Tag Archive for: TV

Agency Referral Strategy

Updated: How to Build a Winning New Business Referral Strategy

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We work with thousands of agencies – big and small – who come to us with the same question, how do I grow my business and add new clients? There’s no way around the need to prospect for new clients proactively, but add to that a fine-tuned, consistent referral strategy and you’ll be casting an optimal net. We’re not advocating making referrals the sole driver of your business, as that’s a recipe for failure, but we do have some tips on how to optimize this channel as one of several by which you’re connecting with clients.

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When it comes to referrals, you might be wondering: How do you ask? When do you ask? What do you say? We’ll cover those points, and even give you a sample template, but first, let’s discuss the benefits.

Referral Strategy Benefits for Agency New Business

  • It’s the easiest strategy to implement, with the most immediate pay-off. For the obvious reason that a referred prospect is a highly motivated buyer, the referral-generated sales cycle can be as much as 75% shorter. 
  • Reduces your business development expenses and closing cycle on your most sought after prospects.
  • Well defined and consistent strategies have higher closing rates of 70%+ within 120 days over cold-approach campaigns.

Quick tips to build your referral strategy

1)  First, set your target

In business, we measure the results to improve the performance of any metric. Set clear goals with a timeline. For example, a 10% increase in referral business leads over the next 10 weeks.

2)  Watch your timing

Conventional agency business development wisdom suggests the best time to ask for the referral is immediately after the close. This tactic is far too aggressive. Give your clients time to experience your expertise, build a relationship, and see real credibility before asking for a referral.

3)  Make a top 20 list

Not all clients or LinkedIn 1st degree connections are referral candidates. Find the top 20% that would be advocates of your business and ask them for referrals. Make sure their connection that you request an introduction to is exactly the type of client you’re seeking – and be specific about providing a relevant reason as to why an introduction would be of value to their connection. More on that in a moment.

4)  Give and get

Offer your top 20% referrals with extra service and follow-up support before asking. When you give willingly to your clients and prospects, they’ll return the favor. Before you ask, make sure your current clients are motivated to pursue referrals for your business based on their experience.

5)  Be specific

Inform your referring leads of exactly who you’d like a referral from, why it would be of value to them to meet you, and have a sense of urgency built into the ask. A key component to your referral strategy is making sure your clients are aware you want referrals and being clear about how they can help.

6)  Surprise and delight

Keep those who refer you in-the-loop on what the outcome is of their referral. Most agency business development people drop the ball here, and it’s a critical step to ensure additional referrals from that person. We all like to feel validated in the efforts we undertake. Then surprise them periodically, either with a referral, a personal gift, or just some industry intel of value.

7)  Be consistent

To be successful, you must focus on making your agency’s new business referral program a prioritized aspect of your daily routine. Above all else, this will be the make or break of your referral campaign’s success.

Now what?

Well, the following email/ voicemail structure has proven to be successful (when made your own) for a number of our clients, as well as within our organization.

Sample referral strategy messaging structure:

Opening: Hello.

Paragraph 1: Ask for help, displaying trust, and vulnerability.

2: Confidently and specifically detail the type of help you’re looking for, and why.

3: Precisely how they can help you and how easy you’ve made it for them to do so.

4: Sense of urgency built into the closing.

Close: Thank you.

Example: Digital Agency – Expertise in Connecting Brands with Gas Powered Athletes

Hi Matt,

Good to chat last week. A quick favor to ask – I’m looking to add just one, highly specific client to our agency family this year who shares the same values that we do, and I find that the greatest way to determine a best-fit and filter is through existing friends – I’d look to you for ultimate guidance on this.

If you’d be open to it, I’d love the opportunity to demonstrate our horse-power to Megan Gillam who oversees Consumer Marketing on the Ford F-150 Raptor team.

Given our experience and expertise in the space with GMC Trucks and Honda Motor Sports over the years, I hoped that you’d be open to an introduction to Megan for me this week?

Specifically, she’d find value in an initial conversation with me on the “Gas Powered Athlete” communications platform; built on our expertise of building the brands that power and sustain them.

I’m hoping that you’d be able to introduce me before next Tuesday, the 15th, as we have some timely industry knowledge that I’d like to include in our conversation. Attached is an executive overview for her review.

Many thanks in advance for your help in introducing Megan and me.

Final thoughts and next steps:

There’s really no need for sweaty palms in agency new business. You can remove a lot of the anxiety by simply having a plan and prioritizing it as a part of your daily routine. If the rejection is a primal fear of yours, a consistently implemented referral program will ease you into a proactive new business, setting the stage for you to test and refine the way in which you position the agency, and find and engage relevant new relationships with marketers.

Finally, a word of caution: having worked in the agency new business space for 20+ years, we know that a good referral strategy is an important part of your new business routine, but it can’t be the only part. At Winmo, we see agencies become so reliant on referrals that they ignore the need to proactively prospect, and end up missing out on opportunities to work with their dream clients. So make it part of your mix, but not your sole solution, and you’ve got a winning plan.

Request a Winmo trial today

If you liked this blog post, check out:

  1. 21 Sales, Media, and Advertising Statistics for 2021
  2. Updated: Top Independent Media Agencies
  3. 2021 Sales Prospecting Predictions: Winmo Experts’ Weigh In

5 Brands Boosting eCommerce Right Now

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With consumers sheltering in place, foot traffic to brick-and-mortar businesses has come to a halt. One source of opportunity if you’re looking to tap into marketing budgets that remain? Brands betting on eCommerce. Many marketers are focusing on reaching consumers shopping online, funneling ad dollars into campaigns designed to drive virtual traffic to their websites. We’ve hand-selected five such companies to focus your prospecting on, with details on who should approach based on recent new business triggers.

This piece continues our focus on brands who represent prime sources of sales opportunity in a challenging economic climate. You can also check out 10 brands surging digital ad spend for another crop of advertisers going against the grain.

5 Brands Boosting eCommerce

1. Lululemon

Athleticwear brand Lululemon started redeploying ad dollars to digital channels in order to drive eCommerce performance; per its recent earnings call, overall same-store sales rose 20% during the holiday quarter, with digital sales surging 41%. In light of the global pandemic, Lululemon temporarily shut down all its retail locations in North America. More people are shopping online because of the virus, and the company expects this trend to stick; CEO McDonald called it the “new reality of retail.” Lululemon’s popularity should continue rising since Americans are still working out and doing yoga at home, as well as lounging in casual athletic clothing.

Lululemon’s target demographic consists of millennials and Gen-Z (female skew), along with Gen-X. Considering its focus on digital media, you may also want to offer paid social, OTT and/or podcast ad spend; the company pulled out of OOH and print in 2019, per Kantar.

Agency & martech readers – since we haven’t heard of any roster changes after Lululemon hired its first chief brand officer, Nikki Neuburger, earlier this year, keep reaching out for work, especially if you can offer digital and/or social media management services. ICR and 180LA respectively handle PR and creative duties.

Note: Lululemon is headquartered in Canada, so you might want to familiarize yourself with its Anti-Spam Law (CASL) before reaching out.

2. Thousand

Urban bike accessory company Thousand selected OutsidePR as its new PR AOR; the agency will target both outdoor performance and consumer lifestyle media while focusing on Thousand’s mission rooted in sustainability and safety.

This shift closely follows Thousand’s hire of growth head Cameron Hendrick in December 2019.

This company’s urban focus and sustainability mission lead us to believe its target demographic consists of outdoorsy Gen-Z and millennials. Since consumers can still go out and bike alone despite the global pandemic, Thousand may continue advertising amid it. Upcoming work will probably promote the eCommerce channels through which fans can buy the company’s biking helmets, gloves and other gear. Thousand currently utilizes social media, digital display and micro-influencers. Focus pitches on how you can support the company’s aggressive growth plans.

Agency & martech readers – PR AOR hires often precede other agency reviews, so reach out soon to see if you can secure creative, digital and/or media partnerships.

3. TRX

In March 2020, training product and workout program company TRX completed the CMO search we first reported in October 2019, filling the role with Colleen Morris, former food division general manager at Bell-Carter Foods. Since Morris is TRX’s first CMO, to the best of our knowledge, we expect strategic shifts under her leadership.

TRX provides safe and healthy ways people can build their home gyms, and it made its preeminent professional education course, TRX Suspension Training Course, virtual and free of charge via Zoom in April 2020 in order to reach more consumers who are working out at home due to social distancing. Its digital display spend increase and focus on inclusivity – much of its messaging promotes the idea that its products are options for anyone – lead us to believe its target demographic primarily consists of Gen-Z and millennials. TRX tends to target athletic individuals, but it will soon also target training professionals, for whom it is revolutionizing its online ecosystem. 

Agency & martech readers – we do not think TRX has any agency partners yet, so reach out soon for potential work under its new CMO.

4. e.l.f. Cosmetics

Cosmetics brand e.l.f. remixed the TikTok campaign that debuted February 2020 in order to boost COVID-19 awareness. The new video promotes hand washing and social distancing; creative agency Movers+Shakers developed it. The focus of this campaign on helping others will appeal to e.l.f.’s Gen-Z and millennial target demographic. The video is only available on the @elfyeah TikTok channel.

e.l.f. was already focused on its eCommerce business and should continue to be as consumers switch to ordering products online. Many companies will start spending less on marketing as a result of the global pandemic; however, e.l.f. may not due so since many Gen-Z and millennials are stuck at home with nothing to do and choose to spend their time experimenting with makeup. As of now, e.l.f. is focused on promoting the safety of its team and fans instead of trying to outright sell to them, which will appeal to these generations.

5. Masonite

Effective March 2020, Masonite hired its first CMO and SVP, Jennifer Renaud, who formerly served as Vertiv’s VP. We expect to see strategic shifts under her leadership.

Masonite’s Q4 2019 earnings call revealed the company is focused on product service and quality, innovation and marketing initiatives to boost channel demand; unfortunately, the company has not yet announced its response to the global pandemic.

Masonite targets builders, remodelers, architects and homeowners of all ages and offers interior doors, entry door systems, wood stain kits and flush doors. Right now, its focus is mostly on homeowners; execs in its earnings call mentioned they want to “be top-of-mind when consumers are considering a project that includes doors.” 

Adbeat reports out of the estimated $28.8k Masonite spent on digital display ads since March 2018, $27.2k (94%) was spent after March 2019. It also spends in OOH and print, per Kantar.

The rise in digital display spend leads us to believe the company is especially targeting Gen-Z and millennials, and spend on this channel may continue increasing as consumers stay home and turn to DIY projects to pass the time. Click here to find out residential door distribution partners in your area.

Agency & martech readers – we do not know of any current agency partners for Masonite, so reach out soon to secure work under its new leadership.

 

If these appeal to you, there’s way more where these came from. Get a complimentary trial of Winmo to discover budget-owners, buying trends, and target demographics for top-spending brands, including Direct to Consumer companies, online retailers, and other marketers making eCommerce a priority.

How B2B Sales Can Adapt in an Economic Downturn

How B2B Sales Can Adapt in an Economic Downturn

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Strange days on this planet. If someone told you at the start of the year that your workforce would become entirely remote, toilet paper would be your most precious commodity, and your sister’s wedding would be cancelled due to a globally recognized pandemic, would you have believed it? Well here we are. 

The thing about humans is, we adapt. We pull out our laptops in our living rooms, find new uses for common napkins, and in business, we lean in on our outbound sales approach. 

Right now, you might be finding some resistance from the buyers you typically target. Marketers, like many, are pulling back and being cautious. Recent estimates by The Meyers Report say the Coronavirus impact to marketing communication budgets could be as much as $11 billion, though a more likely figure of $3 billion has been factored into its projected 2020 ad growth of about 4.8%.

As a company facing similar difficulties ourselves, we’re doubling down on our outbound approach as well. In this article, we’re highlighting what our current strategy is here at Winmo to overcome reduced spending and shrinking markets. 

#1 Be Empathetic:

We’re all going through this together. Your prospect may be dealing with city closures, remote work status, children home from school, not to mention budgetary hesitation. In this time, give space where it’s due, and then determine if there is an opportunity to provide existing or potential customers with a value add or other complimentary offering. Now is the time to nurture relationships.

#2 Be Consultative:

Your prospects are human. Sometimes they panic. In the coming days they may be narrowly focused on the business they’re going to lose, and you can be an invaluable asset that helps steer them in the direction of market share or potential revenue they can win to stay afloat. How can you help your clients adapt? Can you help them adjust their positioning, offer special discounts, or target new consumer groups to effectively navigate a challenging time? Use your subject matter expertise to help your prospects adapt.

For Winmo and our business, there are a number of ways we’re directing sellers’ attention to new prospect sets. For media sellers and agencies who target tourism and hospitality, for instance, we’re helping them pull adjacent or additional prospect lists of companies who might be a more receptive audience right now. We’re helping sales teams target the brands projected to spend more over the coming months, the D2C companies, certain packaged goods segments, and pharmaceutical brands. 

#3 Be Creative:

One company we’re working with, an experiential marketing firm, is facing an inability to carry out live events they specialize in. In the face of this challenge, they are reimagining themselves in the digital space, filling a need for consumers to connect with each other online as public gatherings are off the table. They’re one of many event and experiential brands revamping their strategy to capitalize on virtual events. How can you adjust your offerings to remain a viable option for potential partners?

#4 Go Against the Grain:

The trend in times of economic uncertainty may be to pause or pull back, but it might be helpful to remind your prospects of the advertisers who went against the grain in times of economic uncertainty, increasing their marketing outlays to capture share of mind in times of recession, in order to emerge with gains. Amazon sales grew 28% in the great recession of 2009, for instance. 

Outbound sales might be a nice-to-have in times of economic growth, when inbound inquiries  are more frequent, but in times of recession, outbound sales are a necessity. If your inbound inquiries dry up, don’t panic. Roll up your sleeves and do what successful revenue teams before you have done, take the steps above to adapt.

Winmo Introduces Direct Response TV Insights

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Interested in tapping into direct response TV (DRTV) ad budgets? Winmo has teamed up with Media Analytics to integrate data from their IMS Report, which has been recognized as the leader in direct response monitoring, tracking, and ranking for over 25 years, to surface brands active in the DRTV space. 

A new integration, now available on over 1,500 advertiser profiles in Winmo at launch, pulls a selection of DRTV data from Media Analytics’ IMS Report directly into the Winmo platform, allowing sales teams to discover which brands are spending in direct response TV advertising, alongside the media agency and decision-maker contact information Winmo is known for delivering. The addition of the DRTV data illustrates Winmo’s dedication to providing its users with an unfair advantage to pitching and winning top ad accounts.

“As brands continue to shift more media dollars into DTC (direct to consumer) marketing, agencies, TV networks and martech providers need to understand the impact and adapt quickly,” said Jeffrey White, CEO of Media Analytics. “We’re thrilled to offer our industry leading Direct Response TV insights as part of Winmo’s award winning platform. The integration of our AI driven analysis of the growing DRTV landscape will further arm Winmo clients with a broader set of tools they can use to identify, qualify and close new sales opportunities.” 

DRTV Insights that Help New Business Pros

Features of the integration include:

  • Likelihood of a New Campaign Launching in the Next 90 Days: Media Analytics estimates the probability of a new campaign based on factors like new ad creative/formats.
  • Top TV Networks: The top 5 networks that the brand has run D2C ads on in the past 60 days.
  • D2C Presence Format: Indicates if brand is currently (past 30 days) running ads in Long Form (half hour) or Short Form (15 seconds – five minutes).
  • Network TV Coverage: Shows variance in the number of networks a brand is airing on compared to that brands’ subcategory (as a whole), in the past 30 days.
  • Daily D2C TV Media Spend: The average category spend line represents the average media dollars spent per brand in this brands’ category. The spend line represents this specific brands’ media dollars spent on D2C ads. If the brand line goes above the average category spend line this brand is outpacing the average spend per brand in its category.

Winmo DRTV Insights

“Most directly, this integration will allow our users to have an unfair advantage over their competition by having an even more holistic and real-time picture of an advertiser’s media investments. This provides valuable context for all types of ad sellers and agency new business teams looking to identify brands aiming to reach consumers through direct means. We’ve already had an overwhelmingly positive response to this competitive advantage in the first week, and look forward to continuing to expand on it,” said Dave Currie, CEO of Winmo.

The new integration pairs Media Analytics’ DRTV data with Winmo’s verified brand and agency decision-maker information to empower users to easily find who is spending the budgets they’re qualified to win.

DRTV data is the latest in Winmo’s line of strategic partnerships delivering contextual account information to users. Other integrations include:

Not yet a Winmo user? Get a demo to see how Winmo can help you crush your sales goals.

More About Media Analytics

Media Analytics is a market research and intelligence company that provides competitive intelligence, prescriptive analysis, as well as predictive outcomes for rapidly expanding $12B direct to consumer (DTC) TV advertising industry. The company has built an extensive offering of online monitoring and tracking services that help Brand Marketers, Media Agencies, TV Networks and Martech Providers, maximize their success by understanding the dynamic shifts in media spend and placement, new product offerings, innovative creative and unique sales approaches that brands are implementing across 120 categories and more importantly to gain insight into which brands and categories will be the hot, up and coming DTC segments in the future.

Media Analytics has been recognized as the go to source for direct response monitoring, tracking, and ranking resource for over 25 years. We use proprietary AI based software to track, monitor, aggregate and analyze over 150,000 TV commercial airings representing more $230M of media spend every week. The platform allows users to see what brands and categories are airing TV ads within minutes of the actual ad running. From mobile gaming, to financial services to health and wellness, Media Analytics is the first to identify new product entrants and emerging growth categories across the TV/OTT landscape. Those interested in learning more can contact: sales@imsreport.com or call 610-200-6041.

TV Ad Buy and Airing Intel Now in Winmo

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Winmo has teamed up with real-time TV ad measurement leader iSpot.tv to give users of its sales intelligence platform a valuable tool for winning ad revenue. The new integration, available to customers of Winmo’s top-tier subscription plans, brings a selection of TV ad metrics from iSpot.tv into the Winmo platform, breaking down broadcast media budgets alongside the decision-makers who spend them. Likewise, Winmo integrated its sales intelligence into the dashboard of iSpot.tv, allowing iSpot customers to get contact information when utilizing its advertising analytics platform.

The Technology

iSpot.tv’s proprietary TV ad measurement technologies provide disruptive brands and TV networks with a comprehensive view of advertising activity across linear, time shifted, OTT and on-demand TV environments. The company measures impressions, attention to creatives and connects ad exposures to business outcomes. While the company is largely known as the leading measurement platform for brands and networks, the Winmo integration builds on the data’s inherent value to sellers as well.

“Our goal is to provide publishers, networks and agencies breakthrough transparency into TV ad intelligence as a part of a complete picture of an advertiser,” said Dave Currie, CEO of Winmo’s parent company, List Partners LLC. “This brings key ad metrics from iSpot.tv into Winmo’s advertiser profiles, as well as enhanced lead-targeting that empowers our customers to win and retain more ad business.”

The Integration

Initially present on over 1,600 advertiser profiles in Winmo, the iSpot.tv ad metrics integration allows users to jump directly from a brand’s contacts and agency relationships to its TV creative, airings, top networks and top TV shows, offering a 360-degree view of how budgets are being spent.

Enhanced Search: Media by Network Filter

In addition to viewing the TV ad metrics directly on advertiser profiles, Winmo is beta testing search functionality that narrows down advertisers by network, based on a window of airing data from iSpot.tv.

Users can leverage the new Media by Network search filter to hone in on brands whose ads have appeared on specific media properties, making the integration a valuable tool for identifying targets spending with competing networks.

Search TV Networks

The result is a seamless experience where ad sellers can find leads, qualify opportunities, and then, using the proprietary business intelligence Winmo is known for, identify the exact brand and agency buyers making purchase decisions to close more deals.

About Winmo

Winmo’s advertiser and agency database tracks decision-makers who control $100 billion in marketing spend each year, allowing sellers to build lists, open doors, and close deals faster than ever before. In addition to up-to-date contact details, Winmo’s award-winning sales intelligence platform boasts trigger-based opportunity alerts, integrated ad spend and buying behavior – all designed to help sellers reach the right contacts on the right accounts at the right time. For more information or to request a free trial, visit winmo.com.

About iSpot.tv

iSpot is a TV advertising measurement company that brings transparency, digital-like precision, and control to disruptive brands. The real-time platform empowers marketers with a complete view of advertising impressions, engagement, attention conversion across all forms of TV, and connects those analytics to business outcomes. To learn more, visit www.ispot.tv.