What it takes to make the transition from traditional to modern agency
In a recent Ad Age webinar poll, 41% of the firms reported they’re “getting there” when asked if they are a modern agency. The agency model is shifting. As clients become more demanding and budgets, schedules and margins tighten, there are a number of key components for successful agency management you must pay attention to. And that’s true whether you’re a brand, digital, P.R, content marketing or in-house agency.
Creativity goes beyond award-winning campaigns
In the past, “creativity” in agencies, was the purview of the Mad Men and Women in the creative department – the ones who wrote “Nike. Just Do it”, “BMW. The Ultimate Driving Machine” and “Got Milk”. But as agency life has become more challenging, firms have had to be creative across every aspect of the business in order to be successful. Nowadays, the best shops are putting their thinking caps on and being creative about pricing, project and resource management, problem solving, new business development, client relationship management, and indeed all aspects of operations. Suffice to say, when you’re creative across all aspects of your business, you’ll have a much healthier bottom line.
Integrated systems fuel productivity
The explosion of technology has helped agencies not only target their clients’ customers better — as with programmatic media — but also run their businesses better. In that regard, technology has allowed agencies to estimate more accurately, track projects, resources, schedules, and budgets more efficiently, and bill clients with confidence. Agency managers must be able to see everything that’s going on across the board at any given time, so that they can react in real time to ensure efficiency, accountability and profitability. But don’t let technology or multiple systems suck up billable time.
Too many agencies are still using multiple standalone systems across the agency that create additional administrative burden and result in disconnected data and workflows. So in the agency world of 2018, employing the right technology, that connects and works across the agency, is critical to increase productivity and profitability.
Data Provides Foresight
We live in a data driven world. The success of your agency depends on you and your team receiving the right data in a timely manner and acting upon it. Is this estimate correct? Has your account manager budgeted for a project accurately and is it on track? Have enough resources been applied and do you know which revision your creative people are on? Is the traffic manager on top of the schedule and does accounting have the correct information to produce accurate invoices? The answers to all these questions can make or break your business. That is why more and more agencies are investing in tools that can really deliver the right information, any time and any place, to give you the foresight to plan ahead.
Collaboration Across the Agency
In the past, project information has lived in silos with little cross collaboration between the various job functions: account management, creative, operations, media, business development, accounting, IT, and so forth. But today’s modern agencies recognize that those silos must be broken down in order to service clients better and streamline communications and data capture. That’s why there’s a tremendous drive to establish mutual access to information, file sharing and integrated project plans on an agency-wide basis. In 2018 and beyond, the agencies that collaborate better, will free up billable time for more profitable activities.
Do you have the tools that will allow your agency to transition and grow? If not, we invite you to try WorkBook.