We slayed it. When agency owners get together, there’s an explosion of ideas. All virtual seats were filled for the two August ad agency Red Zone Roundtable sessions sponsored by CEO Stars. The focus of each session was ‘the best new business approaches that bring results.’
Attended by agency leaders, there were over 18 insights in one-hour and every one of them capable of making an enormous impact on any agency’s business to take you from the Red Zone to the End Zone. Here are five action-to-be-taken insights for those ad agency executives who couldn’t make the online session … and with respect to those who attended, I can only share these five:
1. Prospect Adjacencies: It’s easier to connect with prospects who are in “adjacent” business categories to that of your current clients. For example, handling restaurants and hotels, can give you an entree to the convention and tourism category. Working with ski resorts, entrees you to ski board manufacturers and ski retail stores. Adjacencies are the “low hanging fruit” of new business and an opportunity to leverage what you know to those who don’t know you. Next Steps: Agencies are going to examine this and identify their ‘adjacencies.’
2. Zigging While Other Agencies Are Zagging: Remember the old-fashion way of doing new business? Remember sending out personal letters and direct mail pieces? Well, it seems that everything old is new again as prospects are reacting positively to the “oldies but goodies.” Prospects are suffering from email fatigue. You’ll stand out and catch their attention by doing something different. Next Steps: Agency leaders are going to plan a series of direct mailers going to ‘A’ prospects.
3. Learn How to Tell Your Story & Explain Your ‘Why’: Agency leaders in both sessions all agreed they are challenged in their own brand positioning – telling their story and explaining their ‘why.’ One of the reasons for this is a lack of agency focus. If you have a focus or a specialization, then you’ve got a compelling story to tell. Once you have your own story to tell, you don’t have any competition. Next Steps: One of the toughest tasks for an agency to accomplish, I’ll guide some of the agencies on completing this.
4. What’s Your ‘Honey?’ Must Define What You Have That Prospects Want It? It’s easier to have something that prospects need, so they can come to you wanting to ‘buy’ rather than you trying to sell them. However, it was challenging to identify and verbalize the ‘honey’ that would attract prospects. Next Steps: Agencies will meet with their team to vet this out.
5. Prospect Contact Lists & Databases Need to Be Better Utilized: Agencies that have a database/prospect list should be maximizing that list for purposes beyond just a newsletter. The list should be used for “How To … ” webinars and special events. Use the list for additional credibility and marketing leadership. Next Steps: Agencies understood that they’re ‘wasting’ their database and will ramp-up webinars and even invite clients and prospects as guest speakers.
Conclusion: Just one insight can move you from the Red Zone to the End Zone. CEO Stars sponsors the complimentary Red Zone Roundtable for agency owners each month – a chance to interact with fellow agency CEOs and learn from each other.