How to Win New Business
The question of how to win new business is a central theme for most organizations. It’s a constant consideration for agencies and consultancies. There is also a constant balance between serving existing clients and generating new business.
It is often said that it is significantly more challenging, more time-consuming, and more expensive to acquire a new customer than it is to retain and grow an existing customer. That can be true, but at the same time, it is also important to be growing your client base constantly, particularly if you lead an agency or consultancy. While typically not an option that is top-of-mind, marketing research is one of the best tools at the agency or consultancy leader’s disposal to win new business through client acquisition, and it can also be among the most impactful.
Winning New Business Through Research for Market Assessment
A greater understanding of a market, and your prospect’s position in that market, is a good place to start. What is anticipated from the market? Is your prospect a significant player? Are they in a growth mode or decline? What are they trying to achieve? Answers to these questions will progress a potential agency or consultancy sale.
Building Credibility for New Business Wins Through Research
Another way marketing research helps agencies win new business is by establishing your firm’s credibility, as both a business as well as in your proposed client solution. Marketing research can provide information and/or data as evidence to support your recommendations. Client conversion rates increase, client satisfaction improves, and client confidence grows when the agency or consultancy can clearly demonstrate their market knowledge and expertise.
Adapting to the Changing Market Landscape
Successful agencies and consultancies understand they must be able to adapt in an ever-changing marketing landscape. Not only do they need to accurately capture a client’s brand voice, for example, but they must fully understand their market as well. They need to know the challenges that face the industry along with the opportunities, and the best practices as well — which tactics work, and which tactics don’t work. Many agency and consultancy leaders focus only on an industry they know well, but the most successful become marketing research masters and leverage the insights gleaned to grow their firms. They exhaust every resource available to immerse themselves in their client’s world. And they are often rewarded with winning new business as a result.