Final answer:
An agency's image and reputation are the most effective tools for acquiring new business, as they build customer trust and allow for premium pricing due to perceived quality.
Step-by-step explanation:
The most effective way for an agency to acquire new business is through its image and reputation. This is because firms prioritize building a reputation that establishes trust with consumers and encourages repeat business and positive referrals. A positive reputation diminishes concerns about product quality and amplifies the value perceived by customers.
As an example, a grocery store with a strong reputation can command higher prices than a temporary stand at a farmer's market, largely due to the established trust and implied quality of their goods. Ultimately, while options like solicitation, audits, presentations, and pricing strategies can play roles in business acquisition, the enduring power of a good image and reputation is fundamental in attracting and retaining customers.