You have a duty to everyone who trusts you. Part of that duty is making sure you don’t leave the legacy of your organization up to chance. In this piece I recently contributed to Forbes.com, I discuss one of the most reliable ways to ensure the longevity of your agency is to make sure people are prepared when you’re no longer around to call the shots.
Everyone has different needs at different times, and your potential clients might not need you right now. There's nothing you can do about that. Remaining relevant by investing in business development initiatives, however, is something you can control. In this piece I recently contributed to MarketingProfs.com, I discuss how you must consistently invest in business development to keep clients in your marketing funnel. Learn 6 of the worst missteps to avoid.
I would like to thank AMI for giving us the opportunity to share something that we at Workamajig are very passionate about; helping creative agencies optimize their workflow and increase accountability to improve performance. For over 30 years, Workamajig has been helping agencies streamline their operations and unclog their bottlenecks –first as a consultancy firm and eventually as a project management tool for creative agencies. We pioneered the SaaS model for the creative industry by combining sales, accounting, reporting, and collaboration functionalities in one piece of software for an affordable rate. Today, we work with over 3000 agencies, and 20% of Fortune 500 marketing departments rely on us to scale their excellence. Working with new clients, we usually encounter one common confession: many rely on spreadsheets for most of their marketing and company operations. While spreadsheets are great, they also have limitations. Let’s talk about what makes them awesome, and what makes them less than ideal for our purposes. Why We Love Spreadsheets It’s Free Google Sheets was released on March 9, 2006. Since then, anyone who had access to the internet could use spreadsheets for free. This allowed professionals from all industries to maximize its functions until it eventually became a staple in most workplaces. In 2017 and 2018, data shows that Microsoft Excel was the most used software by market researchers. Years later, spreadsheets stay in the same position, with 77% of respondents (from staff to upper management) spend over 10+ hours a week working with Microsoft Excel and other spreadsheet software, according to a 2022 MarTech Career and Salary survey. Spreadsheets are versatile, and they’re cost-efficient. This makes them the go-to option for many parts of a business. It’s Flexible Many [...]
Economic forecasters are warning that the American economy may soon enter a recession if we aren't already in one. We're in a time of economic uncertainty, unprecedented inflation, and two straight quarters of GDP decline. Rising interest rates have businesses holding off on making significant capital investments, and that, in turn, is contributing to negative economic growth. This uncertainty is causing many businesses to carefully decide whether they need to cut some areas of their budget in favor of shoring up their cash reserves. Some businesses may start asking their marketing teams to decrease investment as a result. But is cutting down on your marketing campaigns the best idea for your business? Maybe, or maybe not. Companies that continue to market during economic slowdowns often come out ahead in the long run. The key is using that marketing budget wisely and knowing how to make the most of every dollar. Why Cutting Your Marketing Budget Now May Be a Bad Idea It's normal for marketing and ad spending to decrease when the economy starts to slow down. Facebook and Google recently reported that they are seeing advertiser pullbacks. During the 2008 recession, ad spending in the U.S. dropped by 13%. But decreasing your ad spend may not be a smart move. In a survey of 154 senior marketing executives, one study found that businesses that took a proactive approach to their marketing during a recession achieved better business growth both during the recession and longer-term during the recovery period. Of the marketing executives that were surveyed, many of those taking a proactive approach actually increased their digital advertising investments during an economic slowdown. But why is marketing during a recession a good idea? You'll earn [...]
We’ve been doing some initial strategic planning in the hallowed halls of AMI and one of the questions that keeps getting batted around is… what if we changed our own rules? It’s led to some very intriguing conversations and “what if” scenarios. And no doubt will continue to do so. I think as business owners we sometimes forget that we actually get to make the rules. All too often, we let clients or employees or habit or convention or fear or complacency (or any combination of these) drive how we actually run our business. It’s so easy to get stuck in a rut or feel boundaries that may actually not exist. What if you HAD to change the rules? What rules would you consider modifying, eliminating or strengthening? Just as a mental exercise... imagine you had to radically change something in each of these areas: How you are staffed How do you mentor or groom your team? The types of clients you serve How/where you connect with your clients The work your agency produces Your pricing model Your biz dev model How you as an owner spend your days Your work schedule The metrics that define success How you manage your agency’s money I’m not suggesting that you implement all of these radical ideas. But when you force yourself to come up with crazy things… some of the crazy might actually also be smart. Another way to approach this… same list but answer this question for each area — what do I hate about how we… Just some food for thought that might yield a big change or two. This was originally published in the weekly AMI newsletter. To subscribe, click here.
It doesn't take long for most of us to buy a pack of gum. It can be a matter of minutes from the moment we feel the need arise to the moment we become 100% owners of that gum and pop a piece in our mouths. There was little deliberation or weighing of options. It was a low-cost, low-risk purchase—if the gum-chewing experience turns out to be unsatisfactory, it’s pretty cheap and easy to reinvest in a different option. Obviously that's not the case with buying agency services, which is a complex, time consuming process involving multiple stakeholders with different personal and professional agendas and their human idiosyncrasies. When a marketer shops for agency services, it’s embarking on a journey. And at each step you have the opportunity, perhaps more than you realize, to exert some control over the journey and affect the outcome (ideally in your favor). Each buyer’s journey is unique but here are five common situations in which I see agencies relinquishing control when they should be asserting it. Client says “just email us a proposal” It sounds promising when a client asks you to submit a proposal. And many times it is, but only under the right circumstances. This is where formal agency reviews, while far from perfect, offer some structural benefits for agencies: There’s usually a defined step-by-step process, sometimes designed and managed by an experienced search consultant. There are opportunities to exchange important information. At the very least, the marketer provides a brief of an RFP in exchange for the agency’s response. The client sets ground rules that all are expected to follow. But when you’re operating outside the confines of a formal agency review, as you are [...]
Social media has changed our lives in countless ways — for those of us in marketing and sales, the way we reach customers is completely different now.... In this piece I recently contributed to DemandGenReport.com I discuss, how this critical distinction between advertising mediums makes inbound marketing much more effective than outbound marketing.
I was on a flight last week, and it was a few minutes past the time that they should have closed the cabin doors. The pilot came out and got on the PA system. Here’s what he said: “Folks, you know when the captain comes out of the cockpit to talk to you, it’s not good news. We’re going to be delayed because there’s a malfunction in the oxygen system in the cockpit and if something happens mid-flight, believe me; you want a conscious pilot. I know I’m old, but I promise, I’m more alert when I have oxygen. This problem is only in the cockpit. There’s nothing wrong with the oxygen system in the main cabin. I’m am very sorry about this, and if anyone wants to yell at me about the delay, please come on up. But, I want to warn you - I’ve been married for 30 years, so I’m pretty immune. But you can still yell if it makes you feel better. Once the maintenance crew gets here, it should take them about ten minutes to fix the problem, so I expect we’ll be in the air in thirty minutes. If I think it’s going to be longer than that, I will let you know.” When he was done, people laughed and applauded. They applauded a flight delay announcement. That doesn’t happen very often. So, what did the pilot do to earn everyone’s grace? He was sincere and genuinely apologized. He explained the root problem and the risks of not fixing the problem. He gave specific details as to the timeframe to fix the problem. He promised to keep his customers informed if there was a change in the plan or [...]
Every agency has a website and social presence. Companies can shop around and compare options without much regard for geography before coming to a consensus. If you don't define your focus and establish your expertise, you'll be just another face in the crowd. In this piece I contributed to MediaPost.com, I discuss how to leverage your expertise in a specific area and show buyers what makes you unique, and then use that distinction to make a name for yourself in the marketplace.
Agencies aren’t in the business of selling—at least not advertently. Rather, your goal is to help clients grow their businesses. Account executives play critical roles in delivering on that promise. You can help accomplish this task by giving them space to get to know their clients, plan their approaches, and ultimately understand their roles in the agency-client relationship. In this pieces I recently contributed to ChiefExecutive.net, I discuss how it’s more important than ever for you to position your account executives for success—their wins are your wins. Here's how.
