Agency Management Archives - Page 11 of 12 - Agency Management Institute

Client Retention Strategies: Are You About to be Fired?
Gallery
Client Retention Strategies: Are You About to be Fired?

Agency Management, Client Relationships

Client Retention Strategies: Are You About to be Fired?

Client retention strategies are critical in your agency -- especially considering one third of all advertising agency clients expect to change agencies within the next 12 months. Let me rephrase that for you -- one third of all clients are going to FIRE their current agency within the next 12 months. Do you think that your marketing agency is the exception to this rule? Are you 110% confident that every client you have can't imagine doing business without you? Here are the big reasons clients cite for making the change: A leadership shift within the client (usually at the CMO or Director of Marketing position) Frustrating business results Can't track, monitor or proof any progress The core relationship between the agency and client is strained Agency performance is underwhelming Agency never brings us new/fresh ideas Agency was gung ho to get us, now we're just one of many And the #1 reason among those -- the last one. They don't feel courted anymore. They're not your special, most favorite client. So I am point blank asking you: hey advertising agency -- are you about to be fired? How do you know? Do you have any client retention strategies in place? How do you know if your relationships are at risk? Here are a couple ideas. Here are a couple of ideas to consider as part of client retention. Ask. I know it sounds simplistic but when was the last time you had lunch or a drink with a client and just asked for honest feedback? Don't do it over the phone, over email or for the love of Pete, over a text. Set up a specific meeting just for this conversation. Give them some feedback on how you [...]

By Drew McLellan|

What Does An Account Executive Do?
Gallery
What Does An Account Executive Do?

Advertising Agency Training, Agency Management, Employees

What Does An Account Executive Do?

If you're wondering what does an account executive do all day in a successful agency management system -- you've come to the right place. At Agency Management Institute (AMI), we've trained hundreds of account executives, helping them understand their role with their clients and within the agency. To be able to perform the myriad of account executive tasks, a person must have proven or quickly demonstrable analytical, organizing, leadership, interpersonal, and oral and written communications skills, plus a solid understanding of marketing and advertising. Oh yeah...and your account executives need to understand how your agency works and how your agency makes money. This is certainly no job for the average beginner or for some lightweight, glib glad-hander who thinks that he or she can con his/her way through your world on a smile, a shoeshine, a few buzzwords, and a dazzling first impression. A good account executive is hard to find but is a huge benefit to your clients and your agency. Here's a quick overview of what I think an Account Executive should do in within an agency management system: Big picture for an Account Executive's clients: Understand each client's business goals and help them get there Prepare an annual marketing plan for each client and individual campaign plans as needed throughout the year (with SMART goals) Manage and strengthen (not merely maintain) client relationships Propose, sell to the client, and oversee market, media, and other research studies as required Continuously offer unsolicited ideas to increase the effectiveness of the client’s company and marketing activities Big picture for your agency: Understand how the agency makes money and how the account executive's work contributes to the agency's profitability through good management Be an advocate for [...]

By Drew McLellan|

Hey agency owner – are you running your business as a business?
Gallery
Hey agency owner – are you running your business as a business?

Agency Management

Hey agency owner – are you running your business as a business?

Most agency people are creative, hopefully innovative and client minded. All of which is great on its own, but can fall short when it comes to running your business as a business. Even though the thought of systems, formulas and best practices might seem restrictive and overwhelming, they are necessary to making sure your business can thrive and grow. That’s the topic I unpacked over at Marketing Agency Insider focusing on 10 ways you can establish order in your agency without stifling creativity. Would love to hear your stories of business challenges you’ve faced and how you’ve overcome them.

By Drew McLellan|

What your agency employees want from their boss
Gallery
What your agency employees want from their boss

Agency Management, Employees

What your agency employees want from their boss

Have you ever wondered what your agency employees want from their boss -- AKA you? I just spent two days with a room full of account executives, teaching them how to add more value to their agencies and their clients. As part of the conversation, we talked about improving employee relations and the difference between what they think their bosses want from them…and what you, agency owners, truly do want from them. It's an eye-opening experience for them to say the least. But then I turn the tables and ask them what they want most from you -- their boss. What I always find fascinating is that "more money" is rarely mentioned. Here's a partial list of what your best AEs want from you: They want to learn from you, your past experiences and work They want to keep learning and for you to give them access to workshops, webinars, etc. They want to get smarter in terms of how business works, not just marketing They want to know you're running the business in a fiscally responsible way They want to work someplace that is vibrant and has a fun/cool factor They want the "this job isn't M-F, 9-5" to work both ways But the number one thing, time and time again that I hear they want most -- they want you to notice their work, their effort and express your appreciation for them going above and beyond. They work hard and part of the reason they do it is because they want your trust and respect. We all know, as agency owners, that we get going so fast that sometimes we forget to say "thank you." This is a great place to start when [...]

By Drew McLellan|

Resolve to collaborate more in 2013: Agency Networks work
Gallery
Resolve to collaborate more in 2013: Agency Networks work

Agency Management

Resolve to collaborate more in 2013: Agency Networks work

A personal development network is a great way to grow as an agency owner and employee, and your agency will succeed because of it. Back in the early days of my agency career, I worked for a shop that would not allow employees from other agencies into our building. So if you were hosting an Ad Club meeting or some other event that involved agencies from the area -- you had to take it off site. When I asked why the rule exists I was told, "what if they walked by and saw some of our work for a client. They could go after our clients." I thought it was a bit paranoid back then, even though I was professionally wet behind the ears. Now, 30 years later, I think it was ridiculous. If your relationship with your client is so tenuous that you're at that sort of risk -- then you're going to lose that client in a hurry no matter who knows you're working together. While that agency's policy was an extreme, it was very representative of the attitude most agencies have about their competition -- other agencies. They are the enemy. We must keep them at arm's length. I've always had the opposite attitude. If our work is good and our relationship rock solid -- no one can steal that client away. Which means we should be free to enjoy the benefits of connecting and collaborating with the talented and smart people who are drawn to agency work - even if they work for our biggest competition. That's probably what drew me to AMR and the agency networks from the beginning. The idea that I could sit around a table with 11 [...]

By Drew McLellan|

One page business plan template for agencies
Gallery
One page business plan template for agencies

Agency Management

One page business plan template for agencies

Every good agency is big on planning for their clients. They facilitate strategic plans, they build marketing plans and they guide clients through the process of developing a digital strategy that can be woven into their overall communications plan. But agencies stink at planning for themselves. Which is why I created a one page business plan template for agencies. Everyone can fill out a single page, right? I'm not going to preach the reasons why planning matters. You know why. You preach it every day. Instead, let me tell you a little bit about the plan template and how you can use it to grow your agency in 2013. I designed the template to accomplish a few goals. You need to grow your agency holistically -- rather than focusing on just one or two problem areas. You need to do more than just identify some goals. I want you to flesh out the first few steps of actually getting started. Every goal has obstacles. This template will help you identify those right up front. You shouldn't forget the less sexy aspects of the business like systems as you do your planning. You can either work through this planning on your own, with your leadership team or depending on the size of your agency, with your entire team. While the end goal is to have a map for the upcoming year, one of the big benefits of putting together a plan is the process itself. These are the kinds of conversations you don't have very often. Listen carefully and closely to what your employees have to say. You might gain much more than you bargained for when you use this one page business plan template for [...]

By Drew McLellan|

Agencies need to behave like consultancies
Gallery
Agencies need to behave like consultancies

Advertising Agency Training, Agency Management, Agency Smarts

Agencies need to behave like consultancies

At Agency Management Roundtable (AMR) we've been preaching this for years. Agencies need to get out of the "making stuff" business and get into the business problem solving business. Agencies need to behave like consultancies. We need to shift from doing to thinking. Our clients expect us to help them hit their goals and dodge their challenges. We don't do that by just making a brochure or video. We do it by sitting at the strategy table with them and digging into their business, asking smarter questions and helping them think bigger, better and faster. Business consultant Amber Naslund wrote an insightful blog post that outlines how to build a strong consulting practice. Interestingly -- she could have been writing about how to build a successful agency in the 21st century. Her points about not billing by the hour, value pricing, asking better questions etc. are right out of the AMR handbook! Read her post and heed her words. Whether she knows it or not my agency owner friends -- she is talking to you.

By Drew McLellan|

How to make time to work on the business
Gallery
How to make time to work on the business

Agency Management, Agency Operations

How to make time to work on the business

Every agency owner knows that they need to devote more time and attention to their business but they're so busy helping clients with THEIR business, it's tough to carve out the time to take care of your own. Any time I chat with an agency owner, they admit they struggle with the same issue -- how to make time to work on the business. Agency owners need strategic planning tips in order to make time to work on their businesses. Every agency owner knows the way to more profits, more success and ultimately, more satisfaction is to invest the time to not only serve your clients but to work ON your business. To think strategically about how to improve what's already working, fix what's not and plan for the next zig or zag you need to make. But, as I meet with agency owners from all over North America -- I find that most of them really struggle with this. Are you wondering how to make time to work on your business? Here are five strategic planning tips that will get you focused on YOUR business and not everyone else’s. Re-think your relationship with email: Email is like crack cocaine for most agency owners. Between their laptops, tablets and smart phones, they are checking email several times an hour, feeling this burning sense of urgency to answer within seconds of receiving the latest. If you want to find time to work on the business, you'll need to tame your email addiction. Here's the reality. If a client or staff members needs you, they will probably send an email first. But if they don't get a quick reply -- what do you think they'll do next? Right [...]

By Drew McLellan|

Managing in a renewing economy (part two)
Gallery
Managing in a renewing economy (part two)

Agency Management, Money Issues

Managing in a renewing economy (part two)

Agency management can be a challenge as the economy teeters back and forth between recovery and residual crud. Things feel like they're getting better and according to all the agencies we're talking to -- they are. But it's not all blue skies yet. I'm not trying to go all Eyeore on you...but let's stay careful. We've developed 25 helpful agency management steps you should consider as you move your agency through these turbulent waters. Last week, we posted the first 13 steps and here are the final 12. Demonstrate to clients and suppliers that you are thorough, organized and committed to best business practices. Know where the agency's "breakeven" point is, and make sure you include the full salary and benefits of the owners. You'd best know where the worst case and best case scenarios are hidden. Continue to be aggressive and persistent in your Accounts Receivable. Call on all overdue invoices and let AEs help on collections that are coming up on 60 days old. If you have extra space created by a shrinking staff over the past year or so, think about renting the extra space out to a business partner, like your web coder or PR group. Tighten policies that were too casual, and don't get too liberal with your budgets for supplies or services. Keep costs under control. Economic hardship taught you to institute tight financial control over costs. Don't let up. If you are still going to pursue getting mark- ups on outside purchases, make sure they are spelled out in advance. If stated "up front" it rarely is a problem. Check your banking relationship. If you borrowed during these past tough times, go to the bank and review your performance, [...]

By Drew McLellan|

Managing Your Agency in a Renewing Market (part one)
Gallery
Managing Your Agency in a Renewing Market (part one)

Agency Management, Money Issues

Managing Your Agency in a Renewing Market (part one)

Don't get carried away with your enthusiasm about the increase in business activity. We are recovering from the Great Recession. You've survived it and have earned the right to celebrate. A little. But now is not the time to take your eye off the prize. In this recovery period, agency management can be tricky, because we're a little tired of fighting the fight and are looking forward to backing off a little. Don't do it. We've developed 25 helpful agency management steps you need to consider in managing the agency during this recovery period. Here are the first half.... (and here's the 2nd half!) Make sure your strategic plan is in place, and that it focuses on some specialization with diversification. Now is the time to grow the agency, and within the context of your existing operations. New business programming is critical, but isn't the only source of profitability. Your managers and account staff need to understand what others do and why certain reporting requirements are needed to manage the agency effectively. Be a sponge. Get all the input you can from peers and suppliers about competition and how they are handling the recovery. Get into a network group to discuss operating techniques. If the network is an advertising agency network, that's better than a "business" network with people from other businesses. Always keep an eye on your profits. Don't assume that the bigger clients are the more profitable clients. They may pump in a lot of bucks, but they may be sucking the life out of the agency because they aren't profitable. Watch them all and know where your profits are coming from. Take another look at your fees and retainers. They should all be [...]

By Drew McLellan|