6 Techniques To Help You Win More Business in 2024

Looking back at the challenges agencies faced last year, 2023 was undeniably tough. Research conducted by AAR revealed a 12% decrease in new business across the board, painting a sobering picture of the industry's struggles amidst uncertain market conditions. However, there's a glimmer of hope on the horizon for 2024. While it's still early in the year, there are signs that things might be looking up. As we wrap up the first quarter, we believe it's important to equip agencies with effective techniques to improve their business development efforts.

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In a recent webinar , we had the pleasure of being joined Keith Smith , Managing Director of The Advertist - New business development platform , a new business development platform for creative agencies. He shared insights gleaned from numerous interviews conducted on his Fuel podcast , and offered practical advice on building a solid business development plan that balances current needs with future growth aspirations.

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Unlike our usual webinars, this session took on a more workshop format, encouraging active participation and collaboration among attendees. The focus was on identifying strategies to support business growth and build lasting client relationships.

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In today's article, we will reflect on what we discussed and share six actionable tips to help you grow your business today and into the future.

The Importance of a Business Development Plan

First things first, why do you need a business development plan? Essentially, a business development plan acts as a strategic roadmap towards achieving your agency's growth objectives and sustaining long-term success. It is a strategic blueprint outlining actionable steps to expand your client base, increase revenue streams and improve overall profitability. Without a well-defined plan in place, agencies risk operating in a reactive manner, which can lead to missed opportunities and inefficiencies in resource allocation.

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Recent statistics from The Marketing Centre shed light on a concerning trend in 2024, revealing a significant gap in business and marketing strategies among small and medium-sized businesses:

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• 54% of businesses don’t have a documented business plan.
• 67% don’t have a marketing action plan in place.

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What does this mean? Without a clearly defined roadmap outlined in a business development plan, agencies are left vulnerable to operating reactively, responding to market changes instead of steering their course deliberately. A comprehensive business development plan, accompanied by a strong marketing strategy, becomes imperative for driving brand visibility, fostering client engagement and generating sustainable growth. Without a cohesive marketing strategy, agencies risk squandering valuable resources and failing to capitalise on market opportunities.

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Keith went on to perform his own study involving 300 agencies, aiming to understand the impact of winning new business on their operations, both in the short and long term. Answers ranged from "fun" and "optimism" to "a bigger portfolio of clients and work” and “ability to invest more in our team”. This highlights the critical role of business development in propelling agencies towards short-term success, and laying the groundwork for sustained growth and prosperity in the long run.

Practical Tips for Building a Business Development Plan

Creativity is certainly important for agencies. This creativity fuels innovation, drives captivating campaigns and sets agencies apart in a crowded market. However, creativity alone is not enough. Keith’s six tips for agencies hoping to build business development plans in 2024 emphasise the need for a balanced approach:

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1. Balance: You need to get the balance between the colours and the numbers, so to speak. Achieving a balance between creativity and business acumen is crucial. It's not just about producing inspiring work; it's also about maintaining financial stability through consistent new business prospecting. Finding this balance means agencies can sustain themselves in the short term while paving the way for long-term growth.
2. Become an Expert in THEIR Field: Winning new business requires demonstrating expertise and credibility in the client's industry. Clients want assurance that their investment will deliver results, and agencies must show that they understand their needs and can deliver solutions that align with their goals.
3. Dig the Ditches Now! Success in new business development doesn't happen overnight. Agencies must invest time and effort into laying the groundwork early on, building relationships and nurturing leads. Agencies can create opportunities for future growth and success by taking proactive steps now.
4. Schedule Your New Business Activity: Making time for new business activities is essential for consistent growth. Agencies can develop a routine that ensures ongoing prospecting and outreach by incorporating new business efforts into their weekly schedules. Consistency is key to building momentum and generating results.
5. New Business is Your Agency’s Future Direction: It is crucial to align new business efforts with the agency's long-term vision. Agencies should base their new business strategies on where they see themselves in three to five years, focussing on attracting clients who will help them achieve their goals and grow in the desired direction.
6. New Business is a Team Sport: Collaboration is essential in new business development. While agency leaders may have valuable insights, the entire team can contribute to the process. Each team member brings unique perspectives and connections that can aid in securing new business opportunities. By promoting a culture of teamwork and collaboration, agencies can leverage the collective strengths of their team to drive success.

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As we move forward, it's essential for agencies to learn from these insights and implement them into their business development plans. By doing so, they can position themselves for success, capitalise on opportunities and thrive in the ever-evolving landscape of the industry with confidence and resilience.

Strategies for Success in 2024

The challenges faced by agencies in 2023 were undeniably tough, but a well-defined business development plan is essential for agencies to navigate the complexities of the market landscape. Keith highlights the critical role of business development in driving short-term successes and laying the groundwork for sustained growth in the long run. His six tips emphasise the need for a balanced approach, including both creativity and strategic thinking. From achieving a balance between colours and numbers to recognising that new business is a team effort, these tips provide actionable strategies for agencies to thrive in 2024 and beyond.