Small Spark Theory: 10 things we’ve learned so far
By Lucy Mann, Consultant, Gunpowder Consulting
In January 2017 I started Small Spark Theory® – a podcast series to explore how a marginal gains approach, much lauded for transforming performance in elite sport, could be applied to agency new business.
Having spent years working with agencies of all shapes, sizes and disciplines and observed commonly occurring patterns of success and failure, I understood how transforming the bottom line has less to do with an expensive, senior new business hire or particular marketing campaign* but more to do with a forensic application of process.
Consistently doing the right things, doing them well, measuring our progress, refining, repeating.
But with a proliferation of available sales marketing channels and a constant pressure on the time and resource available for new business activity – getting the best return on our activity and investment is paramount. Small Spark Theory aims to break down the process and associated activities to see where we can look for marginal gains, to sharpen our performance, to achieve better outcomes.
What started as an idea for perhaps half a dozen episodes is still going strong 16 episodes later. We’ve interviewed a wide range of experts, some familiar faces from the design world, as well as those bringing sound advice from other industries.
Here are just some of the lessons we have learned so far:
1. Plan for growth
Growth doesn’t just happen, at least not in a sustainable way. Setting clear objectives, then creating a workable plan provides a solid foundation. We need to think not only about the size and scale we’d like the business to achieve but some of the softer objectives too; what do we want to be known for? What kind of clients do we need to add? Do they have the potential to deliver ongoing revenue?
2. Understand productivity barriers
Even the best laid plans can falter and fail if we have problems with motivation and productivity. And sales and marketing can too easily get side-lined in favour of tasks we feel more comfortable with, or more accountable for. Understanding our own procrastination can help us manage our productivity.
3. Manage your data
Any sales and marketing activity is an investment, so treating the contacts we make along the way as our community, rather than simply a prospect list makes far more sense. Manage the data in a CRM system, and be efficient with our use of LinkedIn. (Read DBA guidance on GDPR here.)
4. Polish your presentation & pitching skills
There are natural presenters, and then there are the rest of us! But if we are going to make the most of our new business investment, let’s make sure we have the tools and training to present the agency and our work in a confident and engaging way.
5. Rethink negotiation
When it comes to navigating those difficult procurement conversations, an understanding of what both parties need (rather than what they want), leaves us free to explore different options.
6. Understand your assets
Rethinking what we sell can be just as revealing as how we sell it. It pays to understand our intellectual assets and how we can monetise them.
7. Specialise
Your ability to charge a price premium is directly related to the strength of your positioning. David C. Baker addressed the generalist vs specialist debate in a recent episode.
8. Listen
“Ask more questions, and listen” has come up many times in the series. This applies both for new business conversations and how we work with our existing clients.
9. Rethink pricing
What better way to transform your bottom line than by rethinking your pricing strategy? Hot off the press, in our latest episode we discuss Pricing Creativity with Blair Enns.
10. Make time
Lastly, whether it’s new business planning, presentation training, getting to grips with CRM, or rehearsing our value conversations with clients, these things take time. All too frequently this time, or this resource gets side lined when we get busy on client projects. Making time for growth is essential.
(*a brilliant new business hire or a ground breaking marketing campaign can of course change your fortunes. If you hire well, if you hit on that killer idea. Meanwhile, the planning and the process and just getting things done will always win through).
Image credits:
Photo by Cristian Escobar on Unsplash
Photo by Jippu2498 | Dreamstime.com
Photo by William Iven on Unsplash