Hello,
Reading time: maybe a couple of minutes
What makes our business fun is that it never stays the same.
In our work with agencies around the country we've noticed some trends - probably the same ones you have. Herein you'll find a rundown and a suggestion or two about dealing with them.
Don't forget that today's trends will be tomorrow's old news. The real challenge is preparing for what tomorrow will bring.
All the best,
Joe Grant
joe@joegrantconsulting.com
P.S. Objective client surveys, strategic planning, account "marriage counseling," executive coaching - we do a lot for agencies at Grant Consulting. Find out more by visiting our website www.joegrantconsulting.com.
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 Agency Trends
Not long ago a group of agency owners asked about trends we've noticed. Are you facing these issues at your place?
The Green Eyeshade Crowd - Purchasing agents are increasingly in the mix when it comes to selecting agencies, negotiating with them, and even saying yea or nay on campaigns and strategies. They present higher hurdles both when you're pitching business and afterwards, too. Does anyone speak their language at your place? It's essential to have your CFO or accounting manager meet and know their client counterparts. They should nurture these relationships the same way account service people do - so personal connections can help avoid and recover from any hiccups.
And more and more clients want to look under the hood at agency financials. That means you need a firm handle on internal costs and accounting. Be ready to share - audits are becoming more frequent.
Quantify the Magic - No news here: measurable results are now table stakes. You've got to prove programs will or have worked on nearly everything. Here are some suggestions. Marinate your clients in data (don't let the purchasing guys get too far out of the loop, either). Present competitive activity reports no less than every 3 to 6 months. Never stop selling in research. The days of Smoke & Mirrors Advertising, Inc. are over.
Nose Rings are Normal - Ah, youth. According to a recent TIME article the "twixters," folks 18-25+ years old, try on jobs and partners making sure that when they do settle down they do it the right way - their way. That means a lot of churn. Combat it by eagerly approaching and engaging your bright young talent to keep them stimulated, motivated, and connected to your business objectives. Employees will stay, especially tomorrow's stars, when you listen to and understand and appreciate what they're concerned about. They're not you! Never will be, and you'll be disappointed if you expect them to be "like me when I was your age."
"Please, Sir, I want some more" - Remember the line from Oliver!? Agency clients say something similar when we interview them in our client surveys. What they want is more proactivity - unsolicited ideas, added value, "plus" thinking. Get beyond worrying who pays for these extras - it's an investment in keeping the business! Think of it as the money you'd spend on getting a new account. "They didn't bring us enough good ideas" is the reason we hear most often for why a client dumps its agency.
Shifting Gears - Look, we're all on the same train - it's just that some of us will be getting off sooner than others. What I'm talking about is the senior guard retiring or cutting back. These days it seems like people are trying to get out earlier so don't do it without some forethought and remember, it's not just about the money. The sticky bits are choosing and prepping successors, managing egos, dealing with becoming a lame duck, organizational shifts, territory skirmishes, and deciding how, when and why you're leaving. It may sound simple but it can quickly become a miserable passage if you don't get the pieces in place years in advance.
Other trends? The obvious stuff - the caterwauling galaxy of new media, on-line and non-traditional advertising, project vs. AOR accounts, salary creep, little or no staff training, hiring (everyone everywhere complains about the lack of talent), DVR spot-skipping technology, the disappearance of commission based fees, et al. Yikes! Why are we even IN this business?!
Perhaps we'll tackle some of these issues later on. In the meantime, remember there's an archive of articles about running your ad agency on our website www.joegrantconsulting.com.
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No Assholes |
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Using the word startled many when it first appeared in the Harvard Business Review (hope it didn't shake you up), but Prof. Robert Sutton's now famous take on whether to hire or keep people with, shall we say, oddball behavior is a gem, especially presented in video form as it is on 50 Lessons. |
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Project Processes |
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It's all about managing projects, isn't it? Here's a batch of articles and handouts on improving project management which could be suitable for in-house training. See Michael Greer's Project Management Resources. |
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Plan It |
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Every account person should be able to write a simple business or strategic plan. The people at SCORE have put together a clever and comprehensive interactive video with worksheets you can go through at your own pace. Free at Developing a Business Plan. |
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Tune In |
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There are scores of these media consolidating sites on the web. If you're a little tired of what's on your iPod, here's one offering thousands of radio stations to choose from. Relax and listen at Mike's Radio World. |
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Don't Be Stupid |
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Become familiar with the 20 words used in copywriting or speaking which - if you use them wrong - will make you look stupid. Check them out at Get It In Writing. |
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Good Stuff |
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Take a moment to look at some really good creative work. Proves again there's always room to do something new. You'll enjoy Smart Ads. |
About Grant Consulting
Grant Consulting, formed in 1992 by Joe Grant, is a consultative resource for advertising agency principals who want to improve their agencies. The firm works exclusively with agency senior managers to help them discover and then reach their full potential. Copyright 2007 Grant Consulting Associates, Inc. All rights reserved. We encourage sharing in whole or in part if copyright and attribution are included. Contact us at:
Grant Consulting
239.394.8220
joe@joegrantconsulting.com
www.joegrantconsulting.com |
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