The economy is rebounding in many ways, so say the media and government economists. Wall Street is sure rolling in it again, so it can’t be long before all that upside starts to trickle down to the rest of us.

And what industry needs it more than advertising and marketing? OK, automotive, travel, retail and many other sectors can lay claim to neediness. But my professional interests and bias make this all about the advertising-marketing sector, with agencies and in-house staff  notably hard hit in the downturn. Delayed product launches, suspended campaigns and deferred marketing programs have all taken their tolls.

But this industry is about onward and upward, so it’s time to start firing the new business guns again. But wait. Before you take too many pot shots it’s also a time to consider a business development do-over, because there is no better opportunity to rethink how you pursue new clients than when the slate has been wiped more or less clean.

What constitutes a new business do-over varies as much as individual agencies and their past practices. Yet there are some fundamentals that can apply to everyone. So take this business development do-over pledge with me and promise — hand over heart or wherever it matters most — to adhere to the following better-if-not-best practices.

Each pledge point begins with We will:

  1. Treat new business as a core, strategic facet of our agency. Too often, new business efforts are the tail that wags the dog. And if not that, then the dog that goes hungry because the resource cupboard is bare. In the former case, new business efforts practiced without a strategy can yield a client portfolio that steers your agency in a direction it shouldn’t go. For example, winning projects because they’re easier to close when your agency is structured for long-term client relationships. In the latter case, many agencies expect great things from under-resourced and possibly under-qualified business development staff — and then feel frustrated when performance isn’t there. (Remind me to tell you a story about that later.)
  2. Systematically and honestly appraise our assets and expertise. Knowing who you are as an agency, what you do best, as well as who you want to be next (because the need to grow and adapt never ends) are critical variables to understanding how to plot and pursue new business. Above all — and I emphasize above all — make sure you take the time to know who is on your team: their talents and expertise, where they’ve been and who they know, and what kind of work energizes them. I emphasize this because your agency’s value proposition is, after all, nothing less than an expression of the collective abilities of your team.
  3. Thoughtfully choose a set of specific prospects based on the assessments and doggedly pursue them. Every organization needs collective goals to drive unity and motivate teams. What better driver than the shared pursuit of exciting and plausible new clients. I espouse the view that you should dedicate at least 75 percent of your outbound business development efforts to specific target prospects. Moreover, that target list should be universal internal knowledge and universally supported. If everyone knows and signs up for these shared-vision clients it makes it a lot easier to get them to do an all-nighter for the big pitch — and to do their very best to win it and serve once the client is in the door.
  4. Honestly evaluate, and be willing to take a pass on, any prospective business that falls outside our core strategy. Someone once told me that not every prospect that finds its way to your door is worth pursuing. Indeed, you not only have the right but the responsibility to qualify your prospects and retain control over who you will serve. Saying no to an opportunity isn’t foolish; it’s wise when done for the right reasons.
  5. Not allow prospects to dictate our best interests. Even when you get in the door at a desired prospect, it might not be the right time or project or circumstances to go for the win. Because if you think that clients are sometimes inscrutable, prospective clients can be ten times more difficult to read and manage. So, if you’re invited to an RFP first round with…let’s say nine other competitors, that should give you pause. Or if there is an incumbent and the review process feels a little odd, you might be being used as a straw man to get concessions from the current agency. Beware and act in your own best interests first.

Of course, I didn’t come to understand these points from sitting in a classroom or by reading Advertising Age. The former would leave you utterly unprepared and the latter is of use only to the extent that it rounds out real-world experience. For each and every point above I could tell you some stories. And I promise to do that in the near future — while protecting the names of the innocent and guilty alike.

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