Creating new revenue streams in uncertain economic times.

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Despite the doom and gloom from industry news sources, today’s advertising market has potential.

In fact, WARC forecast in August 2022 that global ad spend would rise by 8.3% this year and 2.6% in 2023. This predicted spending increase provides an opportunity for new client acquisition and increased organic growth across current clients—a welcome change from pandemic-limiting challenges.

However, for agencies that have not maintained their growth engines, these opportunities may be harder to attract. The RSW/US 2022 Agency New Business Report states that, for 85% of agencies, the average interval between an initial meeting to a new-business close can be up to six months.

Recent economic uncertainty has limited the ability of many agencies to increase revenue. Plus, a lack of ongoing agency investment in an “always on” sales function means that building new business momentum through possible recessionary times may become even more difficult.

The solution? Solid strategies to maximize revenue improvement in the coming year.

Increase Business With Existing Clients
The pandemic has forced many agencies to do even more with less—stretching staff further and impacting the ability of account leads to expand opportunities with current clients. Get back to a focus on organic growth, and bring clients fresh solutions to their broader business challenges.

Improve Your Ability to Communicate Value Beyond Your Competition
Clearly define to your current clients and new-business prospects how you deliver value to their businesses. Use specific examples and quantified case studies to show how your agency and its service offerings have increased sales, decreased costs, and built your clients' brands.

Embrace Project Work to Land and Expand
As many marketers look for specialized expertise on smaller projects, consider side-stepping the pitch to land and deliver these projects with the goal of seeking future larger projects. Demonstrate that you can be nimble and offer value right out of the gate while building a trusting relationship with the client that you can expand and grow.

Seek Multiple Pathways to Build a Robust New Business Pipeline
Winning agencies focus on building multiple opportunity streams. Unite the agency in a growth mindset, ensuring that your new business professionals can maximize sales initiatives across referrals, partnerships, targeted marketing, and thought leadership. Understand that investment is required to build a diverse set of activities and channels that will drive sales.

Agencies can leverage the talent and expertise they have by integrating strategy, marketing, sales, and client service into a streamlined process with a more consistent and robust new business pipeline.