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Are Ad Agencies Too Expensive?

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ad agency consultant tipsMany advertising agencies are starting to hear more and more that they are too expensive. Having worked with many of them we know their rates are reasonable.

The question is how can our industry overcome this objection and convert more into wins? The economic downturn has pressured clients to trim expenses and assess the value-added contribution of their agencies. Most agencies have had their fees questioned and many have experienced the discomfort of fee/rate audits. Often agencies are responding with examples of results achieved and service quality, and question the appropriateness of this examination.

But this view overlooks the client perspective. While the marketplace has become more tactically driven and project-based, many traditional agencies have not adapted their organizations and services to match the needs of the client.

To be effective and profitable your agency needs to present itself in a manner acceptable and appropriate for the circumstances.

Agencies in this situation must understand that they are in three separate businesses that are often non-complimentary – Strategic & Execution Management & Production. Many traditional agencies have acknowledged this and have launched separately branded consultancies (strategic) and design studios (tactical). This approach enables a tactical response to an agencies organization and fee structure.

Just one more thought on this ongoing dilemma.

Who Is The Most Important Client At Your Agency?

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Most important client at any firm is the agency Most agencies are spending way too much time on their accounts and not enough time on the agency’s business. Look in the mirror, the most important client at any agency is the agency. The most important account that gets the least attention at most agencies is the agency. Our DayOne planning and strategy session helps agency management reset its focus back on growing the agency’s business.

We just finished a DayOne with a great agency. They were a bit scared as the general feeling was they were too small – a staff of 3. However, by the time the day was up everyone was energized, excited, and several new business opportunities were discovered. In addition the agency brand was revamped and better positioned for growth.

In a few short hours this small agency was infused with new life. The agency president just sent me this note:

"Thank you for a dynamic session. Everyone is pleased by the process and feels we have achieved a great sense of focus and mission."

I expect to hear of a new business win any day now!

4 Easy Steps To Help Your Brand Stand Out In The Market

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Recently I was working with a great agency, around 15 people and some outstanding work. They were well known in their market, but had been defined within that market as a certain type of marketing firm. While there were many pitch opportunities in the area it seemed they were almost never called.

Why?

oldagencybrandOver the past few years by not defining their brand they had allowed the market to brand them. And as their capabilities had grown and improved, they failed to communicate that with prospects.

Even worst, the market perception for the firm was out-of-date and just plain wrong.

So here are 4 easy steps to help your brand stand out in the market.

Agency Focus – In this cluttered market place only an expert has any chance of standing out. Business leaders don’t have time to educate someone on their unique situation. An expert understands their product, their service, and knows how it can benefit customers. OR an expert knows their customer better then anyone. OR an expert has a unique view of the marketing landscape. Find something to be your area of expertise. Just being a “full service highly creative marketing firm that offers outstanding service” isn’t enough any more!

Make New Friends - We all now that people do business with people whom they like and trust. Choose to make a new friend over just creating a new business transaction. This will pay off in the long run.

Effectively Communicate - Establish yourself with your target market by creating a dialog on things that you have in common. You must be able to establish a relationship. With lots of people. This generates understanding and builds business over time.

Find Opportunities To Speak – Become a speaker to your target market, and educate people on both the changes hitting their market as well as the challenges they face. Provide Solutions.

There you go… 4 easy-to-forget strategies that can help you establish your brand in the mind of your ideal prospect. And just then, once they’ve heard of you, perhaps know you, and think you have some solutions then they will call you.

 

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