Adweek and Olivia Morley covered a report today from RSW/US on the struggles of new business at small/midsize shops. According to the survey, two years ago 28% of agencies found getting new business more challenging than it was in the past. IN 2023 THE NUMBER HIT 58%!!!!! NBZ takeaways: "THERE IS NO PLAN HERE" While economic reasons of course contribute to the decline in new biz, everyone agrees that there is a lack of understanding and implementation of effective new business strategy. Why??? True new biz pros are fewer and further between and there's no industry standard or training to bring up the next gen. What makes it even more painful for small/medium size agencies is that agency leaders with no background in new business are often at the helm of the agency and ill equipped to put a plan and people in place. "SMALL AGENCIES RELY TOO HEAVILY ON NEW BUSINESS LEADERS' ROLODEX" - 1) a true new business leader in our industry isn't selling her black book.. she's selling her experience in agency growth and the agency brand 2) If your new business person holds the key to your network, she takes all the relationships with her when/if she leaves. Networks are a finite resource and should be tapped across the agency leadership when it makes sense. "IT IS VERY DIFFICULT FOR ONE INDIVIDUAL TO BE IN CHARGE OF NEW BUSINESS " - One individual should NEVER be in charge of new business ... but every agency needs one individual to sit in the "producer role" along side a full cast of highly qualified leaders. The new business person should present a plan and marching orders for each team member and have them clearly understand their responsibility in achieving success as an agency. As we prepare to launch NBZ+ on October 13th, this validates and reinforces our vision to create a community, transparency and change for new business leaders and the industry at large. https://lnkd.in/ejJ9bfFK
Ian Sohn
8mo
NBZ Partner has found an incredible sweet spot. Analysis above is dead on.
Thanks for your takeaways!