10 Interesting insights about winning new business

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by rob

We all know that winning new business is essential for the growth of any company. In fact, I don’t think I would be exaggerating to say that, ultimately, no organisation can survive without it.

So, with the help of good old Mr Internet, here are some snippets of information outlining why this is so, along with some key points to consider in order to achieve your new business goals.

Understanding Client Needs
Businesses that focus on understanding and meeting client needs are 60% more likely to win new business compared to those that emphasise their own products or services. Sounds simple but you would be surprised how many people forget you have two ears but one mouth for a reason.

Building Relationships and Client Retention
It is estimated that 70-80% of new business comes from existing clients and referrals. You may ask why you would need a new business agency if that is the case. The obvious answer is that they would help you win a new client in the first place, which would ultimately lead to repeat business and those sought-after referrals from that new client as the relationship progesses. This is one of the key metrics we factor in to our proposals… and we all know that from little acorns mighty oak trees grow.

Competitive Edge
Companies that clearly articulate their unique value proposition can increase their chances of winning new business by up to 30%. Alchemis can offer advice with this, but it may be overlooked by some agencies. Think of it like this: we are on the sharp end of industry trends through the thousands of conversations we have with marketing decision makers every month. In an ever-competitive and crowded market, you should not neglect this.

Online Reviews
Positive online reviews and a strong digital presence can influence potential clients significantly. Apparently over 80% of customers trust online reviews as much as personal recommendations. However, despite the above statistic, it would be remiss of anyone commissioning an agency to NOT seek further references from their real clients in person. There was a case a few years ago of a London restaurant which reached the highest rank on Tripadvisor but which did not actually even exist. Do your due diligence people!

Professional Proposals
Personalised proposals tailored to the specific needs of the client have a 50% higher chance of success. Including case studies and testimonials can further enhance your credibility. Dishing out a one-size-fits-all to everyone you meet may not be in your best interests, particularly if your potential clients are likely going to spend large amounts of money.

Effective Networking
Networking is a powerful tool for winning new business. Events, industry conferences, and social media platforms like LinkedIn are all very useful in connecting with potential clients. Above all though, remember that people buy from people so nothing trumps the personal touch. A meeting in person, particularly when a large value proposal is at stake, is the icing on the cake. This can effectively be preceded by building up a good relationship on the phone/on a video call. Nuances in real time conversations, body language etc are far more powerful than anything coming through as written text.

Sales Team Effectiveness
Sales teams that receive regular training and development are 50% more likely to exceed their sales targets. Continuous learning about industry trends through the huge number of conversations they have with the decision makers in your target market, combined with years of experience is crucial. In terms of how our own clients operate in the creative and marketing world, this is not always that easy. You might be great at design or building an incredibly sophisticated website. We are great at facilitating the introductions that will give you the chance to showcase your skillset to a buyer. Effective new business prospecting for high value prospects is not an easy job, but outsourcing to a professional agency, where that is their only day job, will give you the time you need to focus on yours.

Technology and Tools
Having access to a robust and comprehensive CRM system will significantly improve your chances of winning new business. A professional new business agency will likely have way more data and insight tools than any single client they work for. The principle for this comes down to economies of scale. Whilst many aspects of this data is ringfenced to protect each individual client campaign, the basic details in terms of company information, prospect contact details, etc would benefit all clients using that new business agency at a far more cost-effective rate than they could hope to achieve if sourcing data themselves.

Speed of Response
Responding quickly to enquiries and requests can make a significant difference to your chances of winning new business. Companies that respond within an hour are apparently seven times more likely to qualify a lead than those who respond later. The likelihood is that if a potential buyer has sent an enquiry to your agency, they will have also sent enquiries to your competitors. It is a crowded market place, so don’t get caught sleeping!

Industry Knowledge
Demonstrating a comprehensive awareness of the industry you operate in and providing insights during the sales process can differentiate your agency from any competitors and build credibility. This can include relevant case studies, useful content you may publish and/or a general oversight of the challenges most often faced by any of your potential clients. Crucially, this industry knowledge should put you in a position to be able to offer effective solutions to overcome these challenges.

I hope you found these insights useful. If you would like to discuss any of your own new business challenges, please get in touch.