If the last three years have taught us anything, it is to expect the unexpected. There have been numerous challenges for businesses, not just in the UK but across the world, and the marketing industry is certainly not immune from these situations. Whilst you might not be able to predict when the next pandemic or whatever other unfathomable global event will surface, you can certainly take steps to create a steady stream of revenue generated from your new business efforts.
So, what should you be doing right now to increase your chances of success in 2024?
Get moving now – prospect pipelines take time to build and by that we mean quality prospect pipelines and not simply a list of untargeted people you can blanket email. These are fully qualified prospects that have moved through the funnel and have real potential for new projects.
Invest – without proper investment and commitment, you could in fact waste any money you do put towards new business. Effective new business requires consistency and a stop-start or constantly changing strategy is likely to fail. It can be daunting putting a budget to something that has no guarantee of success, but planned properly you will give yourself the best possible chance. Make the most of surprise opportunities, such as any Government announcements where there may be funds or schemes to invest positively in your business.
Resource – whether internally or externally, have a dedicated resource to develop and nurture your new business pipeline. Trying to do this on an ad-hoc basis between other jobs and responsibilities will result in lost opportunities.
Know your ideal audience but… be prepared to pivot if you do have clients in precarious sectors. There are always certain companies and markets that will do well in challenging market conditions. For example, food and drink and personal care tend to be resilient to a recession as do pharmaceuticals/healthcare, logistics, home and DIY and financial services.
Evaluate your positioning and proposition – be very clear as to your area of expertise. That doesn’t necessarily need to be a specific marketing discipline but may be a defined challenge such as launching products.
Agree your routes to market, have a plan for each and stick to it. I always liken this to watching my son play in his under 13 cricket matches. If the batsman hits one ball to the leg side boundary, the captain instantly sends half the team to that spot as opposed to sticking to the game plan. New business is the same in so much that whichever channels you use you need to give them time to work before stopping and trying another. That is a sure-fire route for new business to fail.
NEW BUSINESS BASICS
After 37 years at the heart of new business (and being the longest standing business development agency for all types of organisations within the marketing and creative space), we have an abundance of experience helping our clients grow, both through times of economic prosperity and turbulence.
For your free consultation and new business evaluation, please get in touch.