Wyomissing, Pa. - Second Wind’s 2009 Annual Agency Survey Report reveals that today’s midsize and small ad agencies share similar challenges. These include acquiring new business, adapting to web/interactive marketing, cash flow, the slow economy, shrinking client budgets, finding qualified employees, obtaining larger clients and shrinking profit margins.
“Agencies can manage challenges, including acquiring new business on a day-to-day basis, if they focus on new business and develop a strong business plan,” says Laurie Mikes, COO of Second Wind. Founded in 1988, Second Wind is a member-based organization allowing more than 900 midsize and smaller ad agencies and marketing firms to share their expertise. Second Wind surveys its members annually on topics including financial/accounting, payroll/employee benefits, operations, technology, new business and planning.
According to this year’s survey, 67% of agencies develop a yearly agency business plan while 40% operate within a 365 days-a-year new business plan. “Making sure your agency focuses on developing and keeping these plans in place is vitally important to agency growth and stability,” states Mikes.
When identifying new prospects, nearly all (97%) of agencies rely on referrals, with 89% stating that they gain most business from their current clients. Another 73% “keep their eyes peeled” for new opportunities, while 67% state their agency website is a useful tool in identifying new agency prospects, an excellent reason to upgrade and maintain the agency website as well as offer and promote on-site content.
Responding agencies, as always, were busy with new business pitches this year, making 17 pitches on average and successfully securing an average of 7 new clients from these pitches, making the overall close ratio about 41%.
Account longevity continues to be impressive, with the typical agency servicing its longest-held account for an average of 15 years.
Fifty-five percent of respondents stated that their AGI increased from 2007 to 2008, with 59% stating this was due to increased business from current clients. An additional 11% attributed their increase in AGI to an intensive new business program, and 14% to an expanded menu of agency services.
In addition to annual surveys, seminar and workshop opportunities, members of Second Wind benefit from daily access to critically needed business resources and creative information programs. Second Wind is one of the world’s leading trainers of advertising professionals and sells training materials and publications through the online store at www.secondwindonline.com. A major resource is Second Wind Online, with its high-powered, data-rich Knowledge Base, and a popular members-only Forum.
For more details on Second Wind’s 2009 Annual Agency Survey Report or other Second Wind offerings, call 610-374-9093, email info@secondwindonline.com; or visit Second Wind Online.
# # #
Second Wind Contact: Laurie Mikes
laurie@secondwindonline.com
Second Wind Ltd.
P.O. Box 6284, 1424 Penn Avenue
Wyomissing, PA 19610-0284
610-374-9093
Second Wind Online
Find Us on Facebook
Follow Us on Twitter
Second Wind RSS
“Agencies can manage challenges, including acquiring new business on a day-to-day basis, if they focus on new business and develop a strong business plan,” says Laurie Mikes, COO of Second Wind. Founded in 1988, Second Wind is a member-based organization allowing more than 900 midsize and smaller ad agencies and marketing firms to share their expertise. Second Wind surveys its members annually on topics including financial/accounting, payroll/employee benefits, operations, technology, new business and planning.
According to this year’s survey, 67% of agencies develop a yearly agency business plan while 40% operate within a 365 days-a-year new business plan. “Making sure your agency focuses on developing and keeping these plans in place is vitally important to agency growth and stability,” states Mikes.
When identifying new prospects, nearly all (97%) of agencies rely on referrals, with 89% stating that they gain most business from their current clients. Another 73% “keep their eyes peeled” for new opportunities, while 67% state their agency website is a useful tool in identifying new agency prospects, an excellent reason to upgrade and maintain the agency website as well as offer and promote on-site content.
Responding agencies, as always, were busy with new business pitches this year, making 17 pitches on average and successfully securing an average of 7 new clients from these pitches, making the overall close ratio about 41%.
Account longevity continues to be impressive, with the typical agency servicing its longest-held account for an average of 15 years.
Fifty-five percent of respondents stated that their AGI increased from 2007 to 2008, with 59% stating this was due to increased business from current clients. An additional 11% attributed their increase in AGI to an intensive new business program, and 14% to an expanded menu of agency services.
In addition to annual surveys, seminar and workshop opportunities, members of Second Wind benefit from daily access to critically needed business resources and creative information programs. Second Wind is one of the world’s leading trainers of advertising professionals and sells training materials and publications through the online store at www.secondwindonline.com. A major resource is Second Wind Online, with its high-powered, data-rich Knowledge Base, and a popular members-only Forum.
For more details on Second Wind’s 2009 Annual Agency Survey Report or other Second Wind offerings, call 610-374-9093, email info@secondwindonline.com; or visit Second Wind Online.
# # #
Second Wind Contact: Laurie Mikes
laurie@secondwindonline.com
Second Wind Ltd.
P.O. Box 6284, 1424 Penn Avenue
Wyomissing, PA 19610-0284
610-374-9093
Second Wind Online
Find Us on Facebook
Follow Us on Twitter
Second Wind RSS