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The ultimate new business reflection questions to ask yourself for 2023

December 20, 2022
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Many industry experts agree that Q1 will be the toughest period for sales due to a recession that’s anticipated to linger at least until the end of 2025. Don’t let that scare you. 

 

Growing a business and being effective in sales is a mindset, and you’d be surprised how much you can shine in difficult situations. This year can be the greatest year you’ve ever had, but only if you stay positive and act now. 

 

The following questions will help you determine where to spend your time, resources, and efforts when it comes to winning new business in 2023. This is a key step BEFORE you rush into creating a strategy. Once you’ve reviewed the year gone by, only then can you create an effective framework for what your new goals should be and how to achieve them.  

 

So schedule some time, grab a hot drink and jot down your answers with brutal honesty. 

 

Review New Business in 2022: 

How many pitches did you win? …………………………..

What was the feedback for why they chose you? …………………………..

How many pitches did you lose? …………………………..

What do you think you could have done better? …………………………..

List the ways your pitch opportunities came about: …………………………..

What was the total value of all your wins? …………………………..

 

Cash Flows, Budgets and Revenue: 

How much cash do you have in the bank (your runway)? …………………………..

How much can you invest in marketing and sales next year? …………………………..

What would you invest in? E.g. new business tools, upskilling staff etc. …………………………..

What is your revenue goal next year? …………………………..

How many pitches do you need to win to accomplish this target? …………………………..

Are there any big investments you want to make next year? E.g. market research, recruitment, industry events etc. …………………………..

 

Ideal Client:

Which sector/s are they from? …………………………..

What are their pain points and frustrations? …………………………..

What’s your ideal client’s working style with an agency like yours? …………………………..

What motivates them, and what are their goals? …………………………..

What specific brands are you keen to work with (short-term and aspirational)? …………………………..

When can you reach out to them? …………………………..

 

Agency Proposition & Profile

Is your positioning intriguing or bland? Does it excite you? …………………………..

Are you clear on your USPs? …………………………..

Do your USPs clearly communicate what you do differently or how you do it? …………………………..

Are your services and core offering clear? …………………………..

Are you clear on the challenges you solve for clients? …………………………..

Are you effectively using awards and PR to maximise awareness and exposure? …………………………..

Do you have a social media presence that is strong and engaging? …………………………..

Is your positioning clear on your social channels? …………………………..

 

Agency Website: 

Is it immediately clear what you do and who your target? How could you make it clearer? …………………………..

Is your proposition from above strong and consistent throughout your key web pages? Which pages could be improved? …………………………..

Does the copy on your website reflect your prospect’s pain points and explain how you solve them? …………………………..

Do you have enough examples of proof and credibility, and are they up-to-date? E.g. testimonials, case studies etc. (We strongly recommend reading our blog post on 13 ways to boost trust and credibility to win new business) …………………………..

Is the information on your website enough to intrigue prospects to get in touch? Avoid giving away too much …………………………..

Is your agency’s contact details easy to find? …………………………..

 

Tracking Metrics:

There are many different metrics that agencies can track, and the specific metrics that are most important will depend on your agency’s goals and objectives. Here are some we suggest but feel free to add to or remove as necessary. 

 

Business:

  • Turnover/Revenue Growth
  • EBITDA
  • Gross/Net Profit Margin
  • Retention Rate
  • Net Promoter Score
  • Your “North Star” metric

 

Sales:

  • The conversion rate of leads to paying customers
  • The average value of a sale
  • Total new business revenue generated
  • Customer Acquisition Cost (CAC)
  • Customer Lifetime Value (CLV)
  • No. of leads per month

 

Marketing:

  • Website visitors
  • The conversion rate of website visitors to leads
  • The cost per lead (CPL)
  • The click-through rate for email campaigns
  • The engagement rate for social media posts
  • The return on investment for marketing campaigns (ROI)
  • Size of engaged people in your database

 

For metrics that aren’t set up, who can you lean on for help? …………………………..

How often are/will you track these metrics? Monthly or quarterly? …………………………..

 

New Business Operational Efficiencies:

Do you and your team have dedicated time to work ON the business? …………………………..

Have you got the right people and resources in BD to achieve success? …………………………..

What tools do you have that are working well for you? …………………………..

What tools would you like to invest in? …………………………..

Is your CRM system working for you and up-to-date? …………………………..

Have you been nurturing your prospects, and has your approach been working? …………………………..

Are your staff efficient with their time? …………………………..

Are day-to-day priorities clear? …………………………..

 

Self-reflection: 

What makes you a good leader? ………………………….

Where could you be better as a leader? …………………………..

Are you and your team clear on the business vision?…………………………..

How can you continue motivating your team? …………………………..

Where is your time being spent most on? …………………………..

What area would you like to focus more on next year? …………………………..

What area would you need to focus less time on to make the above happen? ………………………….. 

How are you effectively dealing with the stresses that come with being an agency leader? …………………………..

What external help could you utilise or get advice from when it comes to new business? …………………………..

 

You’ve done it! Take a break. 

 

The next step is to create a strategy that helps you achieve your goals for this year while considering your answers above. This will help ensure your framework is realistic and effective. 

 

We know the next part isn’t easy, and from our experience, agency leaders aren’t sure how to create a robust strategy or be able to pinpoint what they need to fix in their approach to new business. We’re here to help, whether it’s positioning, marketing, lead gen and more. If you just want some advice or further support with anything in this blog – just book a slot in the diary.

 
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