Agencies that have a high pitch win rate are not pitching better - they're qualifying better. When agencies hear that another agency has a high pitch win rate, they always want to know what the magic sauce is. Whilst of course some agencies do pitch better than others, I think most of the magic of a high pitch win rate happens higher up the funnel, not at the bottom. If your proposition is clear, you know what a perfect client looks like and then you qualify hard by asking the client lots of questions to work out if they're a good fit... Then there is no way you should be pitching for work that you don't have a REALLY good chance of winning. Your win rate should be at least 60% - at an absolute minimum. Most agencies seem to sit in the 25% - 45% win rate bracket, and I reckon lots could get to comfortably over 60% by changing nothing about their pitch - just by qualifying better. Agencies waste way too much time pitching for work that they are never going to win. That's time that could be used in so many other more valuable areas of the business. We used to ask clients lots of qualification questions, but my favourite was always 'how many agencies are you inviting to pitch for this?'. The worst response I ever received was a client that had invited 36 agencies to pitch... My big toe had more chance of becoming an astronaut than us winning that pitch, so I politely declined the opportunity and decided to focus our efforts on more deserving clients!
This! A big learning when I was leading biz dev agency side was to look at actually reducing pitches/ proposals/ convos and qualifying out quicker and better. Looking at number of RFPs and 'leads' alone can be misleading. Also 36 agencies pitching is wild. No idea how anyone would have the time, clarity and energy to effectively review those.
truth Alex Price. although TBF I feel for the network agencies that have to pitch for the network. Indies have somewhat an advantage here
So one of my takeaways from this is don't waste time pitching if there's too much competition? Or is that just one factor? e.g. If you thought the client would be a great fit but had invited 36 other agencies, would you still have pitched?
With conversion rates, it's always good to know what sector/industry standards are and act upon that, rather than just act on what one business is doing/converting.
💯 agree Alex Price! Great insights here! Qualifying prospects effectively is truly the unsung hero of a high pitch win rate. It’s all about asking the right questions upfront and ensuring a perfect fit between client and agency. This not only saves valuable time but also increases the likelihood of success.
I cannot fathom inviting 36 agencies to pitch!