By Art Stevens
The benefits of bringing in that next new major account go well beyond just the financial and reputational gain that accrues to an agency. The domino effect is so startling that agency owners would do themselves a great service by focusing on that next great account as it does in servicing its present accounts.
Getting that next great account can be the difference between just coasting along from year to year and catapulting the agency into the next strata of PR agencies to watch.
Here is some of the fall out from the ripple effect of getting that next milestone account:
1. The agency will gain a reputation for attracting such major reputable accounts. Winning the competitive shoot-out makes more of a marketing marketplace statement than any other single act could.
2. Those employees who may have felt that the agency wasn’t going anywhere and were considering jump starting their career elsewhere now have that shot of adrenaline that will keep them with the agency at least another two years. Two years in the lifetime of an agency is a long time and the need to keep good people is vital. Getting that new account fills the staff with pride and loyalty.
3. Getting that major new account enables the agency to set a higher revenue and profitability bar for the current fiscal year. Many agencies are poised to grow when that next big account comes in.
4. The new account enables the agency CEO to allocate bonuses and incentives for the staff which is yet one more piece of motivation to retain and attract key people.
5. This new account enables the agency to market itself even more so to what had been elusive prospective clients. It’s a jump start to generating even more meaningful business going forward.
6. Getting a major new account is like an agency winning the Super Bowl. It almost includes having a ticker tape parade down lower Broadway. The celebratory part of it is a staff morale booster. When you gather the agency into your conference room, make the announcement and break out the champagne it’s one of those moments that the staff will remember for years. They will be proud to be part of the agency and will go home at night eager to tell their families what the agency just accomplished.
7. With the new revenue stream coming in you will have an opportunity to grant salary increases, make promotions and ensure that all your key people move higher up the chain of command in the agency. This is also the ripple effect of generating more revenue.
8. It can take the agency to the “next level” in terms of how it is perceived by both internal and external audiences (especially competitive agencies). If there were any doubters out there about whether your agency has what it takes to win the big ones, this puts all that talk to rest.
9. It creates a perception and, in fact, a track record that the agency is a confirmed “player” in the marketplace and that the agency is not to be underestimated. With the right major new business win, especially if you steal it away from a long time incumbent, you shake up the competitive marketplace and establish your agency as a force to be reckoned with.
10. It is great for morale! It can become positively and enthusiastically contagious and infectious. It creates great vibes and “buzz” that makes your staff want to stay – and that attracts good hires from other agencies that could prove a real asset to you.
11. Leverage the win to win other major new pieces of business. You’re on a roll! Tout it as a credential in other major competitive shoot-outs. Clients like to award their business to a winner! If you win for yourself, you’ll win for them too.
Based on my own long career as an agency owner, I can personally attest to the ecstasy that a major new account win generates. Ranking just below it might be getting your client on the cover of Time magazine.
But the total feeling of pride and accomplishment of getting that major new account is truly priceless. This is why working and planning to get that next major account is worth all the time and effort.
It is the one shot of adrenaline that has such a profound effect on the agency staff that indeed you MUST achieve it to keep your key people and fill them with pride.
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Art Stevens is managing partner at StevensGouldPincus.
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