Pitch or Ditch the New Biz Opp

No one likes to say no to a new business opportunity.  Yet, every opportunity needs to be evaluated properly to decide whether to pitch or ditch the prospective client.  Competitive pitches are expensive, time consuming, disruptive and sometimes downright chaotic so you must evaluate what you are getting into before saying, “yes.”

But how should you go about evaluating the opportunity and what are some of those checkboxes that should be checked before moving forward?

Here are some to keep in the back of your mind the next time you’re invited into a pitch process.  Of course, some of these vary depending on the type of review, the bench strength you have and the talent available.

Let’s break the questions down into four main buckets: 

1. What are the benefits for the agency should your agency win this account?
2. What are the benefits for the client should your agency win the account?
3. What do we know about the client team?
4. What is the process that you will need to undergo to pitch the account? 

Let’s start with the benefits for the agency.  There are many questions that fall into this section but three that really stand out are: 

1. Is there good short-term revenue potential?
2. Is this a long-term client that is 4+ years?
3. Does the brand have strong future potential where the agency will grow with the brand and have a solid margin?
4. What is the reputation of the brand?  Have you done a quick social media audit to understand audience engagement and sentiment?

Next is the benefits for the client (which are also benefits for your agency) should the agency win the account.  Again, there are many evaluation points but the top ones fall into:

1. Can the agency do emotive and innovative work for this brand (and can you use this work to drive PR value for your agency)?
2. Has the agency solved similar marketing challenges for other brands in the recent past within and outside of the category?
3. Can the agency truly provide all the necessary disciplines needed to address the key marcom challenges at hand for the brand?

Third is evaluating the client team and this is just as vital as evaluating the brand itself.

1. Is the CMO or lead decision maker involved in the entire review process?
2. What is the background of the key decision makers?  Education?  Career path?  Are they on a particular board?  Can you get a sense of them personally, as well as professionally?  What’s their reputation?
3. Is there any connection to any client team members within your agency?

Lastly, what is the process that you will need to endure and is it worth the potential win?

1. Is the process laid out in advance with a clear agenda, timeline and reasonable deadlines?
2. Who is running this process and are they competent to manage the review properly?
3. Is the assignment a fair ask compared to the “size of the prize”?
4. Is your IP protected and not compromised as a result of the pitch process?

And finally, why is the brand going into review?  Is it a mandatory review?  If so, what are the chances for the incumbent to retain the business?  If it’s not a mandatory review, what are the reasons for the review – are they rational, emotional, fully endorsed and supported from the top down?

It’s easy to get excited about a new opportunity but careful consideration and evaluation is vital before diving into any pitch.  It’s the old 80/20 rule.  It’s best to try to keep competitive pitches to 20% of your new business strategy since they come with a price to pitch.  

There you have it.  That’s my counsel on this topic and I hope it helps.  Look out for more of my new biz quick tips shared exclusively with AAR Agency Growth Program Partners…