Some of the most significant innovations have been born out of the most challenging hardships, and agency innovations are no different. For the past two years, agency owners have been through the wringer. Some of you have even wondered if it’s time to shut your doors and move on to something different. You’re all. Just. Exhausted. […]
Agency people are lifelong learners. If you aren’t — odds are you will be “counseled” out of your role if you don’t own the joint and pushed out of the day to day, if you do. We can’t afford to stop learning in our world. It’s simply changing too quickly and to keep up, we have to make learning a priority. What I love the most about AMI is that in everything we do — you are learning from people who are actively involved in agency life. I’ve owned my shop for 25+ years and am still active there. Craig (who runs our Key Executive networks and the Virtual networks) also still has an agency and has been an owner for 27+ years. But that’s just the tip of the iceberg. The best aspect of AMI is that owners who attend our workshops, network meetings, webinars, etc. — are all both students and teachers. I love how owners are so quick to offer to share resources, forms, best practices, and connections with other owners. That spirit is the best of AMI and of our profession. If you don’t have a posse of other agency owners/leaders — I implore you to find one. If AMI works for you, great. If not, seek it somewhere else. But do not fight the fight alone. Looking for some places to learn from other agency owners/leaders? Build and Nurture your Agency's Sales Funnel— January 21/22 in Orlando on WDW property Running Your Agency for growth, profit & a little sanity — April 6/7 in Chicago Advanced AE Bootcamp –August 17/18 in Chicago AE Bootcamp — September 14/15 in Chicago Money Matters for Agency Owners — Dates TBD We’d love to help [...]
There’s no denying that the call for diversity, equity, and inclusion has never been louder. In the middle of it all, agencies are trying to embrace change internally at the same time they are guiding clients on how to incorporate genuine representation, making us students and guides at the same time. It can be uncomfortable, awkward, and overwhelming, especially to dominant communities who have no real-world experience with marginalization. […]
We all know how critical account service people are to the success of our agencies. It’s a tough job. Account service people must balance the needs of the agency, the internal team, and of course, the clients. A rock-solid account service person can help you retain and upsell clients, delivering a higher percentage of profitability on both counts. Creating a strong and dependable account services team and process is key to your success. […]
Creating a solid tax strategy for your agency might not seem like the most exciting thing to think about but doing so has the potential to put a lot more money directly into your pocket. It can be daunting to try and understand all of the options available, especially when a lot of the COVID-related aid adds to the confusion, so having a solid tax advisor in your corner is more important than ever. But how can you make sure you’re getting the guidance you need if you don’t even know what questions to ask? […]
We all know the phrase, “what we don’t know, can’t hurt us.” But, it also can’t make us any more money. That’s why this week, we’re kicking things off with another solocast episode where I’ll be discussing the two agency growth secrets that are guaranteed to put more money in your pocket and bring clients to you effortlessly. […]
As agency owners, we’re often dedicated to the niche we’ve carved out for ourselves and can get very comfortable serving our clients within those parameters. It’s easy to become highly committed, and stubbornly so, to that one niche. When it stops working for us the way we want it to, deciding to pivot can be difficult. […]
I have been teaching the AE Bootcamp and Advanced AE Bootcamp for over a decade, and one of the things that always surprises me is how few AEs understand how to calculate advertising agency commission rates on media buys. When the rate calculation is incorrect, it can cost your agency a good chunk of the very thin margin of profit you can earn when you plan and buy media. Media commission rates aren’t some random markup. It’s fair and reasonable compensation for all of the work your agency does to plan and properly buy a client’s media. And after the buy, the agency has to reconcile every single spot or ad to make sure the client got what they paid for. It’s very labor intensive, and without the proper oversight — many agencies can lose their shirts by missing out on the commission. Back in the good old days, it was simpler because there were fewer channels, but today, it’s a very sophisticated and complicated skill, and every agency should be properly paid for doing that work. This is why it is critical that everyone in your agency understands how to calculate the commission properly using the correct rate. When (since the very first ad was placed back in 1920) an agency says they get a 15% commission, what that means is 15% of the gross buy. To calculate that, you take the net cost of the media and multiply it by 17.65%. That grosses up the media 15%. While it doesn’t sound like a lot, it adds up quickly. Let’s say your agency places $1 million in media in a year. If you mistakenly multiply that $1 million by a rate of 15% (meaning [...]
For many of us, agency ownership means that most of our time and energy goes into our work. Even when trying to sleep, we’re replaying a frustrating conversation we had earlier that day, doomscrolling, or even dreaming about everything on our to-do lists. When we can’t turn off our minds at the end of a long day, we set ourselves up for occupational burnout. […]
The talent we hire is often one of our greatest assets as agencies. Building our talent pool and promoting connectedness is integral to agency culture, and we spend a lot of time finding the perfect fit for our team. […]
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