Written by: Vickie Sullivan | May 02, 2024
Winning New Business in the Shadow of Big Competitors
Was it harder for you to get new business last year? If you said yes, you are not alone. According to the RSW/US 2023 Ad Agency New Business Report, 38% of agencies reported a decrease in new opportunities in 2023, compared with 26% in 2022.
The report also reveals that agencies saw fewer referrals, budget cuts, and longer sales cycles. In addition, respondents reported they saw greater competition from bigger competitors that “played down” and pitched to organizations that usually favor folks like you and me.
What to Do When Large Competitors Come for Your Buyers
So how should you respond when bigger players encroach on your space? The “they’re too expensive” narrative won’t work now, as everyone seems to be reducing their fees. Here are two strategies that can help you reach those buyers:
• The power of the A team. The bigger the shop, the more junior associates get tapped for the smaller jobs. Buyers need to know that when they work with you, they get your direct focus and attention. But that explanation isn’t enough either. Translate your extensive experience into on-the-ground impact.
• Activity vs. results. Because outcomes in an uncertain world are dang near impossible to guarantee, bigger players use a huge “Here’s what we’re gonna do for you” list to insinuate value. With their large staff and resources, this is a game you cannot win. Instead, make a case for quality vs. quantity.
Listen: How to Counter the Big To-do List
Prediction: You’re going to face a lot of David-and-Goliath sales situations this year. The good news is your buyers respond well to on-the-ground, battle-tested results. When you translate your experience and approach to that, you have a good chance of beating the big dawgs.
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