By proactively reaching out to the market, a consistent flow of new business is achievable for all. But to help with this, it is useful to understand the seasonal dynamics that affect the likelihood of a supplier review.
With this in mind, today we published the first in a series of New Business Dynamics report, we set out where change in demand occurs throughout the year, sector-by-sector and across agency specialism. You can Download a PDF of the full report here.
Some highlights from the report:-
Counting Backwards - From analysing the new business wins that we have helped clients secure over the last 24 months, the average time from initial outreach to client win is four months. Those hoping to win new clients in the first half of 2018 need to be taking action now.
Happy Valentine's - February is the month when brands are most inclined to meet new agency partners. This is particularly true for creative specialists and most evident in the consumer electronics and retail sectors, all busy dissecting the effectiveness of their festive season campaigns.
April Showers - Brands are over 4 times more likely to agree to a meeting in Q2 to discuss corporate PR than in Q4, something financial PR experts in particular will be acutely aware of. Even within this crucial quarter of the year when 45% of all corporate comms account reviews occur, there is significant monthly variation – in April, Automotive and Financial Services are the best prospects, and in May, IT brands and Professional Services.
Who Doesn’t Need a Holiday? - Those sectors least impacted by ‘out of office’ emails in July and August, are Automotive and Retail. Both host 20% of their annual new business meetings in these two months. Design/Branding shops shouldn’t take their foot of the gas either - this is the most reviewed service area at this time of year.
Late Harvest - In November, travel and consumer electronics brands are the most open to meeting with new agencies. But don’t hang around to get a date in the diary, as their appetite drops off in December. FMCG brands on the other hand can be relied on for a consistent stream of opportunities throughout the year, with 10% of meetings created even in December.
Content to Wait - Whether it is pinning down whose budget it comes out of, or who should be delivering it and what the scope is, the cycle to win content briefs from initial outreach to a meeting in the diary is longer than with any other type of work. It takes 39 days on average; 63% longer than the average timeframe for shopper marketing, and 50% longer than advertising.