BrandWeek/AdWeek and Mirren Business Development sponsored a really useful conference this week in New York. My agency partner, Steve Turner, was there and brought back the following summary:
There are 76,800 marketing firms and ad agencies in America. Small wonder why the clients who spoke or were panelists confirmed that they are under siege from all kinds of shops. And most of the time, it is difficult to know what differentiates one from another. The largest clients (with the biggest budgets) don't relish dealing directly with solicitors. Thus, the popularity of search consultants or matchmakers. A whopping 85 percent of the work assigned to new agencies goes through these matchmakers (as a percentage of cumulative media budgets and creative fees). "What that tells me," said Steve, "is that the most lucrative relationships that are worth fighting for and pitching are dominated by these consultants. There was no breakdown of the budgets, but I suspect that less than one percent of all clients represent 90 percent of the spending on advertising in a given year". Steve concludes that clients who don't use search consultants will try to weed out unsuitable suitors by asking the following questions:
Who really cares about us? Who shows a passion, or even an interest for our business?
Who has a track record in our industry, perhaps with a direct competitor? Who represents the lowest risk with the greatest likelihood of getting results?
Who offers the best fit for what we need most, in terms of specialization and service offerings?
Which firms knows themselves well enough to know what they truly do best (and can communicate this in simple terms)?
Who has a proven reputation for being creative -- in winning awards, yes -- but more importantly, in breaking outside the boundaries that have held-back their clients before working together?
Which business development person has been consistent in contacting the company with relevant information and news they can use?
Who has a proven reputation for being creative -- in winning awards, yes -- but more importantly, in breaking outside the boundaries that have held-back their clients before working together?
Which business development person has been consistent in contacting the company with relevant information and news they can use?
OK, so no more excuses! Show clients you really mean business -- their business -- and the business will likely be yours.
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