As an expert in the marketing industry, I have seen firsthand the shifts and changes that have occurred in the relationship between clients and agencies. Gone are the days of long-standing partnerships and sole advertising agreements. Instead, clients are now seeking limited experience and specific skills from their agency partners. One example of this shift is Ford's decision to end their 75-year partnership with WPP and instead name BBDO as their leading advertising agency. Along with BBDO, Ford also brought in Wieden + Kennedy as an “innovation partner” and hired over 100 internal marketing specialists to handle key functions within the company.
This move reflects the growing trend of clients seeking out specialized agencies for specific needs. The rise of the internet has also played a significant role in this shift. With the ability to reach agencies around the world, small businesses are no longer limited to the few agencies in their hometown. This has led to increased competition and complexity in the digital marketing landscape. Gone are the days when a few meta tags and 500 words of content were enough to improve SEO. Now, it takes a team of experts and a significant budget to achieve similar results.
Clients no longer want an agency that can do everything; they want a partner that excels in one specific area. In today's ultra-competitive environment, limited experience gives clients confidence that their agency can deliver bold and effective campaigns. A Forbes survey on what agencies and clients consider important further supports this trend. While clients prioritize media strategy, agencies only allocate 10% of their resources to it. This highlights the importance of specialization in today's market. Fortunately, there is now a way for agencies to gain insight into what clients want and how they can improve their performance.
By joining a unique reference group focused on best practices and performance for marketing agencies, experts can get instant, anonymous, and secure answers to their questions. This group has revealed that 81% of businesses consider a marketing strategy critical to their success during the COVID-19 pandemic, and 71% say they would not have survived the last 18 months without one. As a customer-facing marketing specialist, it is crucial to evaluate your agency's strengths and weaknesses. If your agency lacks specialization or a strong marketing strategy, it may be time to start a conversation or reevaluate the partnership.
Insights from Marketing Leaders
I recently had the opportunity to speak with Jacob Resnick, marketing director of Viking Masek Packaging Technologies, and Garry Wicka, vice president of global strategic marketing at Sealed Air. In our conversation, we discussed innovative strategies and what can be learned from the packaging industry. Having regular conversations with marketing leaders not only helps us stay informed about different industries, but it also reveals common trends and challenges faced by all marketers. I recently had the opportunity to speak with Jacob Resnick, marketing director of Viking Masek Packaging Technologies, and Garry Wicka, vice president of global strategic marketing at Sealed Air. In our conversation, we discussed innovative strategies and what can be learned from the packaging industry. Having regular conversations with marketing leaders not only helps us stay informed about different industries, but it also reveals common trends and challenges faced by all marketers.For example, 94% of businesses plan to hire external agencies to improve their marketing initiatives as pandemic restrictions are lifted. Additionally, 96% of these companies are willing to pay their agencies more for their services. However, many agencies struggle with their own self-marketing efforts due to a lack of dedicated staff. This can make it challenging to track the ROI of their marketing efforts and prioritize where to focus their efforts.
Adapting to Change
As an expert in the industry, I understand that advertising and marketing have always been about adapting and being flexible. This is especially true in today's ever-changing market conditions and evolving customer needs.Agencies must also be able to adapt to changes in resources and supplies to stay competitive. One way for agencies to stay ahead of the curve is by regularly engaging with marketing leaders and staying informed about industry trends. For example, Angela Voss, executive director of Marketing Architects, emphasizes the importance of human-centered values and offers valuable advice for marketing professionals looking to advance their careers. The goal of the reference group mentioned earlier is to help agencies understand and improve their own marketing strategies by comparing their organic and paid performance with that of their peers. By staying informed and adapting to change, agencies can continue to thrive in today's competitive market.
