Improving the Quality of Your New Business Team
Jon Morris
I turned $10k into one of the largest independent digital agencies. Now I have founded Fiscal Advocate, a tech-enabled finance & strategic planning company for professional service firms to efficiently make more money.
As an agency owner, you are always looking for ways to improve the performance of your new business group. Generating new opportunities, winning new business, and increasing the average order value (AOV) are key metrics for measuring the success of this team. In this article, I will discuss the importance of these metrics and provide tips on how to improve them.
Opportunities?
Generating new opportunities is crucial for scaling your agency. To do this, you must invest in sales and marketing. The higher percentage of your revenue that you spend on these activities, the greater the likelihood you will generate more leads. However, it is important to track your cost per acquisition (CPA) by marketing channel and invest in the ones that have the lowest CPA. Building your brand in a niche market can also help to lower your CPA by increasing your referral business and increasing the number of opportunities you generate.
Win Rate
Winning new business is all about being the best at what you do. You must understand your target audience and deliver a high-quality service that meets their needs. This requires a deep understanding of your target market and what makes them successful. Your pitch and sales team must also be top-notch to win business. You should also have strong follow-up activity to build trust with clients and keep them engaged throughout the sales process.
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AOV?
Increasing your AOV is a key revenue driver for your agency. Focusing on a niche market can make it easier to control pricing and sell more services. Understanding your target audience and delivering a comprehensive solution for their needs can help drive higher prices. Additionally, bundling services and creating package deals can incentivize clients to spend more with your agency.
Improving the quality of your new business group is essential for scaling your agency. By generating more opportunities, winning more business, and increasing your AOV, you can drive revenue growth and build a sustainable business. To do this, you must invest in sales and marketing, understand your target audience, and deliver high-quality services that meet their needs. By following these tips, you can take your agency to the next level and pave the way to success.