Business Development 101

Creative agencies have been hit hard by the recession as well as client’s hesitation to take on new initiatives during these uncertain financial times. As director of new business for a creative agency, it is my job to define and implement ways to sell while simultaneously positioning my company for explosive growth at the onset of an economic uptick. I try to do that by helping companies see they need to be doing the same.

Companies should be focusing on their current business but also on positioning themselves for the future. That’s where creative agencies like ours can help.

New business development unfolds in several stages - narrow, prospect, sell and develop. These stages are best managed and tracked through organized documentation.

Narrow

Narrowing is the identification of key types of businesses your company would like to pursue. This could be business of a certain size, industry, age or within a particular region. You should first assess how new business prospects will help with your company’s short and long term goals. Rank your targets with the rationale behind why you’re pursuing them. For example, we begin our narrowing process by designating industries that would most benefit from technologies such as video, SEO and web tracking. Once industries are identified, we then set clear measurable goals for our new business development so that we can evaluate our approach’s effectiveness and efficiency.

Prospect

Prospecting requires scouring sources for appropriate businesses to contact, researching the quality of each lead, and documenting useful information. Researching a company before introducing your own is crucial. Beyond familiarizing yourself with the information on the company website, try searching for information within avenues such as past news articles, social networks or old press releases. While new business is often built upon existing/tangential business or personal relationships, being prepared and informed from the onset is crucial.

Sell

First impressions only happen once and are extremely important. Therefore when you first introduce yourself, your company and its services- make sure to be simple, clear and direct. Be prepared to break down some barriers in the initial conversation and don’t be too pushy. People tend to work with people they like, so be personable and approachable.

Your job is to articulate why and how your services can achieve their short- and long-term business goals. I generally start the dialogue by asking what they feel can make their business more appealing or efficient and about their short and long-term business goals. If you peak their interest, begin with your pitch about how your company can help them meet their goals.

Develop

New business development revolves around developing relationships for now and the future. It is difficult to adhere to most self-imposed regimens, and business development is no exception, especially with so many diverse daily responsibilities. However, merely attempting to stick to this plan is more productive than settling for a "referrals will come to me" philosophy. Even if your labors are not immediately fruitful and you can't persuade the prospect to "act now," your expertise and relationship has been established when the potential client decides to move forward. It requires an investment of time and occasionally money, but the outcome is more potential for future growth. A failed business prospect but a positive impression is still progress; because you never know when your card and their new business will be passed along.

Sam Huntington is director of business development for Brolik Productions, a full-service branding and interactive agency that adds a vital creative pulse to businesses through web design, video, brand marketing and innovative strategy in Philadelphia, PA. He can be reached at huntingtons@webrolik.com or by visiting www.brolik.com.