Here are some strategies to pinpoint the right new business prospects for your agency. Building a list of high-potential new business targets for your agency can feel like a daunting task. The fear of focusing on the wrong prospects and missing out on active opportunities can make the idea of mass outreach tempting. After all, the more businesses you contact, the better your chances, right? Unfortunately, it’s not that straightforward.
To ensure your agency business development efforts pay off, here’s how to identify the right new business prospects that align with your goals.
1. Define Your Agency’s Core Priorities
Fame, financial growth, or fulfilment—every agency aspires to at least one, if not all, of these. But which matters most to you? Prioritising new business targets that tick at least two of these boxes ensures a better fit. Whether you want to raise your profile, secure high-value clients, or work on exciting projects, being selective will set the foundation for success.
Discussing these priorities with your team can also provide insight into the types of projects they find most rewarding, which in turn helps with staff retention.
2. Think Beyond Big Brand Names
List your five dream clients without restrictions—then go after them! Passion shines through in outreach, increasing your chances of securing a response. If your agency is smaller, don’t be discouraged from targeting major brands. Instead, be strategic: avoid well-served departments and focus on overlooked areas within the company that may lack dedicated agency support. Internal functions such as operations, recruitment, or internal communications are often under-resourced but still have substantial budgets.
3. Envision Your Future Agency
Consider where you want your agency to be in five years. Do you want to dominate a particular sector? Expand your expertise? Be known for innovation or sustainability? Target businesses that will help you build this reputation. Alternatively, if you’re looking to diversify, focus on prospects from sectors that will broaden your portfolio.
4. Analyse Past Successes
Revisit your agency’s case studies to identify patterns in your most successful work. Look for similarities in the industries, challenges, or project scopes you’ve excelled in. Reaching out to businesses with comparable needs strengthens your credibility and increases your likelihood of securing new contracts.
5. Leverage Your Team’s Experience
Your agency’s collective experience extends beyond its current client list. Find out about the projects your team members are most proud of from past roles. Highlighting relevant expertise—even if it predates your agency—can create compelling outreach material and boost your confidence when approaching new prospects.
6. Align with Like-Minded Brands
Shared values strengthen connections. If your agency is committed to sustainability, diversity, or innovation, look for businesses with similar principles. For example, if you’re B Corp certified, targeting other ethical brands could lead to more meaningful collaborations and an increased likelihood of securing work.
7. Time Your Outreach Wisely
Even the perfect prospect won’t convert if you contact them at the wrong time. Research industry cycles and seasonal trends before reaching out. For instance, travel brands are busiest in January, making it a poor time to pitch. Identifying quieter periods increases the chance of your email getting noticed rather than lost in a sea of other messages.
8. Follow Industry Investment Trends
Monitor growth sectors and businesses receiving funding, as they are likely to invest in agency support. Additionally, brands facing challenges may be willing to allocate budgets towards repositioning or crisis management. Keeping an eye on emerging industries and struggling brands alike can uncover valuable new business opportunities.
Quality Over Quantity in New Business Development
Casting a wide net might seem like the fastest way to generate leads, but in reality, it dilutes your impact. Focusing on the right new business prospects—ones that align with your agency’s strengths, values, and future ambitions—will lead to better conversions, stronger client relationships, and ultimately, more wins.
