What emerging trends are reshaping the current ad agency models?
What approach is rising as a healthy alternative to traditional models? Can collaboration among cross-functional teams and brand cohesiveness coexist? If you ever asked yourself any of these questions, or interested in learning about this topic, please read on…
The way we receive news and information, and the way we are entertained has been and continues to change steadily. Consumers now have much more power in choosing what they see, and in saying what they think about any given campaign or product. Keeping up with the new trends and technologies is absolutely necessary for all agencies, including Hispanic American agencies. Access to online media is increasing among every population, but is perhaps increasing faster among the Hispanic American population than most others. Hispanic American agencies must keep up in order to survive.
Those customers who hire ad agencies say that they want a model that delivers better more measurable returns, and collaboration and partnership between experts is emerging to be the best way to provide the best possible service to those customers.
The Challenge—where we are now (A)
The Reshape of Ad Agencies as We Know Them
The old, monolithic, full service agency no longer works as it used to. Large organizations with large payrolls and hierarchical structures can hinder market responsiveness and cost-efficiencies. Furthermore, this model, in most cases, discourages partnership and collaboration among subcontractors. In fact, following the old model, subcontractors are usually “invisible” to each other and to many on the team. The ever-expanding cast of experts necessary to handle the constantly changing media landscape is too expensive to provide a workable model.
A wide array of functional skills is necessary, though, so a model of small, isolated agencies working alone does not provide an answer, either, for they are limited to the services they can offer and geographic areas or markets they can enter. Rather, it is time for a new approach.
The Opportunity—where we are going (B)
To transcend the concept that only a full-service monolithic agency that does everything in-house can possibly create and manage large campaigns.
Utilizing the so called best-of-breed approach, partnering agencies may choose to be completely visible to each other’s clients, although with one designated project or campaign manager for strategic direction. The thinking goes: Rather than try to pretend we have this expertise, let’s bring in others who really do. Together we’ll be a stronger team.
Bringing in expert talent from partnering agencies usually brings with it streamlined processes and efficiencies the agency trying to tackle the project on its own or through invisible subcontractors doesn’t have. By not trying to hide a subcontractor, learning curves and brokered communications are reduced. Participating in a partnership program with partnering agencies can make a lot of sense.
How to Get from A to B?
Many partnerships are formed between two or more organizations of vastly different sizes watching separate agendas and bottom lines, so there is often a temptation to cut win-lose deals. At Hispanic Market Advisors, we focus instead on establishing win-win partnerships. They are the only sustainable kind.
Steps for a Relationship Process that Deepens Commitment (L-E-A-N):
– we learn from each other to determine if there’s compatibility
– we establish a 3 to 6 month trial period to get to know each other in working mode
– we consciously set metrics (and expectations) to measure success of the partnership trial period
Here is a checklist of areas that will be covered:
- What will each organization deliver?
- When will they deliver it?
- Where will they deliver it?
- What interim milestones must each organization meet?
– we negotiate terms and conditions for the partnership program and refine services with the value proposition that is targeted to our shared customers
Collaboration and partnership between experts from partnering agencies is the best way to provide the best possible service to clients. When partnering experts are fully “in the loop” under the same umbrella and strategic direction and clients are fully visible, the professionals are able to provide the most accurate and useful expertise to the project. There are no hidden agendas or secret motives and motivations. Instead, the experts are capable of streamlining processes through clear and accurate communication with one project or campaign manager coordinating the strategic and creative expertise of the cross-functional teams.
Contact us now if you are interested to learn more about this partnership program