Our MD, Keith Smith was featured in marketing magazine RockstarCMO, discussing missed opportunities. Nothing to do with his failed music career but opportunities missed by CMOs who refuse to listen to cold approaches.
The full article can be found here
Every so often, The Advertist’s The Hub will be interviewing leading lights in the world of British new business development, to give readers a back-channel viewpoint of the business and a whiff of the heady aroma of success.
This time around, Mr Henry Oliver steps into the limelight to share some of his observations, feelings and opinions in a segment we like to call Q10, because it’s a bunch of questions and there are ten of them. Take it away, Henry..
Name: Henry Oliver
Job title: Business Analyst at Lansons Public Relations and Communications
What inspires you to go to work every day?
The best thing about working in a new business role is the variety of projects you find yourself working on across a wide spectrum of industries. It’s really exciting to constantly be able to stretch yourself and better understand potential clients’ needs and what matters to their businesses.
What has been the most pleasant surprise you found once you started working at Lansons?
Lansons is an incredible company that is hugely supportive of its staff which in turn creates a wonderful culture to work within. I was surprised at just how accommodating the company was when it came to giving me fantastic opportunities to grow here. Initially, I started on reception and was given the chance to move up and gather new skills within the organisation at every stage of my five years here.
How does your ideal day at work go?
New business is a fast-paced role in any industry but when combined with the fast-paced industry of communications no day tends to be the same so it’s a tough question. However, ideally I like to start the day by reading up on what’s gone on in the financial markets and any regulatory updates from the morning. I then check the Advertist for any tenders, people moves and industry updates that are relevant.
A good day from then on would involve a nice mix of briefing meetings with prospective clients, helping pitch teams create proposals and ensuring the process as a whole for our staff runs as smoothly as possible.
What channels do you really love working in and why?
I’m a fan of the media as I think journalists are genuinely fascinating people who are highly informed and having the opportunity to interact with them on a regular basis is a great way to learn more about particular subjects.
This is not to say other channels aren’t interesting. We’ve rapidly grown our content marketing offering which has been a great learning experience. Direct advertising has always been interesting to me as well, particularly the planning stage.
If you had one piece of advice to give someone thinking of getting into the world of new business, what would it be?
Asking subtle and thoughtful questions at the right time can be just as impressive to a prospective client as a massive deck with a load of creative pitch ideas in it.
What do you to do switch off from work?
I’m a big cricket fan and honestly sometimes feel that the only time I truly switch off is when I’m either playing or watching it. The number of variables that can happen with each ball and the strategic thinking that goes into the game is fascinating. I’ve always described it as the physical version of chess.
Who inspires you?
My background is in politics, in particular working for the Lib Dems, and Paddy Ashdown was a big inspiration of mine. He was incredibly charismatic both in person and in the media. He made Liberal politics a force to be reckoned with again and is sorely missed.
You’ve got to take a brand new prospect to lunch anywhere in the UK. Where would you go and why?
If I could completely get away with it? Probably Little Nan’s Fitzrovia Kitchen & Bar. It’s a Pat Butcher themed restaurant/bar that is brilliant entertainment and the people that run it are very friendly.
On a more serious note, we’re lucky enough to have loads of nice restaurants near our office in Farringdon.
What has been your proudest moment so far working at Lansons?
We recently won an industry award for our strong ethical work within the agency which was inspirational to many staff and personally reinforced my views on why I’ve been at Lansons for so long.
Where do you want to be in ten years time?
Never been an ‘in XX years time’ type of person as have always taken things day by day. If I’m in a job with the variety I have now that would great. Suppose a dog would be nice too.
If you would like to be the subject of an intense grilling of these proportions and you think you can stand up to the scrutiny, then please let us know by emailing us and submitting your details. We’ll be in touch soon.
New Business has nothing to do with advertising. New Business is about the chase.
New Business is like chasing a new romance and advertising is like being married.
New Business people love the pursuit.
The appeal of working on New Business is the stimulation it provides. You are hunting.
This doesn’t appeal to all. Some people are outside people and some people are inside people.
Some people are finders and some people are grinders.
Both are valuable to organizations but a New Business person is an outside person. They are finders not grinders.
The buzz of working on New Business is that you are learning new things in new categories so you are constantly updating your knowledge base. This provides more career satisfaction than what can be the day to day grind of agency work.
The accumulation of knowledge forms the fundamental basis of the sales process. New Business is not about hype. It is fact based as you are trying to solve a client’s pain point and most marketing today is grounded in fact based decision making.
One of the key measure that wins New Business is sweat equity. If a prospect walks into a room and sees the walls literally covered with category advertising, photos of store checks, prints outs of websites, newsletters or whatever it immediately communicates how much the agency wants the client without a word being said.
Every client that I have worked with loves to talk about their business.
To succeed in New Business you need to immerse yourself in the client’s business and walk in their shoes. If they are retailers visit them and their competitors, if they are an automotive company test drive their products and competitors. If they are a food brand eat their products.
I once conducted an agency search for a weight loss product. The agency started their presentation by saying everyone in the room had gone on the prospect’s weigh loss program. It stimulated an immediate dialogue and started to build chemistry.
The agencies that are best at New Business do not chase rejection and low probability opportunities because they are disciplined.
They have a list of criteria that they measure each prospect against. If they are not a fit they don’t submit. Weak agencies play the quarter slots.
Successful New Business people are great at building and maintaining relationships. They remember the little things. Often the personal things. They learn over time what is important to the client in their career and their lives.
New Business people are great networkers and networking comes easy to them. They know that networking leads to relationships and the majority of New Business comes through relationships. The best New Business enjoy talking to people often strangers. Non New Business people often totally dislike networking.
New Business isn’t for everyone but a successful New Business loves the pursuit and the emotional benefits that it provides.
You can connect with Hank on LinkedIn:
Follow his updates on twitter: @Hankblank
Check out Blank and Associates on Facebook
Watch his Videos on New Business at https://www.youtube.com/user/MrHankblank
Referrals are by far and away the best and lowest-hanging fruits in terms of new business.
What better than using the warm glow of success from a previous job to attract the attention of another client?
A referral is an endorsement of quality and many agencies rely on leveraging the past for the future.
There are some downsides however.
If you only rely on referrals for your future, the biggest potential negative by far is the drag on creative innovation.
As a small business owner myself, I know that keeping all the plates spinning restricts your ability to devote time to developing new skills and products. As an agency, if you’re doing the same – or similar things – for one client after another, then you might be highly skilled in one direction but come up short in many others.
In short, you could be living in an echo chamber and not even realise it.
This is why it is essential to have two strings to your new business bow; one for referrals and one for exploration.
Probing new channels or markets is an essential skill in new business development. Many agency owners are hesitant to deploy this because it is viewed as resource-heavy. It’s not easy devoting time and money to courting new clients in new markets.
You have to prepare a whole new set of materials, for one thing.
Sometimes you have no track record or direct experience or credentials or (gasp!) referrals.
You have to get used to handling objections and answer a lot more questions than usual.
You need data, and lists, and insight and research.
But as you stand at the bottom of the mountain, looking at the summit, think about the view from the top, not the effort to get there.
Think about how a whole new sector of clients will stretch your agency’s skill set. Think about how many new and different referrals you will be able to sell from. Think about how many new and different awards you might be able to win.
But above all, think about how much more resilient you will make your agency against the winds of change.
Because a bit of new business NPD now will yield rich rewards further down the line – even if you’re able to identify what areas you DON’T want to target in future and why.
It doesn’t have to be an expensive process, but it is necessary in order to protect your agency from what you can’t see coming.
Speak to your friendly new business manager or new business development agency, or even invest some time yourself and get the right tools for the job.
Just don’t rely just on one form of new business and expect it to be never-ending.
Keith Smith is the Managing Director of The Advertist – the UK’s only unbiased, independent platform for agency new business intelligence.
The Advertist offers agencies of all sizes access to fresh, GDPR-compliant data and insight that enables productive and informed new business conversations.
Consumer credit reporting agency TransUnion recently reported a boom in consumer lending, with the total amount of US consumer loans outstanding reaching a whopping $138bn, or 17% more than last year.
The UK is going through a similar growth phase and the proof of this is the proliferation of new B2B and consumer banking brands that now seem to challenge the status quo.
TransUnion says that one of the main drivers of this rapid growth is lending by upstart fintechs, which accounted for over a third (38%) of all personal loans issued, a huge leap from just five years ago when they accounted for 5%.
As The Advertist has reported frequently, this flourishing area of the financial sector also offers marketing opportunities, as more Unicorns are born here than anywhere else.
In 2007, the lending sector was turned on its head with many of the establishment that had previously catered to this demand, retrenching and clawing back their lending.
Nature, we know abhors a vacuum and the banking industry’s loss was the fintech industry’s gain and using a combination of technology, flexible underwriting models, user-friendly web and mobile-based customer experiences, and clever customer acquisition strategies, they began dividing and conquering the customer base with bespoke, vertical banking products that fit with the needs of specific business or consumer models.
With physical costs reduced to the base minimum, the fintech players are outmanoevering the big banks, who are now all playing a desperate game of ‘catch up or acquire’ or they risk losing their bread and butter business.
The biggest obstacle for fintech is the law. Fintechs find it harder to qualify to play at the same tables as the big banks. The temptation to cater to a more reckless business model can cause problems, such as their potential exposure to risk if the economy takes a serious turn for the worse. Everything appears fine as long as the economy is booming, but can the new fintech players withstand a financial Tsunami?
What has become clear is that branding, customer experience and catchy marketing is just as important in the financial sector as it is anywhere else. The opportunities to productize finance into vertical offerings and to create solutions to meet specific demands is where the big banks can learn.
And whether that is through acquisition or evolution, only time will tell but if you are looking for opportunities to sell your agency’s solutions; be it PR, branding, digital, UX, creative or experiential, the financial sector is worth exploring right now.
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Any fans of either Breaking Bad or Better Call Saul will be used to the utter resistance to quit displayed by the brilliant character of James (Jimmy) McGill.
And like other “keep going” motivational memes on the internet, there is a lesson for anyone working in sales.
Because sales isn’t all upside. It isn’t always about busting targets. Sometimes sales seem evasive and new business is like one of those nightmares when your horizon is always moving away from you.
That’s when you find out if you have the chops for the job. Sometimes you even have to create the job in order to sell it but when Jimmy’s down, he’s never out.
Sure, his approach isn’t always above-board and I’m not recommending any underhand tactics but attitude is what carries you through the day.
Sales is about hope – and confidence in that hope. Confidence will drive the method and the method will drive the sales. The sales will pay the bills.
Jimmy McGill is the ultimate embodiment of the motto: When life gives you lemons, make lemonade and there’s a lot of truth in that saying.
Give yourself the belief that you can power through the tough times because your resourcefulness is unfathomable.
Pick yourself up, dust yourself down and get back on the horse. Or find another horse. Or even a motorbike but whatever you get on, go forward.
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If you need new business, you need new business tools. The Advertist is the UK’s only independent new business platform. Our service enables you to create your own new business campaigns using our intelligent suite of user-friendly tools and data.
As the global leader in grocery eCommerce, China will grow at a 31% CAGR over the next five years, taking market share from 3.8% to 11.2%, according to figures unveiled by IGD.
Over the next five years, the Chinese online grocery market will grow by the same size as the entire combined market of all ten countries in 2018.
IGD also forecasts extensive growth in the US with online set to more than double its market share, driven by the rapid expansion of pick-up points, Instacart’s expansion and integration of businesses such as Shipt and Home Chef. Market share will grow to 3.5%, creating an additional $37 billion opportunity for American retailers and manufacturers.
IGD’s research shows that around the globe, online grocery market growth is being driven by the twin enablers of rapidly evolving shopper expectations and exciting tech innovations. Shopper expectations of price, quality, choice, convenience, speed, personalisation, health, information and empowerment are changing fast, and the online channel is well placed to deliver against these.
Looking at the online growth opportunity in Europe, Jon Wright, Head of Retail Insight EMEA at IGD, said: “We’re anticipating continued online growth opportunities across mature Western European markets. In the UK, France, Germany and Spain we forecast above market average growth rates for online grocery retailing, all growing market share. It provides a significant growth opportunity as retailers and manufacturers in the region invest in personalisation, ease and convenience and combining online and offline to meet a range of shopper needs.”
Commenting on online growth in Asia, IGD Asia’s Programme Director Shirley Zhu said: “China, Japan and South Korea are the Asian markets leading the way in online grocery shopping, and we’re seeing significant market share penetration in these three countries. They lead the way globally in terms of market share, and in 2023 all three will be nearing double digit share for online grocery, with South Korea over 14%.
“The acceleration of online and offline integration has been accentuated by partnerships between eCommerce players and bricks and mortar retailers. Physical retailers in China, having recognised the importance of the online and digital channel, are collaborating with eCommerce and delivery partners to offer more targeted ranges, promotions and expanding their omnichannel presence. It’s for this reason China comes out on top globally with value growth of $145.4 billion predicted by 2023.”
Shirley Zhu, IGD Asia’s Programme Director
Addressing US online growth, IGD’s North American Programme Director Stewart Samuel said:
“The US online grocery market has experienced a rapid pace of growth this year, driven by expanding services and new entrants. We’re seeing a major focus on offering same-day delivery with many companies partnering with Instacart to scale up quickly, including Aldi. Target acquired Shipt, enabling it to move its same-day delivery plans forward by about two years. Plated and Home Chef meal kit companies were acquired by Albertsons and Kroger respectively, enabling them to offer a multi-channel solution in the category, and we’re also seeing a strong pipeline of innovation including Walmart’s automated picking warehouse, Alphabot, Kroger’s partnership with Ocado and Albertsons’ online organic and natural foods marketplace. With all the developments in the market, and the rate at which retailers are entering the channel and expanding their offers, growth for the next five years is likely to be strong.”
Would you cold call a prospect at 4pm on a Friday?
How many times have you held yourself back from making a cold call because you didn’t think it would be the best timing?
Why? Do you know your prospect’s habits?
When you’re making a cold call, it’s never about you, it’s about them. Cold calls need to come heavily armed with intuition and dare.
And if you have the chops to make a cold call on a Friday afternoon, you’d better be at the top of your game because you need instant cut-through.
But more than that, if you have been given their mobile number or direct line, that’s your first clue.
I mean really, these days, how many executives walk out of the office, telling all their colleagues that they can reach them on the mobile? It’s much more natural these days to be reached on a mobile.
And generally, they should think it’s OK to be called late in the day on a mobile because what prospect worth reaching only works half days anyway?
So remember, just because YOU think it might not be the right timing, doesn’t mean they feel the same. More often than not, they’ll appreciate the eagerness and initiative.
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If you need new business, you need new business tools. The Advertist is the UK’s only independent new business platform. Our service enables you to create your own new business campaigns using our intelligent suite of user-friendly tools and data.
Contact us for a free trial