How well do you know your client? I mean really know them and their offerings? The gut reaction we usually hear is "of course, we know them." But often, there is an opportunity to differentiate your agency by demonstrating that you know them better than the other agencies you're pitching against.
Would you write a book about a famous musician without researching anything about that musician? The same should go for the prospective clients you pitch to. Know the client, know the pitch:
- What you should know about a client before a pitch
- Why marketers think this is important
- What percentage of marketers expect this to be done
- Competitive research and why it matters
In order for your agency to think outside of the box, you must know the client. This requires time and effort, but it is essential to a successful pitch. When developing a client profile, here is a framework to get things started:
- What is the mission of the client?
- What are their strengths and weaknesses?
- Where is the client positioned in relation to the competition?
- Who is this client's competition?
- What is the client's target audience?
Developing answers to these questions is vital when developing a pitch for a new (or existing) client. How can an agency possibly have success meeting the client's needs if the agency does not know who the client is?
Marketers are looking for an agency that understands their needs based on the audience they cater to. This research can be done by understanding the work the company does, what services or products are provided, and what type of consumer is looking for that product or service. From there, establishing competitors can be as simple as researching similar companies providing the same product or service that are on the same scale.
A considerable part of knowing the client comes from knowing the competition. According to the research conducted by Vennli, 82% of marketers said they expect agencies to conduct primary research on their competitors as part of the pitch. However, only 56% of agencies reported that they always conduct competitive research. Agencies do not consider competitive research as primary research, which is what causes miscommunication. What this means is if an agency claims to do primary research prior to a pitch, this must also include competitive research.
There is data that shows the benefit for agencies that conduct competitive research. Of the agencies with pitch win rates above 50%, 60% said that they are always conducting competitor research. However, of the agencies with win rates below 40%, only 44% reported always conducting competitor research. Agencies that conduct competitive research have a higher success rate than agencies that do not.
Check out our e-book, "Five Ways to Differentiate your Agency Pitch". Find out the average length of an agency-to-in-house marketer relationship and how to be a better consultant to your clients.