We had an interesting debate over a coffee,on what makes makes an organization win new businesses. There were diverse thoughts from things like compelling product differentiation, excellent strategy, impressive scale, good networking, and competitive, or even less commercials.
This is specially relevant to service oriented setups e.g. media agencies.
While there is no disagreement that each of these factors play critical role in winning, important debate in my mind is which is a game changer. In light of existing transparency on media rates, and equal access to information, how different can one be on the commercial aspect. To my belief, if marketers were to do some due diligence they will easily be able to do first round of screening basis past market data, and testimonials.
Strategy and product differentiation will be a good winning plank, provided one is able to convincingly prove a clear co relation between product and its deliverable to marketers bottom line. Given the constraints and uncontrollable variables it is often impossible to draw a direct correlation between product supremacy & deliverable to marketers objectives.
So how do you communicate your organizations inclination to win this business. I guess single largest factor which is instrumental in winning new business is the relationship you share with your prospect. I borrow this quote from one of my colleagues that ” you don’t win businesses on the day of pitch, you only loose it”. This is so true in any new business situation. If I don’t know my customer, how good my chances of wining this business – zero.
It also underlines the fact that new business is all about relationships. Relationship which comforts a client about the strength, scale, experience, pedigree of your partner. You prime them about being interested in a relationship, and client needs to see that loud and clear.
I strongly believe in the fact that win on the basis of merits, however build a strong relationship ahead of pitch to be able to clearly articulate your merits in an environment client understand the best.