Inside Insight // Agency Partnerships
Throughout our ‘Inside Insight’ series, we’ve hopefully introduced you to a number of helpful business concepts ranging from the importance of a diverse perspective all the way to telling your story through the social networks.
Now if you are like most businesses owners or managers, the idea of marketing your own business can seem a little overwhelming. So, when is the right time to explore an agency partnership?
I’m Daryl Green, the Agency Director of Compass Marketing and Consulting, and on today’s ‘Inside Insight’ we’ll discuss why an agency partnership can be a crucial part of growing your business.
First off, let’s dispel the misconception that agencies are only for enterprise-level businesses. Ad agencies come in all shapes and sizes ranging from single operating shops all the way up to the mega-agencies with footprints all over the globe. The size of the agency certainly does not dictate the quality of the work.
So what do you do? Do you own a coffee shop, a construction company, or maybe a law firm? Regardless of what you do, you perform that good or service for a fee. The time you spend in your business outside of that given skill set ultimately affects your net revenue. At a certain point, it’s not financially viable to market the business on your own.
If you’re a large or enterprise-level business, an internal marketing person or team can be a great liaison with your agency partner. If you are like most businesses though, it’s a one-or-the-other choice. So, why is an agency a better option? In most cases, having an agency/retainer relationship is far more cost-effective than recruiting or maintaining an internal staff position, not to mention the ongoing software and hardware cost. Secondly, depth of services provided. An internal position may be great at graphic design but what about maintaining your website or shooting and editing a commercial, or even growing your social media platform. A typical agency has multiple professionals with ranging skillsets at your disposal. This team has both the hardware resources and education to make your business stand out.
As with any business decision, return on investment should always be at the top of your mind. If you invest in an agency partnership, there should be a tangible and measurable return. A good agency should do more than just produce great creative, there should be sound strategy, measurable goals, reporting, and contingency plans.
When was the last time you saw an ad that made you try that restaurant, test drive that car, or support that non-profit? Simply call that business and ask them who their ad agency is. Meet with the agency and determine if it’s a good fit. Who are the clients they work with? Ask for references, and call them. Ask them what’s the best thing about their agency partnership is, and ask them what the most challenging part of their agency partnership is.
By now, you should have a good understanding of the agency you are interviewing. Don’t be afraid to ask for a 90-day provisional contract before engaging in something more long-term. This is a great opportunity to see how well your businesses work together. The right agency partnership can be all the difference in taking your business to the next level.
This has been a compass marketing inside insight, for more information on agency partnerships, visit us at compassmac.com