Today's Chief Marketing Officer can expect to keep their job for an average of 22 months. During this time they are faced with a lot more to worry about than finding the next "big idea", or getting better creative. Today, they are held accountable for customer retention, customer acquisition, sales growth, new product launches, key insights, saving marketing costs, and more.
So, what does that mean for an agency trying to win their business? It means you better have something that will solve their problems or you will get nowhere fast. If you would like to test what I have learned to be fact, get a CMO on the phone and tell them about your "process", or your great creative, and see how fast they hang up on you. I am not trying to sound "all knowing" or arrogant in any way, I have just learned by talking to over 300 CMO's over the past five years what they really care about and need.
If you want to get that coveted meeting, and even better an assignment, you have to ADD VALUE. Stop and think about how you can keep customers and grow them, how you can win new customers, how you can increase sales, how you can successfully launch new products, how you can maximize media spending, or how you can deliver key insights that will help drive decision making. And, you must have the "story" to back it up. I promise you, if you can QUICKLY demonstrate value-add, you will build your business fast. Take some time and really think about how you are positioned and how you can bring value - it will be worth the effort.
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Sunday, March 25, 2007
Friday, March 23, 2007
Shut your mouth, don't "finger", and watch your spellcheck
A couple of valuable lessons I have learned on the hunt for new business:
1. If the client starts talking about their least favorite cities, keep your opinions to yourself, especially when the room is full of strangers. I had to learn this the hard way. Thinking the natural thing to do is to add my own thoughts, I chimed in with my belief that parts of downtown Detroit look like Beirut (no offense, I'm in Akron). Within about 10 seconds I hear a deep, booming voice call out, "I am from Beirut, have you been there"? Well, no I have not, so I couldn't really defend myself, not that I would have anyway. I tried to explain my comment was just based on what I had seen on TV but that just got me deeper and an even redder face. We ended up getting the business but I don't think my new friend voted for us. Lesson learned, let others do the talking unless you are selling.
2. Excited to be in the finals presentation to launch a new toilet brush that SHOOTS, not squirts, a liquid cleaner, I wanted to demonstrate my deep passion and curiosity for the product. So, I "fingered" it in the meeting. Well, that was a very bad idea as before I knew what hit me, the toxic, caustic cleaner was in the face and hair of the prospective client. As she jumped up from the table to excuse herself, I sat there with burning eyes from the fumes, in utter disbelief of what I had done. She composed herself, came back, and evenutally gave us the assignment. Lesson learned, sit still and don't "finger".
3. When emailing your brand new client, or anyone for that matter, watch what your spellcheck does to words it doesn't like. After winning the Pharmacia business I sent a quick email again thanking them for the account. They were pleased to see how excited I was to work on brands such as "Romaine" (Rogaine), "Lumens" (Ludens), etc. Oh, and don't send an overweight client named Tina an email that begins with "Tiny" - not good! Lesson learned, watch your spellcheck
1. If the client starts talking about their least favorite cities, keep your opinions to yourself, especially when the room is full of strangers. I had to learn this the hard way. Thinking the natural thing to do is to add my own thoughts, I chimed in with my belief that parts of downtown Detroit look like Beirut (no offense, I'm in Akron). Within about 10 seconds I hear a deep, booming voice call out, "I am from Beirut, have you been there"? Well, no I have not, so I couldn't really defend myself, not that I would have anyway. I tried to explain my comment was just based on what I had seen on TV but that just got me deeper and an even redder face. We ended up getting the business but I don't think my new friend voted for us. Lesson learned, let others do the talking unless you are selling.
2. Excited to be in the finals presentation to launch a new toilet brush that SHOOTS, not squirts, a liquid cleaner, I wanted to demonstrate my deep passion and curiosity for the product. So, I "fingered" it in the meeting. Well, that was a very bad idea as before I knew what hit me, the toxic, caustic cleaner was in the face and hair of the prospective client. As she jumped up from the table to excuse herself, I sat there with burning eyes from the fumes, in utter disbelief of what I had done. She composed herself, came back, and evenutally gave us the assignment. Lesson learned, sit still and don't "finger".
3. When emailing your brand new client, or anyone for that matter, watch what your spellcheck does to words it doesn't like. After winning the Pharmacia business I sent a quick email again thanking them for the account. They were pleased to see how excited I was to work on brands such as "Romaine" (Rogaine), "Lumens" (Ludens), etc. Oh, and don't send an overweight client named Tina an email that begins with "Tiny" - not good! Lesson learned, watch your spellcheck
Life is like a box of chocolates......
You never know what you're gonna get. When I sold my internet marketing firm to an Akron, OH-based agency back in 2000 I simply figured I would keep doing the "web thing" and stay out of the way. In May of 2002 I was offered ownership in the agency to handle all new business efforts. Back then we were COMPLETELY unknown, with a niche in packaged goods customer marketing, field marketing, and retail, though no one seemed to know that other than our clients. At that time we were a $7.3MM business with 63 employees.
As always, my impatient ass took off running, chasing a lot of dogs that had no money. I learned real fast who the good prospects were and by early 2003 I had everything in place - a comprehensive target list and tracking database, case studies, presentations, a new web site, a strong "story", and a tenacious, focused, and aggressive plan of attack. By 2005 I secured 55 new client opportunities, landing major AOR/assignment relationships with companies such as John Deere, Pharmacia/Pfizer, Sears, Kmart, Nestle USA, Clorox, Bombardier Recreational Products and more. In August of 2005 we were acquired by WPP, and today we have over 225 employees and annual income of over $22MM.
Why do I say all of this? Because I want to make it clear ANYONE in the agency business, if they make it a priority and a part of their culture, can win new business and grow. I am so sick of hearing agencies complain about their lack of new business - most of the time, unless you are one of the really big guys, you are not going to get invited into an RFP. You are not going to get called by someone from your yellowpages listing, at least not anyone who can really spend money. It takes discipline, consistency, persistence, a key point of differentiation, patience, and more to win big. Do you think today's CMO wants one more call from an agency? Hell no. Unless you add value and can prove it, you don't have a shot at getting their attention. I will talk more about adding value, breaking in, "making it happen" and more in future posts. In the meantime, remember, new business is the lifeblood of any company. What is here today WILL GO AWAY at some point. You need new business to replace inevitable losses, to grow, to gain further expertise, to enhance your reputation and frankly, to keep your employees motivated, challenged and confident in the business.
As always, my impatient ass took off running, chasing a lot of dogs that had no money. I learned real fast who the good prospects were and by early 2003 I had everything in place - a comprehensive target list and tracking database, case studies, presentations, a new web site, a strong "story", and a tenacious, focused, and aggressive plan of attack. By 2005 I secured 55 new client opportunities, landing major AOR/assignment relationships with companies such as John Deere, Pharmacia/Pfizer, Sears, Kmart, Nestle USA, Clorox, Bombardier Recreational Products and more. In August of 2005 we were acquired by WPP, and today we have over 225 employees and annual income of over $22MM.
Why do I say all of this? Because I want to make it clear ANYONE in the agency business, if they make it a priority and a part of their culture, can win new business and grow. I am so sick of hearing agencies complain about their lack of new business - most of the time, unless you are one of the really big guys, you are not going to get invited into an RFP. You are not going to get called by someone from your yellowpages listing, at least not anyone who can really spend money. It takes discipline, consistency, persistence, a key point of differentiation, patience, and more to win big. Do you think today's CMO wants one more call from an agency? Hell no. Unless you add value and can prove it, you don't have a shot at getting their attention. I will talk more about adding value, breaking in, "making it happen" and more in future posts. In the meantime, remember, new business is the lifeblood of any company. What is here today WILL GO AWAY at some point. You need new business to replace inevitable losses, to grow, to gain further expertise, to enhance your reputation and frankly, to keep your employees motivated, challenged and confident in the business.
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