Trust and authenticity ‘a superpower’ for agencies seeking new business ‘in an anxious world fuelled by misinformation and uncertainty’
Chemistry, trust and authenticity are key ingredients in agencies winning new clients.
That’s the finding of jfdi and Opinium‘s annual New Business Barometer, a comprehensive survey of agency business development professionals, across disciplines including creative, digital, experiential, content and social.
The report, of which Bristol Creative Industries is a partner, found that generating strong chemistry with the client is the most important factor in converting prospects. It was cited by 74% of respondents, up 5% on last year’s report.
The study said:
“Chasing an increased number of opportunities coupled with hybrid working practice and pitch team stretch is making agency chemistry harder to sustain.”
Trust also plays a key role with connections and referrals the most popular prospecting strategies, highlighted by 86% and 74% of respondents.
jfdi said:
“Trust and authenticity has become a superpower in an anxious world fuelled by misinformation and uncertainty.”
When asked about the key internal challenges, time was the most popular highlighted factor, The report said time saving AI tools are one solution, with “speed of adoption over the next 12 months” potentially leading to “a significant competitive advantage for your agency”.
Five and a half months is the average lifecycle of a new business project from initial contact from pitch to client billing, the study said, and the “ghost pitch” continues to rise with 45% stating budget withdrawal as the reason for pitch loss, a 2% increase on last year.
“Agencies can safeguard their interests by activating tighter qualification of budget ‘status’ within client organisations: is it real, speculative or ‘tbc’?,” the report advised.
Additional findings from the report:
Jon Goulding, CEO at Atomic, said:
“The industry has never been more dynamic than it is today. With so many brands reviewing agency relationships and looking for such a diverse mix of specialisms, your new business strategy and approach is arguably the most important ingredient for modern agency success.
“Over nearly eight years, the New Business Barometer has become the go-to insight resource for the new business community. It always offers a fascinating snapshot into the new business community and this year is no different. While automation and AI may be improving the efficiency of new business processes, the continued importance of trust, personal connections, and chemistry really stands out.”
For a full summary of the report, email [email protected]
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Bristol Creative Industries is the membership network that supports the region's creative sector to learn, grow and connect, driven by the common belief that we can achieve more collectively than alone.
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