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The 10 Most Important Ad Agency New Business Actions

Peter · June 7, 2013 · 1 Comment

10Here are the 10 most important actions that an ad agency must do to build a killer new business program:

 

 

  1. Have a business development plan. The plan could be a one-pager but it must include objectives, target criteria for categories and individual clients, strategies and actions.
  2. Treat your agency’s new business program like a client job. Have timetables, crystal clear internal staff assignments and responsibilities. A business development calendar with deadlines will help with planning and implementation.
  3. Put a senior manager in charge. Give this person the time to do the job. Consider a way to get past the billable hours issue. This job is too important to the health of your P&L.
  4. Think really hard about how to use and manage the power of social media for inbound marketing. The key here is to have a sub-plan for your social media efforts. This is how I rank the value of social media on a need to have basis: search engine optimized blog posts (and agency website copy), then Twitter and LinkedIn (both tied to broadcast your blogs), YouTube, Pinterest, SlideShare and then Facebook.
  5. Build a client prospect database (Excel works. Salesforce works even better — if someone has been assigned to manage it) and, most importantly, track all in and outbound marketing activities. Data is good.
  6. Be consistant. Don’t wait until you lose business to ramp up your new business program. Here is a guarantee – you will eventually lose business so keep filling the pipeline.
  7. Hold periodic status meetings. But, not too many.
  8. Track all activities. Data and analytics are your best friend. Do what works over and over. Kill what dosen’t.
  9. Make sure your CEO is involved. Hungry CEO’s are a very good thing. In my experience, No CEO attention = No ACTIVE business development program.
  10. Stay hungry. Be audacious. Kick ass. This is your chance to look and sound different from the other 3,999 advertising agencies and to drive awareness of a unique door opening message. Need some idea stimulation? Take a look at how London’s Joint uses humor to drive home the idea that they have a few open client categories.

If you need some help  developing your program, building your lists or managing your process give me a call.

Where Ad Agency CEO’s Go To Die

Peter · June 3, 2013 · 1 Comment

I just got off the phone with an agency friend who is thinking of selling his ad agency. I asked, “what will you do, where will you live?”  This is the standard question I got after selling my agency. Me? I am in Portland writing this.

malaysiaHe told me that he is thinking of moving out of the U.S. – at least for a test-year.  I get it. To me, it’s a combination of why not and hey, lets go experience the rest of the world. Maybe it should be called the Re-GAP Year? Why do only the latest generation of American college kids get to live overseas without a care?

This conversation got me thinking about my own next steps so I did a bit of exploring and found the best places to live chart  (its further on down this post) on the wbsite International Living. From the chart and cited copy, Malaysia looks like a decent place to start. FYI, I have travelled throughout Asia and particularly like south east Asia for its beaches, cities, peaceful lifestyle (unless you are in Bangkok or Ho Chi Minh City) and food. Here is what a International Living corespondent has to say about his life in Malaysia followed by the master “where to live” chart. By the way, you don’t have to wait for retirement to live overseas. Just figure out that dream Internet-based business and work wherever you have WiFi. Penang here I come.

Malaysia: Asia’s Most Desirable Destination

By Keith Hockton

“Go back to New York to live? Never!” says 65-year-old Lorna Taylor. “We moved to Malaysia because of the weather, the golf and the low prices; our costs are now a third to a quarter of what they were in the U.S. We even have a maid come in and clean four times a week. We couldn’t do that in New York. No, we’ll never leave Penang.”

I’m 30 years younger than Lorna and her husband John, and yet they still manage to beat my wife Lisa and me convincingly at tennis. They have a coach who comes twice a week, and for $10 a lesson I can see his efforts are clearly paying off.

I also completely understand and agree with their view about Malaysia. It has everything. Its weather is a tropical 82 F all year round and its beaches, islands and jungles are pristine. It has some of the region’s best street food, great restaurants, bars, shopping malls and movie theaters—and it’s all affordable.

Lisa and I rent a sea-view apartment for $1,000 a month—it comes with a shared  pool and gym. We eat out five nights a week, keep a small sailboat, and our total budget is $1,719 a month. Two people can have a three-course meal here for $10. A bagful of fresh fruit costs around $4. We also have a maid that comes once a week for four hours at a cost of $12.

The country is home to an active and international mix of expats.Malaysia’s an easy place to make friends and integrate as English is the unofficial first language. Lots of expats live in Kuala Lumpur and Penang and numerous organizations here can help you get settled and integrated. For example, the International Women’s Association (formally The American Woman’s Association) has just over 500 members who organize activities on a daily, weekly and monthly basis. On Mondays there are jungle walks, Tuesdays mah-jong (a type of card game), Wednesdays sewing. They sponsor trivia night once a week at a local pub and put on a ball once a year.

Penang and Kuala Lumpur are also medical centers of excellence and every day two planeloads of medical tourists arrive in Malaysia for various treatments. Not only is the health care amazing but it’s among the world’s cheapest. And prescriptions here cost a fifth of what you pay at home.

The last time I was at the dentist I got a filling and a cleaning, which cost $22.50. In the U.S. this would set me back around $180. We can also buy property, land, and houses and condominiums freehold—something you can’t do elsewhere in Asia.

Here is the chart. It makes for easy daydreaming…

The World s Best Retirement Havens

Advertising Agencies, Business Development & Contact

Peter · May 28, 2013 · Leave a Comment

agency postMy friends at Agency Post just published my second guest post on ad agency websites and social media programs…  “Agencies And The Art Of Contact.”

This time its about how agencies do or do not do a good job with their website’s Contact sections. Most don’t. Considering how important the idea of driving a client prospect to make contact is (do I really have to say this?) you would think that agencies think through how to build a very compelling Contact section.  Most don’t.

If you want to take a quick look at over a thousand agency website Contact sections (and who wouldn’t?), visit my Pinterest agency directory. 

At 4A’s Presenting About Ad Agency Websites

Peter · May 23, 2013 · Leave a Comment

imagesI am speaking at a CEO conference today at the 4A’s (American Association of Advertising Agencies.) My presentation is on the Good, Bad and Ugly of how agencies use their websites, social media and other digital tools for business development. Should be interesting as agency websites are a great window into how they think and position themselves.

To give you a couple of examples of what I am taking about:

Good: Maybe the best social agency (certainly in terms of self promotion) Likeable Media 

Really bad: Insane ad agency website home pages

If you are an ad agency and would like to see the presentation give me a shout.

Ad Agencies See The Growth In Online Video

Peter · May 22, 2013 · Leave a Comment

youtuve-300x225Opened up my computer this morning to get ready for a call with a potential agency client in Milan and saw two advertising news items that clearly point to the direction that ad agencies must head.

First was a quote from Italy’s Publicita Italia (think AdAge) that said that Publicis thinks that 75% of their revenues will come from digital by 2018. Not surprising but clearly directional.

The second is an article from eMarketer that states…

Ad execs think online video ads are equally or more effective than television ads at reaching audiences.

And…

The popularity of digital video viewing is helping drive the expansion of the online video ad market. eMarketer estimates that video ad spending in the US will grow 41.4% this year, to reach $4.1 billion. BrightRoll found that the greatest percentage of advertising professionals—one-quarter—expected online video ads to see the highest growth rate of any ad category, with mobile video a close second.

Here is the supporting chart. The trend is obvious and the trajectory for agencies and what skills they should be building should be crystal clear. One idea is to become the Six Second Vine Agency.

online video growth

 

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