We are living through what feels like a surreal moment in time. I don’t know about you, but there are times when I have to stop and think “Is this real? Am I really on house arrest, wearing a mask to the grocery store, and feeling offended when someone stands within three feet of me?” It happened to me today. The weather has finally warmed up and I was in the backyard, trying to exhaust the puppy so I could get some work done. I took in a deep breath of fresh air, laughed at the puppy pouncing on the ball I’d thrown, and thought, “today is a good day.” It felt perfectly normal. And then I remembered. It’s like my mind knew I needed the break and so, for a moment or two, it gave it to me. This past week was the first time since COVID-19 really hit the US that I was not on the run from 7 am - midnight, or later. Like all of you I’ve been busy, I haven’t had time to react to the crisis and what it’s doing to our world, our industry, our agencies, and our families. Many of you had to scramble to get your team set-up to work from home and then you were dealing with the client pauses and cancellations and from there, you went right into applying for financial aid in whatever country you’re from. We’ve been so busy trying to keep our head above water, we haven’t had a moment to step back and process what is going on. But I expect that for many of you — that pause will come this week or next. And in that pause you [...]
I'm worried about you. I can feel the strain and stress when I talk to you or you ask a question in one of our open mic webinars or I get your text at 1 am because we're in different time zones and you can't sleep. The covid-19 crisis is a mother and there's not an agency on the planet that isn't feeling the effects. It's not all bad news. Many of you are busier than ever. Lots of agencies are hiring and every day, I get a text from an agency who landed a new account. On the opposite end of the spectrum, some of you have watched 50% or more of your AGI walk out the door and you're wrestling with managing the agency to the numbers -- knowing that may mean you have to lay some people off, despite the Paycheck Protection Program loan. Most of you are somewhere in the middle. I see this in my own interactions with all of you and we saw it in the poll we took of about 125 agency owners, asking about the impact of covid-19 on their agency. All of you are used to dealing with tough times -- when a key employee walked out the door or your gorilla client gave notice. You weathered those situations and got your team through whatever came next. But part of what make that more palatable for you is that you knew what to expect. One of the most disconcerting aspects of our current crisis is the unknown. Agency ownership already has an element of that baked into it, but not like this. I think most agency owners are in a constant state (even if they're crazy [...]
Agency Management Institute partnered up with Orbit Media to do a quick poll of agency owners to find out what the initial impact of the coronavirus had been on their agency. Since everything seems to be changing hourly – it’s important for you to know the time frame that this data relates to. Most of us in the states started working from home between March 10 and March 16th. We launched this poll on March 25th and closed it a couple days later. Our goal was not to conduct proper research, obviously, but instead just to take a pulse on how things are going out there. I also wanted to compare how the general population of agencies were faring on comparison to the 250 or so AMI agencies that I’ve been communicating with on a daily basis. Our survey was completed by 122 agency owners or leaders. There was an almost even split between agencies that were all B2B, all B2C and mixed and the agency offerings were equally mixed as you can see in the chart below. One thing is certain – every agency’s work level is being affected by the coronavirus, but I think it’s important to point out that almost half (42.93%) are having either a net neutral or positive effect. I think it’s incredibly tempting and easy to only see the doom and gloom in all of the news stories, conversations and most dangerously – what we tell ourselves. Less than 20% of agencies reported a very negative or near disaster impact. So far. That perhaps that is the key phrase at this stage. But, we have to control our lens on this situation or we'll be paralyzed. [...]
Remember the “good old days” right after the recession when incredibly talented employees were easy to find, quick to hire and grateful to have a steady paycheck? The upside to that story is that in 2020 the economy is stronger, the job market is much more stable and everyone is making more money. The downside is — the days of just having a job being enough are over. Today, agencies are in a battle to recruit and retain talent and I don’t see that changing any time soon. Some agencies have adopted a blended staffing strategy (a mix of employees and a consistent contract labor pool) to combat this challenge. Other agencies are investing heavily in professional development and growth opportunities for their team (The #1 reason why an agency employee chooses to take a job/stay at an agency according to our 2016 research) to keep their top talent. But there’s a new benefit that is emerging as a deal clincher. Many of our employees (at every age) are strapped with student loans so a Student Loan Reimbursement perk is music to their ears and bank accounts. I wrote a story about this for Forbes, including some best practices for getting the most out of offering the benefit. I’m curious — if you’ve cracked the recruiting and retention code — what do you believe makes the difference? This was originally published in the AMI newsletter. To subscribe, click here.
We’re all blogging, writing newsletters, trying to speak at conferences, etc. We’ve got content coming out of our ears but content does not equal thought leadership. If you and 1,000 other agencies all blogged about the new Pantone color of the year — that’s content, not thought leadership. No one is going to pay you to create that. But genuine thought leadership that makes me better at my job? Now that you can get paid for! Think about how much more motivated you and your team would be if your content actually made you money and helped your clients as well. Check out an article I wrote about thought leadership and the fine line we walk to get it right. As always, I'd love to hear your thoughts. This was originally published in the AMI weekly newsletter. To subscribe, click here.
My intention with a short email isn’t to talk about the bigger, cultural issues our world is facing around diversity but I think we can all agree it’s a topic that we need to keep front and center. That’s true in our agencies as well. Our clients are starting to demand it. It will have influence over our ability to hire and retain talent and it changes the caliber of our work. In fact, 42% of marketers feel the brands they work for don’t accurately reflect the racial diversity of our society. It’s a big deal and we need to pay attention to the challenge. Forbes asked me to write about how this is impacting agencies, our clients and our industry. I also offered up some tactics for thinking about and broadening the diversity in your own shop. I hope you’ll check it out and find it of value. We will be talking about best practices and new tactics for hiring the right team member in our upcoming workshop, Running Your Agency for Growth, Profit (and a little sanity!) coming up in March. It’s two days of how to operate your agency for maximum profit using the right structure, operating systems, and staffing to make it all possible. Hope to see you there! This was originally published in the weekly AMI newsletter. To subscribe, click here.
Most agencies today are struggling to recruit and retain good talent. If that’s you, you’re not alone. Our industry is experiencing a 30% turnover on average. If you’re not seeing that issue in your shop, my guess is that you have discovered the secret that every agency has but few truly leverage. Culture. Yes, you have to pay them a fair wage (check your salaries against our 2019 salary survey if you’re not sure) and offer decent benefits. But we all know those are just table stakes. Agencies are in a very unique position to create “brag-worthy benefits” that will help you attract and keep strong team members. I recently wrote an article for MediaPost that outlined some of the most important elements of culture. As always, I’d love your thoughts. But it’s not just about the list of perks and opportunities. It’s also your agency’s spirit. When I walk in the door, is it like a tomb with everyone whispering or not talking at all? Does spontaneous fun break out at least once a week? Do you give your team permission to generate that fun and demonstrate your support by participating? Create a culture that has your employees sharing it on social media and over the dinner table. That sense of belonging and energy is very hard to walk away from and very attractive when someone is looking for a place to call home.
Hey there — folks have been asking me what tools I use to create our weekly videos, so I thought I would spell it out for you. Here’s the equipment I use. My criteria for anything I am using is that it has to be durable, reasonable small, and lightweight because every week, I am throwing it all into my suitcase and taking it on the road (except for my phone!) And I did not want to spend an arm and a leg. I'm sure you could go higher quality, but this works for me. Camera: My iPhone X Microphone: Shure MV88 iOS digital stereo condenser microphone (plugs into my phone) $149 App for the filming: Shureplus MOTIV video (get in app store) Tripod: Fotopro Phone Travel Tripod $23 (I needed two -- one for the camera & one for light) Lights: Rotolight NEO on-camera LED light $149 15 foot extension cord: Amazon recommended $7 I use an app on my iPhone (Shureplus MOTIV Video -- tied to the microphone) to record the video. For a long time, I was relying on natural light but some of the videos were just too dark so I decided to invest in a light (hence the 2nd tripod and extension cord) box which is about 4 inches square and about an inch and a half thick, so easy to pack. I don't use any sort of teleprompter. Honestly, I don't script these out. I have an idea of the main point I want to make and I just shoot from the hip. Usually, I shoot it a couple times before I'm happy with the flow of the message, but I am rarely shooting for more than 10 minutes. [...]
Content Marketing Institute just released a new study, asking agencies about what content marketing services they offer, where they are having success and where they’re still banging their head against a wall. The data is based on 197 respondents, with 71% being US based and 61% of the respondents being owners/partners. There were several takeaways of note in this research and some of it supports what I am seeing among the agencies we serve and some of it makes me scratch my head and wonder a little bit. The results certainly support the idea that content marketing is not new. I’d argue that we’ve always been in the content business, we’ve just changed up the packaging over the years and decades. No great surprise — agencies are reporting that clients of all sizes are seeking help with their content. This isn’t going to change any time soon — and that’s good news for all of us. More surprising is that 73% of the agencies said they were extremely/very successful in achieving their client’s content marketing goals. Given the challenges that I hear agency team members talk about every day (getting the content, getting approvals, getting clients to see the long tail play off content, appropriate pricing related to expectations, etc.) I question this number. I’m sure it’s accurate from the research’s POV — I just wonder how those agencies are actually defining their client’s goals. I also wonder if our clients have the right goals. How often have you heard a client express frustration because their content isn’t driving immediate sales? Have we helped them really think through a content strategy that is big and bold enough? Or is it just a two blog [...]
I had a great conversation (podcast) with Stephen Woessner, the host of Onward Nation about the value of podcasting, how my podcast Build A Better Agency has served my business and why I think it’s a strategy worth considering for any agency owner who is trying to establish a sustainable new business effort. Take a listen here. In the podcast, I talk about how podcasting creates a position of thought leadership and gives you a chance to connect with your prospects in ways you haven’t even imagined. It’s also killer for content creation. If it’s crossed your mind, the episode might be worth a listen. FYI — The AE bootcamp that we’re doing on September 24/25th won’t be offered again until 2020. So if you’d like your newer (5 years experience or less) AEs to actually understand their role in helping the agency and their clients make money and learn how to make that happen consistently — sign them up before we fill up! Register them today here!