New business is an interesting space to be in at the moment; although if I’m honest, it’s been interesting for 23 years!

We have approximately 55 clients and a good proportion of these have won business this year, with fees totalling £3.5m so far. There is, however, a fine line between those who win business and those who don’t, particularly in this climate.

Setting the meeting with the right person at the right time is our job, but maximising the opportunity is obviously the responsibility of our clients. Our approach on the phone tends to focus on a rational sell (relevant experience, case studies, size and location of the agency we’re representing etc). The meeting itself then tends to be more about the emotional part of the sell (chemistry, trust etc) as well as the reiteration of the experience.

So, based on our experiences this year (and in no particular order), here are our top 5 reasons why prospects are prepared to give out a brief or an opportunity at a cold meeting:

1. A willingness to listen to the prospect’s priorities and challenges

2. A demonstration of flexibility of approach and potential solution

3. A clear and simple proposition with absolute relevance to the prospect

4. A desire and hunger to work with the prospect

5. A Trojan Horse such as an audit or workshop

Do you have any others to add?

We all know new business is tough, yet it remains essential to the survival and growth of any successful agency. There are various ways of going out and getting it, but Alchemis are experts in the cold calling channel to find and create genuinely new opportunities. We’ll put you in front of the right people with the right budgets – it is then over to you.

Good new business development opportunities are hard to find. One thing is for certain though – if you think going on meetings and then sitting back and waiting for those briefs to come in is what happens, then you will be disappointed. All meetings should be followed up with a good contact strategy, which is stuck to. A proportion of meetings our clients go on will result in immediate opportunities, but by their very nature, if briefs are on the table, they are likely to be competitive.

How many times have you heard “we have an agency in place”? Rather than look on this as a negative, any company with an agency in place should be viewed as an opportunity – they have work and they have a confirmed budget. The next challenge is how to ensure you get a piece of their marketing pie.

You really need to maximise any new business opportunity you get to ensure you give the process every chance of being successful. We give realistic expectations that any return on investment is likely to take as long as six to twelve months or potentially longer, depending on your discipline and offer.

However, that does not have to be the case if you are prepared to take a few risks. We have recently started working with a creative agency. In reality, they don’t have a real USP. There is just great work, strong case studies and a really positive outlook (that description fits the vast majority of our client base). We are only three months into the campaign but only last week we received confirmation that the first meeting has converted into business.

This is rare, but the story behind this win is fantastic in illustrating what can be achieved. The prospect had agencies in place. However, the client in question really used that initial meeting to dig into the prospect’s problems, ambitions and requirements. Using that understanding, they pressed the prospect to allow them to present some ideas relating to their next project (despite being told that this was tied up with the current agency). They bit the bullet and invested time (and money) in photo shoots and creative work, whilst continually speaking to the prospect. The end result was the work they produced wowed the client and they are now undertaking the project in full (and being paid).

In reality, this is not always going to be the case and we certainly wouldn’t advocate this sort of effort in every instance. We know you have active, paying clients to service. However, where the prospect potential is right, the chemistry is right and you know you could do a better job than the existing agency, it is well worth thinking about what you could do to force their hand and get a foot in the door. In a number of cases, it will be a risk worth taking.

Alchemis has set you a really good quality meeting and now it’s up to you to maximise the opportunity.

Here are our top 5 tips for making sure you achieve your first meeting objective of securing a second meeting.

1. Research the prospect, their marketplace and their competitors with the aim of developing opinions, observations and insights – these insights show you’ve done your research, that you’re capable of independent thought and also allow you to bridge the gap between the social niceties and the business end of the meeting

2. Always set the scene – signpost the journey and state the desired destination up front. Pre-closing makes the end of the meeting more relaxed for everyone

3. Do NOT bore the prospect with a Powerpoint presentation – take sharp tools (aka case studies) and leave your comfort blanket at home

4. Prepare and ask a series of planned and considered questions, giving you the information you want from the meeting – focus on their challenges and priorities

5. Pre-empt the prospect’s likely objectives to using you; putting objections on the table allows you to deal with them or at the very least, lets you know why they won’t be using you