Written by: Pete Heslop
Inside The Studio is a weekly video series, digging into how we run our digital product studio.
We’ll be covering topics such as; sales, hiring, project management, and burnout. Follow along on YouTube, Twitter or your favourite podcast app.
This week, we jump into how we win new work. Over the last 6-12 months, we have been giving our sales funnel a lot more thought as we have been growing as an agency.
Firstly, in any business, we believe that you should be aware of your new vs existing client turnover. We average this over three months and set targets; 30% new turnover and 70% existing clients. In Q2 of 2019, our split was 40% new sales, 60% existing client sales.
Knowing these figures are essential for understanding the pulse of your turnover.
When it comes to new turnover, we split this ‘process’ down into a few sections. It is worth noting that every client partnership is different, but this gives a good overview of a common client pathway:
1) Learn their story
Often we meet people of interest over referrals from clients or through our network. We strongly believe it is vital that you make a connection, rather than going right in with your sales pitch.
As busy people, we have built strong internal filters for adverts and sales pitches.
Once we have met or been introduced, the next step it to reach out for a coffee (making it easy for them). Taking the time to learn someone’s story and the history behind their brand is vital for building a solid foundation for sustained connection.
2) Create value, right away
Now we know their story, our brains are instantly ticking over with ideas on how we can offer this person value. Perhaps we could introduce them to other people within similar industries, give insights into previous experiences, or even give technical advice.
3) Regular conversations
It is easy to lose touch with people, that’s why it is essential we regularly take time to email or connect over coffee with people in our network.
We put a significant focus on building relationships, which has been the cornerstone to our business from day one.