According to the findings of the recent Mirren/IMI Survey Report… It’s systemic! Either your company/self are excellent –good –or poor … If you don’t close 60% of new pitches or more change your approach, your team, your content, yourself! Every agency should have a minimum goal of 10+ key pitches per year with a 60%+ close rate. (Source: 2010 Mirren Client/Agency Relationship Study)
Survey results showed that the top 10% of agencies close 6 times as many new business pitches as compared to bottom 10%. Winning pitches range from 84%for the top 10% down to 16% for the bottom 10% with the average win rate being 43%.
What’s important to note is that performance is based on providing client solutions, experience and relationships that work , while number of pitches, types of pitches, investment in pitches, location of pitches HAS NO IMPACT.
It is not about YOU -it is about your ability to deliver client solutions that meet or exceed their objectives.
In 2010 and beyond Clients are buying solutions (i.e. ideas that work) for their business that are measurable –not awards, reputations, or promises. Lip service, credential pitches and talking about your agency to sell clients on what they need is over and ignored.
Digital expertise is essential –but combining traditional/ non-traditional expertise to drive client solutions will drive your success.
Be solution focused and media neutral –don’t just say it, do it!
The move to digital has and will continue to happen, but caution, some of you are moving TOO FAST. According to the findings, clients don’t want you to dismiss traditional media/tactics/executions. Clients believe digital to be part of the strategy and not the total solution.
Knowledge and expertise that demonstrates how, when and where to use social and mobile media’s is essential. Clients are looking for agencies that KNOW vs. agencies that GUESS.
In addition, agencies that invest their own R&D $$$ on understanding, educating and providing thought leadership in digital/mobile/social medias, will leap frog other agencies. Those agencies expecting to cut their „digital teeth‟ on client’s budgets are destined to client churn and disappointment.