GTAF Luncheon
1. On how to get new business -
"Find out what their pain is and show how you can alleviate it," Dale Brill
I thought this was the best piece of advice. A lot of new business pitches can get carried away with showing cool creative and trying to dazzle the client. All they need is reassurance that you know where it hurts and you have a pack of Band-Aids.
2. On how much to spend on new business -
"Spend as much as it takes to win. But don't spend stupid money," Rob Cherof
He explained that each pitch needs to be evaluated and if it's a good fit for the business, spend whatever you need to in order to get the client. Coming in second gets you nothing. Of course, he also stressed that spending more than the actual contract would be worth is a bad idea (obviously, but again, it's easy to get carried away).
On that same note, Rob also discussed that winning new business is a major morale booster. Every agency goes through a period of time when they don't win much new business - or - they keep losing it, which really sucks and is depressing. This is when it becomes tempting to go after anything. Don't do that! There is not only a financial cost for pursuing new business, but also an energy cost. Continuing to lose will bring the agency down even more.
3. On what to bring to the pitch -
Bringing full creative/plans is bad! We all know this, but lots of government clients expect to see their problem solved. I know that when you submit media plans for government clients, they expect a fully negotiated plan (which is the worst situation ever! It's very difficult to negotiate with stations for lower rates when you don't have the client!). Rob said that "insights need to be brought to the table." I really liked this because I've been taking an account planning course that is all about consumer insights. I also spoke with an account planner and he was all about insights. Everyone loves insights!
4. Lastly, my favorite quote of the day was from Rob Cherof and is relevant due to recent ad industry complaining - "I hate RFPs. Everyone can dress up once. It's easy to rent a tux." haha we all hate RFPs - they are definitely no fun (especially media buying ones!).
Oh, and the lunch next month will feature our city's big agency; The Zimmerman Agency. They will talk about how to become a national agency.