Maximize Marketing Value
How can you get the most value from your marketing partners?
Gartner, Inc. has reported new research showing that 50% of CMO’s digital marketing is outsourced (U.S. Digital Marketing Spending Survey). This represents a significant investment in outside resources.
With average marketing spending sitting at just over 10% of revenues and marketing budgets forecast to increase 6% in 2013, agencies – especially digital agencies – represent a huge investment.
Will Your Agency Deliver?
To get and keep a competitive advantage, growing companies can’t afford to waste money on a marketing agency that doesn’t deliver. CMOs with broad marketing responsibility must oversee a lot of moving parts, including marketing technology, advertising, branding, digital strategies, and promotions.
Finding agencies that can work together to support your strategic objectives is essential, and a misstep can be costly.
Don’t Hire a Marketing Firm Without Asking This…
If you’re considering an agency change or are thinking about hiring a new marketing partner, here are several questions you should ask before making your decision.
- How much experience do you (or your team) have? Get details about agency or client-side experience and the various functions your prospective partners have held.
- What other firms (if any) are you working with in my industry? Are there any competitive relationships I should know about?
- Who will be doing the work on my account? I want to meet the people who will be on my team and make sure we see eye-to-eye.
- How often will I see my account executive and the principal(s) of the agency?
- What recent successes can you cite, with specific details about your firm’s contributions?
- Can you provide project examples and case studies that demonstrate measurable results?
- Do you use freelancers for client work? How often? What is their experience and skill level?
- How do you communicate with clients on progress and results? What tools and resources do you use to share information?
- Tell me about a project that didn’t work out, and what you did about it.
- When was the last time you lost an account? Why?
- In addition to current clients, can you provide a few former clients as references?
- What financial incentives do you have for products and services you may recommend? Do you get commissions or affiliate fees?
- What ongoing training do you provide for your staff? How do you ensure they stay current on the latest and greatest approaches?
- Are the “big names” on your client list companies you have worked with at this firm, or organizations your team has served or been employed by in the past?
- Who do I call if I have a problem? (Get the name and number of the person empowered to FIX issues.)
- What does your billing structure look like? Are there items that must be paid in advance? What are your payment terms?
- How do you bill for expenses? Is there a markup or are expenses invoiced at cost?
- For creative work, how much can I edit, review, or redirect work? Is there a limit on revisions?
- What do you consider a “rush” project? Are there additional fees for this? If so, how much?
- Describe the core values of your firm. How do they impact your clients?
- What will you do to get to know my business?
- Do you expect to reassess – or reinvent – my strategy?
- Who do you think should have creative control?
- What happens if I’m not happy with someone on the team?
- What do you look for in a successful client relationship?
Did I forget anything you would ask? Drop a note in the comments below.