Expert article

The new way to do – New Business for Agencies

There is no denying it 2024 is proving to be a difficult year for many agencies – what has worked before is no working anymore to attract new clients and who has invested in marketing and building their agency brand is certainly already one step behind.

The agency world is undergoing significant changes as marketers build up internal capabilities with more creative, design, and production resources. AI is accelerating
efficiencies in output and processes, raising questions about the future of agency models and the strategies for winning new business.

Competition is at an ever-high – with many small to mid- size independent agencies competing with bigger networks for the same accounts and clients.
In these changing market conditions it has never been more important to understand how to do agency new business well.

Too many established agencies still focus on short-term solutions and want quick sales techniques without major investment – and are then asking themselves why there is no return.
Above all there are many agency lead generation services out there promising meetings with key decision makers like canapes on a cocktail party.

BE A BRAND - BE NICHE

The key for agencies to master new business is to understand their role in the market – it is important for agencies to understand that they operate in a B2B world.
They don’t sell to masses of end consumers or need to communicate on billboards – B2B forms need to focus on building long-term client relationships.

In a world which is becoming increasingly technical and non-human – the personal touch of selling is becoming ever more important. This is vital in a B2B environment.

The other point with more importance is to create an agency brand – be clear of what you do and what you stand for. At Cannes this year the founders of GUT
Agency shared their secret – don’t build and agency – build a brand. Gut Agency has a fantastic page on this on their website – called their brand Xray. Too many agencies are not clear in their approach and what they stand for – they try to be everything for everyone.

Behaving like a brand is key – be differentiated, having a niche offer, a clear set of values and being consistent. This way the agency and its offer will more memorable.

SMALL IS THE NEW BIG

Globally, we observe large agency models and holding companies struggling to retain the large accounts they once managed effortlessly. According to a 2023 report
by Forrester, 60% of CMOs have reduced their reliance on large agencies, preferring smaller, more agile partners.

Marketers are increasingly open to new working models as they hire agency talents to build in-house capabilities. A survey by the Association of National Advertisers (ANA) found that 55% of brands are expanding their in-house agencies.

POSITIONING AND OFFER RELEVANCE

The first priority therefore is to reassess the agency’s market positioning and offerings. Agencies must ask:

• Is our current positioning still relevant?
• How can we make our services more efficient and cost-effective?
• Can we do more with less?
• How can we build long-term client relationships?

Agencies should avoid outdated mass campaigns and instead focus on delivering value through targeted, relevant offers. Interviewing key clients and reviewing existing and lapsed client relationships can provide valuable insights.

ATTRACTING NEW CLIENTS

Once agencies clarify their market positioning, they can strategise their approach to market their services. Understanding the decision-making process of marketers and CMOs is crucial. Building and leveraging B2B relationships involves many touchpoints and requires a long-term focus. At the Newbiz Academy our focus is to train agencies in being better at new business and winning new clients – it all starts with a strategic new business approach – our training focusses on these fundamentals the 5P of a successful newbiz strategy – Positioning, Promoting, Prospecting, Presenting, Pitching.

Today’s marketers receive numerous cold outreach emails daily, often offering lead generation services. Most of these messages are automated and lack personalisation, leading to low engagement rates. Research from HubSpot indicates that personalised emails deliver 6 times higher transaction rates.

To stand out, agencies need tailored, persistent, and relevant messages. Offering helpful advice or connecting leads with other solution providers can foster long-term relationships. The focus should be on long-term lead building rather than short-term gains after all in general m9%% of B2B prospects won’t be in the market to buy
immediately.

BUILDING AND MAINTAINING A ROBUST SALES FUNNEL

The importance of a robust sales funnel is often overlooked. Effective use of all available channels to connect with future audiences is key, from creating relevant thought leadership content to a more tailored direct approach.

Monitoring the market for news that might trigger agency changes or marketing campaigns is essential. Tools like andzup provide insights into job changes, pitch wins, and competitor activity, enabling agencies to plan targeted ad-hoc outreach.

BE SPECIFIC AND HUMAN

Despite the crowded market, cold email outreach remains a viable method to connect with marketing decision-makers. To succeed, it is essential to write human centered emails that demonstrate thoughtfulness and relevance.
In 2024, it’s crucial to go beyond automated messages. Informed outreach, supported by insights from tools like Andzup, can help agencies understand recent pitches, agency connections, and team structures more accurately than LinkedIn alone.

STAYING TOP OF MIND

The relationship-building process doesn’t end after the initial contact. Staying connected and relevant is a constant necessity. Sharing industry insights, relevant experiences, and work examples can keep the conversation going.

Key Insights from Business Developers in 2024 and advice for the final quarter:

Adam Graham – Founder of Gray Matters, a business growth consultancy for agencies: “For a successful new business strategy in the last quarter of 2024, focusing on a few key areas is essential. First, create a more niche proposition that speaks directly to specific market needs—this helps differentiate your agency in a crowded space. Second, build strategic partnerships to expand your service offerings and reach new audiences. Lastly, assess where you can be more efficient, whether through technology or process optimisation, to maximise your impact with fewer resources.”

James Russell, who leads client development at VIM, a brand implementation agency – shares one vital advice for the last quarter: “Get out and about. There are opportunities out there and having regular informal conversations across our networks is one of the most efficient ways to both identify and, crucially, gain access to them.”

Catherine Saint Loubert – Founder of the Newbiz Academy, who runs regular trainings focussed on new business for agencies in France: “To develop an effective new business strategy, it is essential to build our reputation with the right targets. This means analysing our ‘mirror clients’—those who share our values, generate profits, and fit a profile we know well. From there, we create a ‘dream list’ of similar prospects and refine our case studies to align with our positioning, balancing creativity with performance to meet their expectations.”

In conclusion, agencies must refine their positioning, leverage informed cold outreach, maintain robust sales funnels, and stay top of mind to thrive in 2024’s competitive market and be ready for 2025.
At The Newbiz Academy we run workshops and trainings for agencies to develop more strategic new biz plans and in being better and more efficient in agency management and growth.

Sources:
1. Forrester Report 2023
2. ANA Survey 2023
3. HubSpot Research

Article writting from Pia de Malherbe – UK Founding Director, The Newbiz Academy