fbpx

Hey Agency Owner — How do you keep your clients from shopping around?

In an age where it seems like there is a marketing person on every corner and anyone can set up shop on the internet, how do you keep your clients from shopping around? As the industry has shifted from traditional ongoing advertising to project based work, and from long term contracts to short term agreements, the agency/client relationship has also changed.  How are you proving the value of both what your agency can offer as well as the importance of the client relationship itself to your client? I wrote the following article for The Agency Post to explore the important elements of the agency/client relationship.  Which can you strengthen?  Which are you missing out on altogether?  How can you build and maintain trust with your clients so that you, not the internet, are the first place to go to for the help they need? You can read the article here and I’d love to hear what you thought.

By |

Hey agency owner – want some fun company Christmas party ideas?

Are you ready for some fresh company Christmas party ideas?  Most agency owners feel kind of blah about their agency's annual holiday party.  They spend a lot of money on it but don't really feel like their employees really appreciate or look forward to it. Of course, when I ask them what they do, they sheepishly say "well, we have a nice dinner." Come on people -- you own an agency.  Surely you can get more creative than that!  Here are some company Christmas party ideas that Agency Management Institute's agencies have implemented over the years.  All of these could be augmented with food and drinks, if you want. Remember -- just because you love a fancy meal doesn't mean it's the only or best way to celebrate the season.   If you have a lot of millennials on your team -- they might like something with a charitable bent or something more casual. Why not mix things up with one of these Christmas party ideas? Give all of your employees $200 and take them to a local or specialty mall. Give them 2 hours to buy themselves something that they think Santa won't put under the tree.  Then, gather for lunch/dinner and everyone has to show what they bought (You can add a secret santa or charity twist too) Touring a winery/doing a tasting Adopting a family together and then delivering all the food/gifts together (and then usually going out to dinner afterwards) Having a party at one of those pottery/do it yourself art studios and everyone gets a set amt to choose an item to paint/fire etc. Renting a Hummer limo and doing a light tour (with snacks/champagne/hot chocolate in the limo or dinner afterwards) Ringing [...]

By |

Hey agency owner – New research reveals that CMOs don’t want just you

Agency Management Institute has partnered with Audience Audit (a firm that does custom attitudinal segmentation research) and Luth Research (Provided the audience research panel) to talk to CMOs and business owners across the US about how they feel about and make decisions about their work with agencies. This research provided great data on new business trends that are prevalent in the agency industry.It's a "look under the hood” of what truly motivates marketing agency partnership decisions and their longevity. It’s quantitative insight at what they are thinking and the results were fascinating.Agencies usually look at marketing decision-makers and their organizations from a demographic perspective but we found that their attitudes are much more relevant than their demographics when it comes to the roles they want their agencies to play, how they find and choose the agencies they work with, and the aspects of agencies they find most valuable (and most frustrating).Our new business trends research opened our eyes to a ton of insights about where CMOs' heads are at.  The results revealed 3 key audience segments:“Looking for Love” (29% of respondents) segment value agencies as a critical partner for business success.For this group, agencies are a key participant in strategic planning efforts, a trusted source of new ideas and insights about marketing trends, and a tactical partner across a wide range of marketing services and expertise.They feel it’s important to develop a long-term relationship with an agency, and expect that if their agency doesn’t have an answer they’ll know where to find it.“Playing the Field” (38% of respondents) segment sees hiring a marketing or advertising agency as a necessary evil to gain specialized expertise.They prefer to work with subject matter experts, and feel it’s important to change agencies periodically even if they’re doing [...]

By |

Hey agency owner – do your clients sing your praises?

If a prospect was to ask your current clients about your agency, what would they say?  If you don’t know, then you need to.  You may do a great job singing your own praises, but it’s equally, if not more, important that you create a choir of positive voices that can back you up. I wrote the following article for Moz.com to look at not only why it’s important to have your current clients singing your praises, but how to create that choir of angels.  By building a strong community for your clients they’ll feel connected and that that relationship has real value.  The stronger the community, the louder the song.  How do you engage your clients aside from the actual work?  What song would your clients sing? I want to hear from you!

By |

All we want is a loyal client

Is there such a thing as a loyal client?  I think we all know a few.  But the truth is, most agencies hang onto a client for 3-5 years and then they're looking around.   If we're really honest with ourselves -- some of the blame for that disenchantment sits at our feet. When we're chasing a new piece of business, we are on our first date behavior.  We listen intently, respond instantaneously and we go out of way to be smart, witty and a snappy dresser.  We wine and dine them, literally and figuratively and no one matters more. But once the deal is done... over time, we get a little sloppy.  It doesn't matter if the work you're doing for them is digital, traditional or a blend.   We don't wine or dine very often anymore.  I know, I know -- you're busy doing the work and they should know that you still love them because you're busting a hump for them. There's more to keeping your clients loyal than just working hard.  Agency Post asked me to explore this topic and offer up some advice on how to nurture your accounts so at the end of the day you can earn a great profit and a loyal client. Check out my article How to Stop Your Clients from Shopping Around.  I'd love to get your take on this topic.

By |

Hey agency owner — fire someone today

Yes, you heard me right.  I am talking to you, the agency owner.  And I want you to fire someone today. In doing so, you'll improve employee morale. You're thinking I must be the Scrooge of agency life -- suggesting you fire someone during the holiday season. It will ruin their Thanksgiving and the rest of their year.  No one hires during the holidays. Relax -- I am not talking about one of your employees.  If they're doing a good job -- send them a note this week telling them how grateful you are that they're part of your team. It's great for their morale. If not -- then you're like most agency owners and you'll hang onto them for another six months before they drive you to the brink and you finally fire them. I'm actually talking about firing a client.  Yes...a revenue producing client. Every agency has at least one client that is: Tough on employee morale Demanding without being equally appreciative A bad planner which means their emergencies become yours Drags projects on and on, burning through any hope for profitability Always nitpicking every invoice or project authorization Keeping you from pursuing a better client in the same category or industry You keep them on for cash flow.  Or because they've been a client for a long time or maybe because they're a marquee name and you like the recognition.  Whatever your reason is -- it's not good enough.  Those kinds of clients are wearing.  They beat up your staff, teach them bad habits (like complaining about the clients), will drive your best employees away and are a huge boulder in the path of you getting a bigger, better client. Yes, it's [...]

By |

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 |

Value Pricing Strategy for Advertising Agencies – It’s Time

Value pricing strategy for advertising agencies?  Yes -- the time has come. At several of our AMR network meetings, we've had Ron Baker, author of Implementing Value Pricing come speak.  Agency owners are fired up after being exposed to Ron's ideas and leave, ready to either start or continue their transition to value pricing. The billable hour was introduced by a law firm back in 1919. So were locomotives, dial telephones and prohibition. Trains and phones have certainly evolved thanks to changes in both society and technology, and prohibition was such a bad idea, it went away entirely. And yet the billable hour remains. One could argue that in many agencies, it's evolved and now we talk about a blended rate or a modified compensation model. But by and large, most agencies still bill their clients by the hour. And it's time for it to go the way of prohibition. Away. The argument has raged on for years. Agency leaders and clients both know that every agency hour is not spent in the same way or worth the same amount of money. In hour one, an account executive comes up with the strategy that will propel the client into market domination and in hour two, the same account executive writes a memo, reflecting back the action steps identified on a recent phone call. Same professional. Same client. But hardly the same work or the same value. Our industry is slowly coming around to the idea that an hour is not like any other hour and we need to start selling our value, not our time. Here are some of the more recent events that suggest we're heading in the right direction: Coca-Cola has innovated a [...]

By |

Do your AEs bristle at the word sales?

Be honest agency owner, you know that your account executive team is great. But sometimes they struggle when it comes to actual sales. Enter our account executive sales training workshop. 67% of an agency's new business revenue comes from existing clients (on average).  The people who are (or sadly -- are not) going to bring in those additional dollars are your account executive team.  They interact with their clients every day.  They propose new work, they know when the client has hit a barrier (and maybe needs some marketing help to leap over it) and they drive that client's activity. Sounds like sales to me.  But if your AEs think and behave more like relationship managers, you're not alone.  When surveyed, agency owners had these frustrations about the people on their account team: Sometimes they behave like they work for the client, not the agency They don't know how to listen for problems we can help solve They don't understand the business of owning or running a business They don't think new business or sales within our existing clients They let the client lead too much Sound familiar?  That's why we developed our Account Service Advanced Training workshop.  We spend two days teaching GOOD account service people how to really help grow their agency's AGI, reputation, new business (both from existing clients and brand new) and their network.  We talk numbers.  We talk strategy.  And we talk sales. When the participants leave the executive sales training workshop, sales is no longer a dirty or scary word.  They come back fired up and excited to stretch their wings. But don't take our word for it.  Here's what some past participants have had to say: “My AE [...]

By |

© Copyright 2024 Agency Management Institute · All Rights Reserved | Privacy Policy

We use cookies to ensure that we give you the best experience on our website. If you continue to use this site we will assume that you are happy with it. Privacy policy

Go to Top