Why New Business Success Requires More Than Just a Unicorn

No one person can do it all when it comes to driving a successful new business programme.

Point to a unicorn that can drive proactive lead generation, content creation, thought leadership, events, PR and comms, RFP / RFI / EOI responses, pitch coordination, procurement paperwork, rates and contract negotiations, scoping and coordinating with client services to deliver a smooth onboarding for a new client.

There is a lot that falls under the umbrella of “new business” and often more than most consider.

Even if there is the luxury of new business focused resource(s), Owners, MDs, CEOs and LTs usually take responsibility for new business along with everything else that spreads them thin in their day to day role.

It’s rarely top of mind when the briefs are flowing in, and it’s often only an afterthought when the pipeline is looking thin (by which point it’s too late to course correct), before new business shoots back up to the top of the priority list.

Most are often left in a painful cycle of knowing how important it is, not being able to prioritise it, or not knowing where to start once a personal network is exhausted and referrals have run dry.

“Maybe we need someone to come in with a good network, and they can open doors for us”.

“We’ve grown organically to this point, but what do we do now?”.

“We’re great once we’re in the room with clients, but we don’t know how to get in front of them”.

“We probably spent a bit too much time talking about ourselves in that meeting.”
“Do we pitch or not?”.

“The work should speak for itself”.

Sound familiar?

It can be hard to know where to start. What are the options out there for those wanting to drive new business and growth? Before considering external options, consider starting with the things you can control from the inside out.

Bring the whole business on the journey.

New business is everyone’s responsibility. Bring everyone on the journey together. Ask who would like to contribute to the new business efforts and form a committee, report progress in the All Hands meetings, present the new business goals aligned to the wider growth of the business so everyone can see the why and how.

Incentivise and acknowledge success at every level.

If you’re asking everyone to play a role, incentivise, reward and acknowledge contributions publicly. Offer commission, give on the spot bonuses for facilitating introductions to connections, run a competition for tickets to Cairns Crocodiles or SXSW, make it fun, engaging and competitive.

Learn from the missed opportunities.

It’s all too easy to move onto the next thing and not take the time to get together and evaluate a loss. In the spirit of improvement and without finger pointing, take the learnings and make sure they are implemented into the next opportunity and insist on feedback.

Leave egos at the door.

All too often, egos trump what’s the best thing to do to win the opportunity. Keep the client hat on when all decisions are made and do the best by the opportunity not an individual.

Define roles and responsibilities.

Know who is responsible for what and by when from the beginning. Whether it’s the broader new business approach or a pitch. Align on expectations and make sure there is no confusion.

Show up externally as one.

From Linkedin, to your website, comms / PR activities, industry and owned events, to social media. Be visible, use the right channel for the right audience and be united. Ask everyone to contribute and share content, not just the LT.

Cultivate strategic partnerships.

From tech partners to industry bodies and agencies with complementary services. Think about other avenues for new business that aren't just direct to clients and have commercial models in place that motivate strategic partnerships.

Play the long game.

Don’t see this activity as a quick fix. Only thinking about new business in tough times means you’ve left it too late. Set up for long term, future success and give it the time it needs to drive long term success.

Create value at every touch point.

Never post, share or engage with a prospective client unless you have a reason to do so. Whether it be a case study, event invitation or sharing research findings. Always add value, create a point of difference, demonstrate expertise and be relevant to the person you’re engaging with.

Don’t be afraid of hearing “no” and know when to say it yourselves.

What’s the worst that could happen? You get a no, or you don’t hear back from someone you’ve tried to spark a conversation with. Trying is better than dying wondering.

It’s also so important to know when to say no to an opportunity that square pegs a round hole. Easier said then done in the spirit of chasing new business but if you don’t have a clear line of sight of the opportunity or it doesn’t align with the values of the business, saying no can be more powerful than saying yes for the sake of it at the expense of burning people and resource for a shot in the dark.

Let the culture of the business shine through in your communications.

When services often overlap and everyone sits at the intersection of creative, data and technology, creating a point of difference is often about the people and culture of the business. Don’t be afraid to stand out and do things differently.

Some food for thought next time the topic of new business comes up in conversation at the offsite, LT meeting or All Hands.