Top 10 considerations when selecting a new media agency
November 22, 2011
Media continues to be the single biggest investment for most marketers and advertisers, yet the option continues to expand with more choices and more specialists entering the market place. So how do you go about not only choosing the right roster model, but also the right media partner for you business? Here are a few things to consider.
1. What media services do you require? Do you want a strategy / planning specialist? A search specialist? Or a big buying house? Or is it a general one-stop-shop? Each option comes with strengths and weaknesses depending on your needs and circumstances, but the first step is to identify these.
2. What is the buying power of the agency? The majority of national advertisers buy through media agency buying groups, and the size of their billings and your budget can significantly influence the level of discount an advertiser will enjoy.
3. What media specialities do we need? A number of ‘specialities’ have emerged within the media function including Channel Planner, Digital Strategist, Search Strategist, Social Strategist, Consumer Insights Specialist, Sponsorship Specialist, Econometric Modelling Specialist, Research and Technology Specialist, etc. Make sure the agency has these skills, but likewise don’t pay for what you don’t really need.
4. What media tools and software do they provide? Optimising software was the first, rapidly followed by Modelling software (awareness, sales, response), true Econometric Modelling software, Portfolio Management software, etc. But ‘Smart’ software is only smart if they can demonstrate the benefit to your business.
5. What additional skills do they provide? Specialist resources require specialist personnel and some of the new areas need people with skill sets from outside the industry. It is not unusual to see a dedicated Market Researcher in the Consumer Insights role, or an Economic Statistician in the Econometric Modelling area.
6. What are the skills of the people who will be working on your business? Some media agencies have developed internal ‘cells’ that specialise in a particular category or industry, across a range of individuals. Ideally you should look for experience in the basics as well as the technology and digital specialists from a cohesive team that provides both youthful creativity and mature experience.
7. How engaged will the senior management be in your business? Media agencies are successful business units with skilled and seasoned management. Most are run by experienced media specialists/generalists and the skills these people bring to the table are critical to their success.
8. What form of remuneration do they prefer? Cost plus retainer? Project fees? Media commission? Performance Based Remuneration (PBR) aspect that rewards or penalises the agency on performance? The type of remuneration should work for both you and the agency in regards to value, changes in budgets, workloads and cash flow.
9. How effective is the ‘chemistry’ or ‘fit’? Most relationships that last long-term are based on mutual respect, understanding and consideration; more than the camaraderie of the new business pitch; its a genuine interest in or passion for your business; an open and honest approach that will engender trust and respect.
10. Do you have the time and expertise to consider all the options? If not, contact TrtinityP3 as we have extensive and detailed database of media planning and buying agencies and experience in helping advertisers make the right choice.
What are the main considerations you use in selecting a media agency or specialist service provider? It would be good to hear that it is not just price. Let me know here with your comments.