A Faster Way To Grow Advertising Agency Business Development
Your marketing agency must have a need for speed. According to RSW/US’s 2023 advertising agency business development report, you better learn how to stand out fast if you want to grow and should not ignore Peter Levitan’s kick-ass advertising agency business development actions.
This year (2023) 58% of agencies report obtaining new business has been harder, or a lot harder, compared to the previous year. As seen in our graph, that’s creeping closer to 2020 levels at 67%, when we faced lockdowns, budget freezes, and overall extreme uncertainty.
The Way Forward Is… Leveraging FUD To Grab Attention
Think Purple Cow. Think Seth Godin. Think about being unignorable. Don’t be shy. I advise all of my advertising agency business development clients that they need to capture the attention of their future clients. Leverage business pain points and even FUD – Fear + Uncertainty + Doubt. A way to do that is to do some easy to do custom research. Call me to find out how.
For Now… Here Is My Take On Godin’s Super 2003 Best Seller “Purple Cow: Transform Your Business by Being Remarkable” and, YUP…. Grow Advertising Agency Business Development Success
“Purple Cow: Transform Your Business by Being Remarkable” by Seth Godin presented a groundbreaking perspective on modern marketing. Here’s a brief summary of the book’s key points:
- The Purple Cow Analogy: In a field of brown cows (think about your 4,000 competitors), a purple cow stands out. Similarly, in a market flooded with products and services, being “remarkable” (like a purple cow) is the only way to truly stand out.
- The Old Marketing Paradigm is Broken: Advertising methods (like TV commercials – today even SEO) are becoming less effective due to over-saturation. People are good at ignoring ordinary products and boring ads.
- The New P’s of Marketing: Godin suggested a revised set of P’s for marketing: Purple Cow, Permission, Peer Pressure, Paranoia, Persistence, Placebo, Personalization, People like us, and Perceived Value.
- Safety is Risky: Playing it safe and creating average products and messaging for average people is a risky strategy. It’s better to take calculated risks to create something truly unique and remarkable.
- Target the Innovators and Early Adopters: Rather than trying to market to everyone, focus on the audience segment that’s most likely to try new things and spread the word – i.e., the clients you want.
- Word of Mouth is Powerful: Remarkable products and services get talked about. Creating something worth talking about can lead to exponential growth via word of mouth.
- Create and Spread Ideas: The goal should be to create ideas that spread. If an idea spreads, it’s because people like it, believe in it, and share it. your custom research will help.
- Be Genuine: Consumers and client types can detect inauthenticity. It’s essential to genuinely be remarkable and not just create a facade.
- Embrace Criticism: Remarkable ideas often get criticized. Instead of fearing criticism, see it as evidence that you’re breaking norms and standing out.
- The Lifecycle of a Purple Cow: Once a service and a product becomes popular and mainstream, it loses its “remarkableness.” Brands need to keep innovating to stay relevant and remarkable.
In essence, GO: “Purple Cow” Buy it now! …Challenges businesses to stop focusing solely on standard B2B marketing. In a cluttered marketplace, only the remarkable advertising, digital, etc. agencies stand out, get talked about, and succeed in the long run.