They remember the little things. Often the personal things. They learn over time what is important to the client in their career and their lives.

New Business people are great networkers and networking comes easy to them. They know that networking leads to relationships and the majority of New Business comes through relationships.  The best New Business enjoy talking to people often strangers. Non New Business people often totally dislike networking.

New Business isn’t for everyone but a successful New Business loves the pursuit and the emotional benefits that it provides.

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