There comes a point when most brands want -- or need -- a new media agency. The business could be underperforming, or it has outgrown its current agency, or a new chief marketing officer may want a change. Whatever the catalyst, the process of finding a new partner begins by asking some big questions.
In fact, there are three main questions that should be asked of prospective agency partners, according to independent media agency Canvas Worldwide. They are:
What makes this agency different?
What is the agency's culture?
What is the agency's superpower?
At Canvas, those questions serve as a guiding light when conversations begin with a potential client. "[Brands] need to find an agency's point of differentiation, and you want to work with agencies that match your culture. Find out what they're really good at," advises Canvas Head of Business Development and Marketing Aaron Anderson, "That's going to produce the best working relationship. By basing a conversation on those three main questions, both sides are in a much better place to move that relationship forward."
Brands also need to look inward, he says. They should determine what the problem is with their current agency and focus on what they want in a new relationship.
Sometimes, the partnership between an agency and client starts off strong, but over time, the brand may start to feel neglected, like they aren't getting enough attention, or can't get responses from key executives. That frustration is enough to trigger an agency review and the CMO will start looking for a more hands-on agency. In that case, Anderson suggests, a smaller or boutique agency might be a better fit.
When it's time to look for a new agency, a brand may also consider a shop that created successful campaigns for a competitor. That can be a safe choice, he says.
When reviewing potential agencies, brands would be smart to consider if a shop can provide the products and services they need. For instance, creative-first agencies produce exceptional campaign work but may have to ally themselves with other agencies on strategy, execution and analytics. A full-service agency, in contrast, offers a soup-to-nuts menu, while other firms might specialize in digital or social. Brands should listen carefully to make sure an agency can deliver on its needs, Anderson asserts.
Brands also need an honest conversation with themselves when they look internally at the start of the agency search, especially when answering a question like: "Why am I looking to change my agency?"
Anderson notes that sometimes a brand is perfectly satisfied with its agency but still needs change. A startup becomes an established brand, or a company expands its products or services. When a brand reaches maturity, Anderson says it might need a larger agency's capabilities. "When a company starts to grow, sometimes they need more sophistication and data," he explains. "They need more clout and expertise as they scale up."
So, what are Canvas' differentiators? Its commitment to creativity, innovation and collaboration, Anderson says. Compared to the giant holding companies with multiple agencies under their umbrella, Canvas is a rare breed. It's both a full-service and an independent agency.
"Our clients benefit from independent thinking," Anderson says. "Our focus is on what is best for the brand that we're working on and nothing more. There aren't any holding-company agendas."
As for agency culture, Anderson notes that the agency's mantra is "challenge the comfortable." That encourages employees to push beyond industry norms and conventions and to take risks. That could involve trying new advertising or creative strategies, or using cutting-edge technology and data tools, he says.
According to Anderson, Canvas' superpower involves helping clients face their challenges. As the economy sputters and experts warn of a possible recession, brands are anxiously reviewing their marketing strategies and ad budgets. That creates opportunities for an agency like Canvas to win new business, or to reassure existing partners they're in good hands.
As a scaled challenger agency, Anderson says Canvas can also lend extra support in marketing and media planning, which may become more important if companies tighten their spending and trim staff. "We help plug the gaps," he explains. "Their time is being spread so thin they need their agency to give them more attention."
Canvas is scaled enough to have all the tools, research, and data platforms -- bespoke and industry-leading -- that other agencies have. But it works to integrate them and use them more effectively all the time.
Of course, when it comes to new business, brands aren't the only ones who need to ask tough questions. Agencies need to investigate potential clients to ensure it is both a good match and has realistic goals.
For instance, if a brand wants to launch a campaign in six weeks that would normally require six months of planning, that's a potential red flag. Similarly, if a brand is looking for services an agency can't offer, it may not be the right fit. "Sometimes, if you can identify that in the beginning, it can save both sides a lot of time," Anderson concludes.
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The opinions expressed here are the author's views and do not necessarily represent the views of MediaVillage.com/MyersBizNet.