Choosing the Right Marketing Agency
Bruno’s Background – (02:17)
I have been in the marketing space for over 25 years, mostly on the client side. I have worked with for a number of large organizations including Microsoft and Visa. Six years ago I have started a company called Agency Mania Solutions. We are headquartered in Seattle, Washington.
The Matchmaking Process – (07:48)
There’s an estimated number of about 12,000 agencies in the US alone. If you think about worldwide, the number is even greater. So, the ability to use your network to find a great agency is probably not going to be sufficient. Reason for that is that there are new agencies opening door every day.
The agency landscape is changing every day so it’s hard for brands to keep up with these changes.
As a brand, you can search for online directories of agencies. artform.com is a good site to check for this.
Top agencies could also be defined by the number of awards they won.
You’ll probably have a series of meetings at the agency’s office, where you can get a sense for the culture.
Figuring Out Whether You’re Getting the Right Operational Team – (12:13)
Choosing the right agency can be a very expensive process. You want to make sure that the process is going to be done effectively.
Many of our clients have a wide range of agencies that they rely on to go to market.
The attrition rate on the agency side is estimated to be in the 30 percent range, which means that within three years, the people that you saw at the agency probably won’t be there.
Clients can also request a staffing plan that will give you an overview of people who will be working on your business.
Evaluating Agency Partners – (02:42)
The partnership with an agency requires some way of measuring the performance. Having constant feedback is crucial between the agency and the client.
Many of our clients have some level of compensation that’s tied to their performance, so there’s a law of sensitivity around this particular topic.
In terms of frequency, we see the majority of brand advertisers conduct these process either once a year or twice a year.
Most brands and most clients will do a 360 feedback and then they will do a full year review of the work and the relationship in the process.
Six months is the right cadence when it comes to agency evaluation.
Working With Underperforming Agencies and Rewarding the Great Ones – (09:55)
First, you have to define what you mean by the performance because there are multiple aspects of it. One is about the relationship itself, the other one is about the cost efficiency and the third is about work performance.
When you combine all those three major elements, you end up with the value index.
If you can find an agency that does all three you have hit the jackpot.
The best way to reward an agency is by giving them more work.
When it comes to an agency that is not performing well, you can put them under some type of performance plan. If they don’t respond to feedback quickly, you should probably stop doing business with them if they are not serving you well.
How to Be a Good Partner – (12:18)
Many of our clients have performance-based incentives that allow them to reward an agency financially for good work they’re doing.
You can also tell people outside of your organization they’re doing a good job.
Using Technology To Support Agency-Client Relationship – (14:49)
There are three major elements to the software side – data collection, data analysis, and action planning part.
Data collection typically involves a comprehensive set of survey activities that allows us to collect data in a way that’s going to be obviously very effective.
The next part of the process which is enabled through technology is the analytical part. It consists of creating reports and analyzing data.