Do you have the right customers/clients?
New business is the heartbeat of a growing communications agency, especially in an environment where retainers are being squeezed and more and more clients prefer the campaign/project approach. If you sit back and think that you’ve more than enough work on, you can almost guarantee it’ll be the week when a couple of clients put you on notice.
Most agencies worth their salt have a new business function and, in particular, a new business database that exists in real time and is constantly being nurtured. This is great and to be applauded, but I believe you need to take a step back and analyse what you’re doing, at least once a year.
In short, are you targeting the right businesses and do you have the right clients? Or are they clients that don’t pay enough for the services rendered, are difficult to work with, and in an area where you don’t have expertise? There are a million and one reasons why a client could be the wrong one.
This sounds obvious, but you’d be shocked how often agencies continue working with the wrong type of client simply because of a name or legacy.