ARE YOU CHASING YOUR OWN TAIL? | new business agency
We worked with a £2.5 m turnover agency that employs 20 people, who believed that their new business problem was a lack of new opportunities, hardly unusual and to some extent true.
It turned out that they were wasting an increasing amount of time meeting unqualified prospects, generated by cold calling, DM and e-mail campaigns. It was dysfunctional – see here
They were agreeing to pitch for anything and everything that came through the door and consequently wasting time and money on pitches they had no ‘realistic’ hope of winning – believing you have to be in it to win it.
We looked at an interesting way to qualify new prospects see here.
They had no systematic way of creating new business opportunities via referrals or growing their current clients. They also suffered from doing way too much un-paid consulting.
Results In the six months we’ve worked together they’ve won over £250k of new business without having to pitch, hit their annual targets 3 months early and considerably reduced the amount of time spent running around chasing their own tails.
It’s a nicer and more profitable place to work. The key was a closer a understanding of their current clients, to aid retention and gain referrals.And importantly tighter qualification questions that showed real understanding of a prospects issues before solutions were offered up.
They took tough decision and came out better for it.