DRIVE GROWTH FROM YOUR AGENCY RELATIONSHIP
In an ever-evolving digital world, the client-agency relationship is more important than ever before. Management consultant experts at McKinsey & Company suggest that marketing leaders should look to strengthen their relationships with their agencies in a bid to drive company growth; with co-planning, shared goals and transparency at the heart of this.
Planning for growth
It is essential for marketing leaders to have a clear view of the platforms their brand requires to secure future success and the correct resource to navigate these existing or emerging channels. More and more companies are concentrating the bulk of their marketing spend in digital, with Facebook and Google on track to take 71% of total UK digital ad revenue by 2020. With this however, comes the need for experienced marketers and specialist management in this realm. Brands need to communicate with their agencies regarding the rebalance of their spend and let their agencies test different digital mediums to discover which platforms are likely to yield the best results.
Hitting business-wide targets
In recent times, it has become increasingly popular for clients to evaluate and pay their agencies based on their contribution to sales growth – not just their ability to increase KPIs such as click-through rate, digital brand awareness and site traffic. Introducing a shared goal in this area of responsibility is sure to get agencies digging a little deeper into their strategies in order to achieve deep-rooted results instead of just delivering top line stats.
The agency understanding the incomprehensible
Brands need to go beyond top-level reports and gain a clear understanding of what they are spending their money on and the value it is generating. Don’t be afraid to ask questions – a deeper understanding of the service your agency is providing and the results it is generating will allow you be confident in allotting and approving digital spend. If they have the capability to so do, it is becoming more common for brands to hire full-time media leaders whose job is to monitor, understand, and optimise spend to its full potential.