Clients sometimes sabotage their own success. When they reject thoughtfully crafted deliverables or hesitate to pursue bigger projects, they impact an agency’s billings and may unintentionally hinder their own progress, victims of their own indecision.
Working long hours—sometimes during the weekends—seems to be the norm for many advertising and marketing agencies. [tweet_dis]Only 11 percent of marketers do not exceed their contracted work hours[/tweet_dis], according to a survey from Marketing Week.
If agencies want to keep their best employees, they need to fix the major reason why people leave—the lack of a clear path to career advancement. High employee turnover rates are plaguing the ad industry. Many employees are not just leaving a specific agency, but leaving advertising altogether.
The most important lesson of the age of social media engagement is that you go where your audience goes. If your audience is young, that means Snapchat.
For creative agencies, holding on to a client may be easier than holding on to talent. Estimates show that annual turnover rates are upwards of 30%, making advertising the industry with the highest talent turnover rates, second only to tourism.
As a marketing agency, your brand is your bread and butter—and your agency culture makes an indelible mark on that brand. I’m not referring to surface stuff like happy hours and events (though they can be part of the mix), but rather the DNA of your agency.
Pitches are a necessary part of the business cycle, but they’re becoming a grind. With so many special projects, boutiques, and emerging channels, agencies and brands alike can become locked in a perpetual cycle of proposals and evaluations.
“Madison Avenue has to reinvent itself,” says Agency Mania author Bruno Gralpois.
To make their lives easier, creative agencies should frontload their customer service efforts. By handholding clients through the onboarding process, agencies familiarize their customers with how they operate, what to expect, best practices for communication, and more.
Amidst the rush to clear the work backlog (or refill the prospect pipeline) in time for 2016, take a moment to reflect on the year that was with a deep, cleansing breath. Ahhh. Very nice.