How Can Small Agencies Land the Big Fish?

Strategies to make small agencies more relevant in the eyes of large prospects.

The first step to land that large, agency-elevating client is always the toughest. Devising the plan to land that signature client that will forever transform the face of an agency is no easy task and executing it effectively is more difficult. Changing an agency’s M.O. from targeting minnows to an approach aimed at landing Moby Dick, may be the toughest challenge faced by principals of small agencies.

Overcoming the status quo to secure that big fish is more than simply a change of prospect list, it often requires a shift in an agency’s fundamental approach. The days of relying on cold calls and referrals to secure those low-hanging opportunities must pass and be replaced with a more strategic and comprehensive, marketing-centric business development program. Though it may seem a daunting task, it is a necessary one. Running in circles with the same approach will simply not make a small agency more relevant or allow them the opportunity to successfully land that keystone client.

This shift in approach begins with taking an objective look at the entire agency. The foundation for success is secured by first defining who the agency is. Often an assessment from an outside, experienced business development partner can be invaluable. These partners have the ability to first look at an agency with a critical eye then leverage their expertise to impartially place their findings in the context of the industry and competition. Additionally, outside firms can quickly unearth the reasons to believe why a small agency can not only compete, but exceed the services of their larger counterparts. This outside perspective could provide the needed edge to make an agency’s messaging resonate with that large multi-national.

Knowing what to say is as important as knowing how to say it. Though consistently placed on the back burner, the utilization of a market-proven approach and sound methodology to acquire new business can quickly increase the potential for small agencies to acquire large clients. The experience and strategic thinking of an outside partner to not only develop, but execute a custom business development program, allows smaller agencies to focus on the difference-making service and creative that will keep those large clients happy

Equally important to uncovering the opportunity with a large prospect is how an agency approaches the pitch. The sound, detail oriented approach that got your foot in the door and into the pitch, must be carried throughout. Researching and understanding the prospect and their business, addressing current and potential needs, as well as providing prospects with the best solutions for their needs, not the best solutions your agency can offer will make a strong and credible argument for any size agency, every time.

Small agencies must also keep the following in mind when they are in the pitch or providing insights for the RFP- ready to reel that large prospect in:

Be bold. Don’t be afraid to lay out what you really think. With so much competition, many agency pitches start sounding alike. A growing number of large companies are looking for smaller, more nimble agencies to offer innovative solutions to their communication needs.

Be truthful. Offering valuable strategic insights that add value to the prospects goes a long way. If a prospect’s strategic direction is off, agencies need to let them know instead of giving them what they believe the prospect wants to hear.

Be compelling. Agencies must believe what they are selling. Buying into the message internally, believing it, and communicating it along with sound strategic insights will keep small agencies competitive regardless of category, geography, or expertise.

In any scenario, the ability to harness, streamline and direct efforts toward a common goal is a benefit. Additionally, partners that have the skill and expertise to accurately audit an agency, develop a custom business development plan based on a proven methodology, and the ability to execute it is invaluable. Often times, agencies do not look outside for assistance to establish their agency or reposition their brand, but this may be a far more costly investment when looking at the opportunity cost of an internal program. While hard costs are associated with stepping outside, the ceiling is much higher for an agency as a result. Rather than looking solely at the numbers in a vacuum, they must be placed relative to the opportunities and the potential return as well as the long-term benefits of the insights.

With trends in the industry pointing to so many cases where smaller agencies are landing the big fish, the opportunity is ripe for small agencies to get more serious about business development. A solid plan and the ability to execute it will poise any small agency to transform their business and potentially catch their Moby Dick. In the end, it is the nimble agencies that can quickly adapt to the needs of clients large or small that will be successful.

By: Frank J. Meyer, Director of Marketing & Business Development, RSW US