The agency review process is like getting a text from your significant other that says, “We have to talk.” It doesn’t necessarily mean something bad is on the horizon, but it’s sure to cause some anxiety for a while.

Agency reviews happen for a lot of different reasons, but hardly any of them have anything to do with the agency screwing up. It’s true that a particularly misguided or unsuccessful campaign may trigger a review sooner rather than later, most of the time there are ordinary boring reasons for agency reviews.

A New Chief Marketing Officer

DailyVista’s Vulnerable Account Index, which ranks the likelihood that a brand is going to put an account under review, uses an algorithm that includes dozens of factors. The strongest indicator that an account may be heading into review is the appointment of a new CMO.

A new CMO may have relationships with other agencies they’ve worked with in the past, and they want to continue that relationship in their new position. Or they may just want to review and reset expectations with the existing agency.

Last year got off to such a brutal start for media agencies going into review that AdWeek called it Mediapalooza, with billions of dollars in ad spending going under review and becoming available for agencies to win. AdWeek includes a quote from a source at BMW, who said, “It is a standard BMW process to put all contracts up for review every few years,” which reinforces the ordinary, cyclical nature of the agency review process.

Average tenure of CMOs decreased for the first time in a decade in 2015, which is an indicator that more CMOs are on the move, and therefore have fewer years of tenure in their current position. If that trend continues it’s likely that more agencies are going to head for review in the near future.

“Procurement often reviews relationships every 3-5 years, and CMO median tenure is about 26 months. So, if an agency incumbent isn’t battling against a new CMO, procurement wll look at the relationship shortly anyway,” said Josh Stone, managing editor and lead new business analyst for DailyVista. “Procurement-led reviews usually go with the incumbent anyway, but it can often be a huge a waste of money and time for both sides.”

Brands Change Direction All The Time

As brands figure out what channels represent better ROI for them, they move budget around. For example, a brand that had an unimpressive return on programmatic last year might look to change its marketing recipe, beginning with a review of the agency providing the programmatic service. This review could be to determine whether the problem was the strategy employed by the agency, whether the brand’s goals were unrealistic, or if the creative (provided by a separate creative agency) didn’t stand out from the crowd.

And it’s not just massaging budget numbers. Sometimes a brand might decide it needs to investigate its options before putting money behind a strategy or technology for the first time. Adtech and marketing technology are hot industry buzzwords in 2016. And you probably haven’t seen anything yet. The advent of augmented and virtual reality entertainment (like this incredible VR movie) could cause a major media placement shift over the next few years. And it’s not just movies—augmented reality is on the way, and when Magic Leap’s Mixed Reality engine and MicroSoft’s HoloLens find their way the mainstream, all bets are off. These new technologies have the potential to open an infinite and hyper-targeted market for media sales.

What Will Happen At The Review?

You’re probably accustomed to periodic meetings with your clients, from project kick-offs to QBRs and new direction meetings. A formal agency review isn’t significantly different in terms of preparation. You’re going to have to be prepared to discuss at least a few of these topics:
• the original brief
• how your formulated the strategy
• how it related to the goals that were set
• what unexpected challenges you encountered
• how you overcame them
• your results
• what strategies you would employ in the future
• what other services you can offer to the brand

After the review the brand will take some time to consider its options. They may even talk to other agencies to compare processes, strategies and even individual relationships. Yes, even the individuals on the account and how they engage with the client.

Ultimately the incumbent agency will either continue as the agency of record with some or no changes requested, or the brand will move to an alternate vendor.

How to Respond

Whatever the client chooses to do, it’s nothing personal—it’s just business. If your client decides to go with a different agency, how you respond to disappointment will likely affect whether you’re the client returns to you in the future.

Consider the Rinck agency. For nine years, the Rinck multiple channels for Gorton’s Seafood. In September 2016, Gorton’s consolidated agencies and Rinck lost a long-standing client. How did the agency respond? With this amazing video that reiterated how much Rinck had enjoyed its relationship with Gortons.

If that video gives you the warm-and-fuzzies, imagine the positive impression it left with Gortons.

It’s important to remember that a review is just a review. It’s not a foregone conclusion your agency is on the chopping block, but you can rest assured if your agency is under review, you’re not alone. At the very least, try to see a review as an opportunity to find out what direction your client is moving in. Try to determine for yourself if that shift is representative of the client’s market, and if you might be able to win business from other brands that are shopping around for a new agency.

Your website is an organic creature. That means it’s a living, breathing entity that demands fuel to stay in tip-top form. Alex Chris from Digital Marketing Pro says that “Updating is the core action of content marketing.”  Without content you can’t do much online. With good content, an agency can find a way to FINALLY stand out in our overcrowded marketplace.

Content is any information that conveys a certain point to the reader. It is quite possibly the most important element of your website. Content takes various forms—not always consisting of long form blog posts. It can also be whitepapers, case studies, videos or status updates. Regardless of what kinds of content you have on your site, you always need to be continually adding more content to your site.

The tricky part is determining how much content is enough. Is there a prerequisite amount you should be creating and putting up on a daily basis? Is there an amount that is considered too much?

As a general rule, we look for our agencies to be adding around 3,500 words per month. If you run just one blog post each week of the month, that means you need to write five short blogs at 700 words a piece.

So why 3,500? A few different reasons:

1. It’s an attainable number. Most of our agencies are busy producing for their clients. Internal marketing and blogging tends to get pushed to the side. Creating one post a week, at 700 words each, is something that can be spread across a team of people, and does not overextend one person. Having multiple writers keeps ideas fresh. It lessens the burden on individuals, and gives professional development opportunities to younger employees. Not every post has to be from the President!
2. SEO Ranking. Google loves fresh content. Google indexes frequently, so a site that updates 2-3 times a week is part of the Google annexing. This is helpful if your aim is to improve your SEO rank. The addition of continuous content also means more keywords. This increases the chances for you to grow your web traffic, and most importantly leads!
3. Consistent thought leadership content in the form of whitepapers or blogs gives your New Business Director built-in marketing materials to share with prospective clients before, during, or after phone calls. These pieces, while great for SEO, are fantastic calls to action for other marketing initiatives. That will drive new conversations for your New Business team.

With 3,500 being such an attainable number (5 blog posts a month), why do most fail to hit this? Why are there empty blogs across agencies all over the U.S.? Simple:  Most agencies lack a structured process around getting this content created. Our suggestion, create a small team to lead the initiative. This team can set non-negotiable due dates for when each blog is due. If everyone is clear on their responsibilities and the team’s goals, it becomes much more difficult to miss a due date. Nobody wants to be responsible for the team missing a goal.

Last note: All these words do not have to be in the form of short blog posts. Many agencies love creating whitepapers, which can be a fantastic lead generator on any website. My only word of caution – be careful of biting off more than you can chew. Remember the old adage: how do you eat an elephant? One bite at a time. Sometimes a whitepaper can be a big bite. It might choke your other content efforts if you do not have a consistent process in place before you start that project. The extra research, time and effort that goes into one can be worth it from a lead standpoint. It just needs to be carefully planned around other short form content as well.

The last thing any of our agencies want is to have an empty website. By adding 3,500 words each month, you are taking the time each month to sit down and educate your prospects on what your team believes. This will fundamentally change your conversations with prospects. You’ll go from you telling a prospect about your services, to having a conversation about their needs. But that is another blog post in and of itself (and I’m already over my 700 words)

Agencies might go about generating new business differently than large ad sales teams, but it doesn’t mean they can’t take advantage of great sales techniques through marketing automation.

You’re likely spending a ton of time creating what you believe to be relevant, compelling content you hope your prospects find engaging. But, after all the time you spend researching, prospecting and crafting the perfect email copy, are you truly getting the results you expect? Is your new business development audience even big enough or segmented effectively to truly receive the results you’re looking for?

In this Webinar Matt Chollet, President of AgencySquared, discusses what a successful new business audience should look like and the tools available to help you build robust, hyper-targeted prospecting lists that drive more revenue.

If these challenges sound familiar, we encourage you to watch the recording:

• My email click through rate is embarrassingly low.
• My outreach efforts aren’t generating many leads.
• I’d like to learn how hyper-targeted prospecting lists can benefit my outreach efforts.
• I’m in need of a better way to refresh and grow my prospecting lists easier & faster.

 

How to Build Prospecting Lists That Convert from AgencySquared on Vimeo.

On average, agency-client relationships last about 36 months, which means that at any given moment one of your competitors is about to lose one of its clients. Or you are.

It’s no surprise that experienced new business professionals capture a bigger slice of that business. If you’re looking to grow your agency through building your client portfolio, you should consider hiring a full time new business director.

Any successful new business strategy starts with knowing who your target audience is. As an agency you’ve likely already homed in on your unique value proposition and are ready to start engaging with prospective clients.
A critical piece many agency new business professionals miss out on is making sure they have a broad enough target audience to sell and market to. We find that [twittee tweet=”Fuel your #marketing and #sales efforts with a targeted AND substantial audience.  via @AgencySquared” content=”the key to fueling your marketing and sales efforts is an effective, targeted AND substantial audience.” ]  

When working with our clients, we’re often asked, “How many prospect records do I need?” To get the most from your outreach, we recommend a minimum of 3,000 with the goal of having 5,000 that you can continuously engage with.
Those numbers might seem like a lot but keep in mind there are tools to help you build out your prospecting database. In fact, many of your agency peers are likely using one. According to the 2016 Mirren/RSW Mirren New Business Tools Report, 9% more agency executives are investing in list building tools (compared to 2014) to help grow their new business. Our clients typically use Winmo, however there are other resources like Hoovers, Data.com and LinkedIn to help you create hyper-targeted data sets.

The importance of audience segmentation.

As you continue to grow your prospecting audience, segmenting the data into relevant batches is very important. We often segment prospects into these three groups to help us prioritize outreach and customize content:

1) Right to Win
Right to Win clients are those that are a perfect fit for our solutions. We set parameters for what a perfect client is for our agency: what issues they have, where they are and what they specialize in. If they fit those criteria, then they HAVE to be working with us.

2) Great Fit
This will be your biggest group of prospects. They have a problem we can solve, but may fall outside our parameters on a few criteria here or there. Maybe they are a bit outside of our typical region, or they’re an industry we do not normally operate within. They still have a problem we can solve however, and that means we want to talk to them.

3) Stretch
This is may be the smallest group, as they are more of ‘passion projects’ from the team – or the ‘great white whales’ that would be incredible to land. They are probably not worth committing the majority of your new business time to chasing, but landing one could make a huge difference in morale or revenue
Keep in mind this is just one way to segment your data. Every agency has a different strategy, and how you go about slicing your sales intelligence might be very different. Some find that the easiest way to group prospects is simply by industry vertical, while others choose to base their groupings off of job titles. Taking the time to think through who you want to be working with, and more importantly, what your prospects care about, will help you determine just how your agency should be dividing your prospect target list.

Yes – broadening your audience might seem like a lot of extra work, but the payoff is well worth it. By getting your message in front of more prospects that have a need for your services, you’re more likely entice qualified conversations with the brands you want to do business with.
Go ahead, the odds are in your favor.

In today’s competitive business environment, turning prospects into leads requires a strategic and proactive approach. Educating potential customers on how your products or services can solve their problems is essential, but starting a sales content process can be a challenge for many teams. We recommend focusing on three key areas to get a sales enablement content strategy started: Audience, Content, and Execution.

Start with your audience in mind. 

The first step is to identify your target audience. To do so, you need to ask the right questions that enable you to define your “right to win” clients. These are the prospects that your team is best positioned to provide the best possible service. Once you have identified your right to win clients, you can expand your list to include additional targets that are slightly outside of your perfect right to win group. To create a realistic and appropriately sized group of contacts to approach, you should consider factors such as:

• In which areas does your agency generate the most profit?
• With whom are you currently communicating?
• What kind of business do you choose to walk away from?
• Which brands align with your agency and should be your clients?
• What areas are the most interesting to your team and align with their passions?

By asking these questions, you can determine who your audience is in a specific, lead-driven way.

Create sales content with intent. 

Content is a critical element of new business success. To advance your sales content strategy, you must provide content that your audience wants to consume and share online. When creating your sales enablement content strategy, it is crucial to start slow and avoid overextending yourself. To determine what content should live on your editorial calendar, consider questions such as:

• What is the purpose of your agency’s existence? (less about what and how)
• What is the one thing your agency does better than any other?
• What are the benefits of working with your agency?
• What type of work is beyond your agency’s scope? (this will help you drive more qualified conversations)
• What are the business problems that you solve for the identified prospect categories?

By creating sales content that is relevant to your audience’s needs, you can aid your prospects in determining why they should work with you over another partner. 

Make a sales content plan that is achievable. 

To achieve your new business goals, you must have a well-defined plan that is consistently repeatable and includes well-defined goals, measurements, and activities. Your plan should involve everyone in the new business process, from sales and marketing to management. During the execution phase, consider these questions:

• Which members of the in-house team will be fulfilling each role in the sales/marketing process?
• What technologies are currently in place?
• In what way do we want to approach new prospects?
• How have we approached prospects in the past, and what methods have worked best?
• Who has typically been the most receptive to our messaging?

A critical part of execution is leveraging the content you have created and the process your sales and marketing team uses to drive 1-1 sales conversations. By using your content to engage with prospects more often, you can increase your chances of winning clients.

To turn prospects into leads you must identify your target audience, create relevant sales enablement content, and have a well-defined plan in place. By focusing on these three key areas, you can support a proactive approach to new business and increase your chances of winning more business with your most sought-after clients.

Many agencies and marketing services firms over the years have made the decision to outsource their new business development efforts vs. handling new business outreach in-house. In fact, this has been a very common practice with U.K. agencies– and now more U.S. agencies are following suit. Why? They’re seeing multiple benefits including time-savings, incurred costs and overall performance.

If you’re currently deciding which route your agency should take, consider the following 5 reasons why “Buying” may be more beneficial than “Building:”

#1 Expertise – when outsourcing your new business to a firm that specializes in helping agencies with business development, you are getting a proven, successful, dedicated team working for your company on a consistent basis. Business development firms have “hunters” leading their prospecting efforts; senior professionals with a proven track record of results – and who know how to effectively work a sales pipeline.

#2 Time Saving – having a new business firm handle prospect outreach can be a big time-savings opportunity for agencies – as these firms are 100% focused on prospect outreach vs. relying on in-house teams that typically execute sales in their spare time or in spurts. Working with a team of veteran new business professionals also reduces your ramp up time. For example, our team at Catapult is trained to be in-market within the first 30 days, whereas we find that agencies who train this role in-house can take up to 60-90 days, depending on the new business tools and process they currently have in place.

These firms also typically offer list-building software and technologies like marketing automation and CRM that equip them to execute hyper-targeted outreach – all which offer additional, significant time savings.

#3 Consistent Pipeline of Qualified Leads – many agencies do not have a strong new business “pipeline,” and we often find it’s because they don’t have an effective, repeatable new business process in place. Often times when agencies work on a RFP and do not win the piece of business, they find themselves back at square one, frantically trying to drum up qualified opportunities. Executing new business in this manner can be stressful and unresponsive.

Outsourcing to new business firms provides ease-of-mind knowing you have a proven expert with the tools and network in place to deliver consistent meetings with brands you’re uniquely positioned to win business from.

#4 Cost Savings – when looking at the fully loaded cost of hiring someone in-house to manage your new business, agencies typically find it’s much more economical to buy vs. build. Most business development firms charge a monthly fee for their services that is often less than the salary, bonus and benefits incurred by hiring a new business director.

#5 Success – the name of the game. New business development firms enjoy a strong success rate of teeing up a consistent number of qualified meetings each month– while also working alongside the agency to help them turn those leads into paying, renewable accounts. When hiring a firm, ask about their success rates, and when possible inquire about other agencies that have found success in using them.

 

>> Need help deciding if buying vs. building is best for your agency? Learn more by contacting Catapult today.

In the digital world in which we now live, marketing automation is perhaps the most important way to both streamline your operations and increase the effectiveness of your campaigns. According to HubSpot, the types of nurtured leads generated by marketing automation make 47% larger purchases than those who were not. More than that, a full 91% of marketers believe that their use of marketing automation is “very important” to the overall success of ALL of their efforts according to Marketo.

Making the decision to move to marketing automation isn’t as easy as flipping a light switch, however. It will take a great deal of time, effort and preparation to build the foundation necessary for your marketing automation efforts to thrive.

Break Up That Sales Funnel

If marketing automation is one of the best ways to guide your leads from one end of the sales funnel to the other, it stands to reason that the first step towards preparing yourself for this shift involves defining all stages of your sales funnel. What shape does initial contact with your lead take? After how long do you begin to deepen your relationship, investigating suitability? What is your value proposal to continue to nurture your lead over time? What does your follow up look like? These are all important questions that you need to answer as early in the process as possible.

Getting to Know Your Target Audience

If you don’t truly understand the people you’re marketing to, how can you ever expect to give them what they want or even speak their language? Who are these people? What problem do they have in their lives that only you can solve? What specific features of the product or service that you’re offering are going to attract their interest the most? What might get in the way of a sale? What are they worried about? What other products and services do they like to spend money on?

The answers to all of these questions will not only help you craft more compelling marketing materials, they’ll help provide a true focus for your efforts to guarantee the highest level of effectiveness at all times.

Match the Right Content to the Right Stages

Once you’ve made a list of all the various types of content that will appeal to your target audience (including blog posts, reports, how-to manuals, whitepapers, case studies and more), AND you’ve spent time creating the type of high value content you know they’re looking for, the next thing to do is make sure you’re getting the right content into the hands of the right person at that oh-so-perfect moment.

To do this, you’ll need to identify a few key things. Which of the pieces of content you’ve created will be valuable enough to your target audience that they’ll be willing to exchange their content information for it? What content is more practical and actionable in nature and, as a result, will be ideal for helping to guide them farther down the sales funnel? Most importantly, which of this content do you have and which do you have to create from scratch?

Once you answer all of these questions as they relate to not only your product or service but the unique audience you’re trying to attract, you’ll find that you’re more than prepared for the benefits that marketing automation brings to the table.

Looking to make the shift to marketing automation? AgencySquared works alongside your team to answer all of the above, making sure that you’re prepared to optimize your efforts and see results. Get a complimentary consultation.

 

Every agency sends emails in an effort to enhance client acquisition and grow their business. In reality, although the concept of sending emails to attract and retain clients seems promising, it is almost inevitable that your email may end up in the spam folder.

Why is this a growing problem?

Agencies may follow the rules on sending emails, but society has taken marketing efforts to an entirely different level. There are tons of emails sent every day, putting them all into the same category. In addition, ISP providers are continuously finding new ways to keep legitimate emails from reaching their destination because of simple mistakes agencies may make. There are ways to avoid going into the spam folder, but doing the due diligence is key.

To help combat this growing problem, we’ve organized 5 tips to help you avoid the spam folder, and increase overall deliverability:

1. Watch your jargon

Knowing what to say and when to say it plays an important role in how the email is viewed once it hits the sender’s box. If there are links in the email, make sure they are from reputable sites. Keep the image-to-text ratio reasonable, and make sure you use a reputable host for any images you may have in the email. Do not use risky words such as free, bonus, buy, purchase, order, prize, or use more than one exclamation point. This will keep the flags down, especially in subject lines.

2. Use Reputable URL Links

Spam filters check for the URLs you are linking to so ensuring the domain name has a good reputation is important. Avoid names that have multiple folders and 1-2 characters in their file name. For example, a domain name with www.domain.com/a/everything.html will often be picked up as spam and seen as a negative URL. In addition, keeping the complete URL in the file name, and not shortened links, will improve email delivery.

3. Certification

If you are a legitimate agency, getting certified will help you gain credibility. Also, using platforms like Return Path will guarantee your inbox is known from the major ISPs, which will help you avoid being flagged as spam.

4. Be honest

Avoid emails that come from different mailboxes. You want to be consistent to help build the credibility of your agency, and stay recognizable. When customers are familiar with your email addresses, they will take you out of the spam folder and automatically direct you to their inbox.

5. Provide relevant content to the right audience

The best way to see engagement from your email marketing, and not get pinged as spam, is to provide timely and relevant content to the right audience. First thing – make sure you’re messaging is going to the appropriate decision-makers. Successful agencies are now leveraging list building tools to help supplement their organic opt-in list. Purchasing targeted prospect lists through reputable sources (like Winmo) can immediately increase not only traffic to your site, but also disseminate your expertise to a larger group of potential buyers. It also confirms the content you’re creating is being sent to the industries and titles that you’re best fit to win business from.

Not surprising – the next step is create custom content that uniquely speaks to each of these targeted audiences. Do your research to understand the personas of each vertical and then develop compelling content around each of their pain points.