Lifeblood

referrals

Referrals are the headwaters of lifeblood for an agency – new business. We greatly appreciate our solid clients, but to survive and thrive, an agency needs new clients. Agency network Second Wind tells us that most agencies average 15% per year in lost billings due to client turnover.

What this means for us is a continual need to find new clients. And, what’s the best way? Agency development consultant John Heenan recently completed a survey of marketer preferences. In it he found that 51% of marketers prefer to learn about a new agency by way of a referral from a friend, colleague, or peer. The numbers for other methods of contact fall off dramatically.

Another interesting discovery from Heenan’s research is that you are being flooded by agency news business contacts. In this survey, 56% of marketers report receiving 3-10 new business inquiries per week from agencies. And, this was a tremendous reminder of how much we appreciate our loyal clients. Despite being bombarded by agencies promising you the moon, you choose to work with us. Our sincerest thanks for your loyalty!

This is where you come in – we both need and appreciate your help. If you feel you’re getting great work and solid results from PWB, why not tell a friend? We’re not looking only for people who are actively seeking an agency, we love to build solid relationships that grow and evolve. Know a peer at another company who might need our services? Please help us connect. Whether they’re in a marketing role or not (while marketing is best, leaders in other functions are also generally solid), this really helps us cut through the onslaught of agency inquiries.

We appreciate these referrals more than you know, and we’ll definitely show our appreciation in return. We’re not talking “send us a referral and you’ll get a gift card from _______.” We’ll show you in real, thoughtful ways that are personal and indicative of our gratitude.

As a closing thought, those of you who haven’t worked in an agency environment may not fully grasp the challenges of finding and acquiring solid new business. This quote, from one of Heenan’s respondent is both funny, and a bit depressing (if you’re an agency…):

“We do not like receiving unsolicited contact from ad agencies. We do not like them Spam you am. We do not like them in a boat or with a goat. We do not like them while stung with bees or up in a tree. We do not like them Spam you am.”

-anonymous-

How can you help? A conversation with your peer, friend, or colleague would be great. If you’re not comfortable with that, a simple e-mail connecting both parties would be equally awesome. Or we’ll buy you both lunch, or breakfast, or and adult beverage (or two…).

Thanks, in advance for any help you can lend in PWB’s continued success! And, thank you for your loyalty!

-Sean-

Digital – The New Face of Branding?

Is Digital the New Face of Branding?Recently I had the opportunity to participate in a panel discussion at the Eastern Michigan University Center for Digital Engagement. The topic was “The New Face of Branding” with an emphasis on how digital has changed branding.

As I was considering my remarks, I realized that digital really has changed the face of branding, but that two key tenets from traditional marketing need to drive any effort:

  • 1. You need to know who your target market is. With digital’s increased potential to precisely zero in on prospects, this becomes even more critical to maximize efficiency.
  • 2. Clearly articulated messaging is key to success – you need to know who you are, what your advantage is, and how you’re unique. Life moves fast in the digital space. You have even less time to engage prospects.

Initially, my thoughts centered on the notion that strategy was paramount and how this doesn’t change for digital. In fact, digital makes having a sound strategy even more important as it enables unprecedented targeting and customization of message to audience.

But…

Digital HAS changed a lot of things. Do I think it really is “The New Face of Branding”? No. For most marketers, a balanced, integrated program is still the best solution. However, there are two scenarios where digital has been a game-changer:

The Little Guy
Once upon a time, a small marketing budget really limited what you could do. A full-page ad in the Harvard Business Review (one of my favorites) costs roughly $30,000. Assuming you need to run at least 6x, you’ve already eaten up the better part of $200,000. Ouch. But digital is scalable. Using digital display on HBR.org or LinkedIn, you can target these same prospects. Mix this with a solid program of organic and earned social media and you have the potential to be a giant-killer.

The Niche Market
The Internet has enabled makers of niche markets to reach a global customer base. It started with vehicles like Ebay and Etsy, but it quickly expanded to include social media, remarketing, and networked banner buys. Looking to reach customers for organic alpaca yarn in Northern Canada? Need to connect with left-handed engineers in the ski industry? With digital you can target them effectively without the waste built-in to traditional media.

The New Kid on the Block
Digital has levelled the playing field, enabling new products from emerging companies to compete with established players. Using WordPress you can easily create a site that creates a world-class image. Social media helps you introduce new products to established audiences and even target your established competitors.

In short while digital hasn’t lessened the importance of a sound strategy, it has created tremendous opportunities for many companies.

Sean