“We’ve been really lucky with the amount of work coming in of late, so have no need for New Business”.
We hear this objection a lot (although I wouldn’t want to guess how many times it’s the truth). When we try to engage with companies we feel might do well to take their new business endeavours more seriously, we go to great lengths to explain why there’s never a bad time to bring in more paying customers (like, duh).
Ironically, when you’re running hot can be the best time to get more serious about deploying an effective new business program. We’ve been deflected on various occasions by agencies who thought they were crushing it, didn’t think new business was important to them, and then - UGH! - suddenly a new director arrives at one of their ‘safe’ accounts and brings his agency mates along with him. BOOM - 60% of your revenue from one client? Not any more…
And sadly this is the time you take more interest in new business because you need more incoming work, but trying to run a successful new business campaign when you NEED it to succeed (and succeed quickly) is generally a really good way to ensure it won’t work. Demands to find ‘low-hanging fruit’ are the first red flag…
Effective new business comes from understanding the longer lead times, the lower conversion rates and the sheer tenacity and resilience needed to make meaningful contact with people who don’t want to hear about you.
Undergoing a smart new business campaign when your survival doesn’t rely on it is a great time to get serious about winning new clients. With the immediate pressure off, you can focus instead on building a smart, focused database filled with prospects likely to react to your offering (rather than a cheap quick win).
There are many other reasons attacking new business works so much better when the going is good, but I’ll save that for another time. Meanwhile, just remember to sing when you’re winning.