Cost benchmarking and value benchmarking your agency, which one gives the best results?

In response to the question of “What is a cynic?” Oscar Wilde wrote “A man who knows the price of everything and the value of nothing”. When it comes to agency benchmarking it is hard not to be cynical. Recently Michael Farmer, author of best seller industry book “Madison Avenue Manslaughter” and Executive Chairman of TrinityP3 published an article highlighting the shortcoming of agency benchmarking, specifically agency cost benchmarking: Why cost benchmarking is the waterboarding of the advertising industry. How do we stop the manslaughter and increase agency productivity and performance? The first step is to stop cost benchmarking and move the focus to performance. Here is why. Continue reading

Posted in agency remuneration / compensation, industry news & trends, marketing procurement, resource rate calculator | Comments Off on Cost benchmarking and value benchmarking your agency, which one gives the best results?

Why it is so important to have an agency scope of work

This is the final in our series of articles on agency scope of work management. Managing the scope of work for your agency is possibly the easiest and fastest way to increase the buying power of your marketing budget by removing the duplication and uncertainty as much as possible from the agency work. In this way you are able to get more for your agency budget without simply driving down the rates and prices. Continue reading

Posted in agency remuneration / compensation, agency search & selection, agency solutions, interesting observations, marketing process optimisation, marketing procurement, resource rate calculator, return on investment | Comments Off on Why it is so important to have an agency scope of work

How to define an agency scope of work to deliver increased value

This is the first in a series of articles on agency scope of work management. Managing the scope of work for your agency is possibly the easiest and fastest way to increase the buying power of your marketing budget by removing the duplication and uncertainty as much as possible from the agency work. In this way you are able to get more for your agency budget without simply driving down the rates and prices. But why is specificity so important? Anyone that is involved in manufacturing, construction or technology knows, by clearly defining and specifying the actual requirements upfront you are better able to plan and execute the construction/manufacturing process more efficiently and effectively. Continue reading

Posted in agency remuneration / compensation, marketing process optimisation, marketing procurement, resource rate calculator, return on investment | Comments Off on How to define an agency scope of work to deliver increased value

All-time greatest TrinityP3 marketing management posts

Ten years and this is the one thousandth post here on the TrinityP3 blog. I think that is an achievement worth celebrating if I do say so myself. The marketing management space is very different today to how it looked ten years ago. And TrinityP3 itself is a very different consulting firm to what it was back then. The post topics reflect that, if you take the time to look back to some of the earlier posts it captures the topics and issues of the time. Looking across the topics that are our most read posts, we see topics that have been read and referred to by tens of thousands of marketers, marketing procurement and agency professionals, not just in Asia, but around the world. But lets take a closer look at the Top Ten from the last ten years and the last 1,000 posts (though technically 999) to see how the world of marketing management is evolving. Continue reading

Posted in agency remuneration / compensation, interesting observations, iPhone business app, marketing procurement, media planning & buying, resource rate calculator, social media & digital marketing, strategic management | Comments Off on All-time greatest TrinityP3 marketing management posts

7 essential considerations when moving from agency retainer to project fees

There is a distinct market trend occurring in the way marketers and advertisers are compensating their agencies and suppliers. Along with the Agency of Record (AoR) we are seeing a trend away from retainers to project based fees. This is due to a often long held belief by many marketers that the retainer does not deliver value, while most agencies believe that marketers are getting more then their pound of flesh under these arrangements. But many companies are finding the process of transitioning from retainers to project fees a frustrating one that will often not deliver the increased value, lower cost or greater agility they expected. In our experience this is because they will often make some fundamental errors in the process, largely due to a lack of consideration as to how the current remuneration model works. Continue reading

Posted in agency remuneration / compensation, industry news & trends, marketing procurement, resource rate calculator | Comments Off on 7 essential considerations when moving from agency retainer to project fees

Why agency negotiations are never as straightforward as you think

Negotiations can be difficult things, especially when either party is speaking a different language. And believe it or not, marketers and their agencies do often speak a different language, which is why these negotiations can become protracted and frustrating. Here are a few of examples of how the process can go hopelessly wrong. Continue reading

Posted in agency remuneration / compensation, agency search & selection, interesting observations, marketing procurement, resource rate calculator, return on investment | Comments Off on Why agency negotiations are never as straightforward as you think

6 marketing management tools developed to provide optimal performance

Yes, technology is impacting all aspects of business and especially marketing. But it is interesting that there are very few search, pitch or marketing management consultants who invest in technology to innovate their processes to increase the utility or robustness. Continue reading

Posted in agency remuneration / compensation, agency search & selection, agency solutions, Evalu8ing - Relationship Performance Monitoring, iPhone business app, marketing procurement, resource rate calculator | Comments Off on 6 marketing management tools developed to provide optimal performance

The Marketing Management Book of the Year – 2014 edition

Share74 Tweet +19 Share14Shares 97This post is by Darren Woolley, Founder of TrinityP3. With his background as analytical scientist and creative problem solver, Darren brings unique insights and learnings to the marketing process. He is considered a global thought leader on agency remuneration, … Continue reading

Posted in agency remuneration / compensation, agency search & selection, customer relationship management, data & direct marketing, Evalu8ing - Relationship Performance Monitoring, industry news & trends, marketing process optimisation, marketing procurement, media planning & buying, print production, resource rate calculator, return on investment, social media & digital marketing, strategic management, television & electronic production | Comments Off on The Marketing Management Book of the Year – 2014 edition

What is the best way to benchmark agency compensation?

Share49 Tweet +19 Share8Shares 66This post is by Darren Woolley, Founder of TrinityP3. With his background as analytical scientist and creative problem solver, Darren brings unique insights and learnings to the marketing process. He is considered a global thought leader on agency remuneration, … Continue reading

Posted in agency remuneration / compensation, marketing procurement, resource rate calculator | Comments Off on What is the best way to benchmark agency compensation?

Benchmarking the marketing FTEs within your organisation

Share74 Tweet +16 Share6Shares 86This post is by Darren Woolley, Founder of TrinityP3. With his background as analytical scientist and creative problem solver, Darren brings unique insights and learnings to the marketing process. He is considered a global thought leader on agency remuneration, … Continue reading

Posted in agency remuneration / compensation, agency solutions, customer relationship management, marketing process optimisation, marketing procurement, media planning & buying, resource rate calculator, social media & digital marketing, strategic management, television & electronic production | Comments Off on Benchmarking the marketing FTEs within your organisation

5 ways agencies can bamboozle procurement about their compensation

Share156 Tweet +110 Share4Shares 170This post is by Darren Woolley, Founder of TrinityP3. With his background as analytical scientist and creative problem solver, Darren brings unique insights and learnings to the marketing process. He is considered a global thought leader on agency remuneration, … Continue reading

Posted in agency remuneration / compensation, agency search & selection, agency solutions, marketing procurement, resource rate calculator, strategic management | Comments Off on 5 ways agencies can bamboozle procurement about their compensation

How long does it take to create a big advertising idea?

Share111 Tweet +18 Share14Shares 133This post is by Darren Woolley, Founder of TrinityP3. With his background as analytical scientist and creative problem solver, Darren brings unique insights and learnings to the marketing process. He is considered a global thought leader on agency remuneration, … Continue reading

Posted in agency remuneration / compensation, agency solutions, marketing procurement, resource rate calculator, strategic management | Comments Off on How long does it take to create a big advertising idea?

How do your agency rates stack up and why?

Share295 Tweet +111 Share3Shares 309This post is by Darren Woolley, Founder of TrinityP3. With his background as analytical scientist and creative problem solver, Darren brings unique insights and learnings to the marketing process. He is considered a global thought leader on agency remuneration, … Continue reading

Posted in agency remuneration / compensation, agency solutions, industry news & trends, iPhone business app, marketing procurement, resource rate calculator | Comments Off on How do your agency rates stack up and why?

10 Ways For Marketers To Avoid Agency Sticker Shock

Share30 Tweet +15 ShareShares 35This post is by Stephan Argent, CEO of Argedia Group and a member of the Marketing FIRST Forum, the global consulting collective co-founded by TrinityP3 If you’ve ever been faced with sticker shock or seemingly pricey invoices from your agency, then … Continue reading

Posted in agency remuneration / compensation, marketing process optimisation, marketing procurement, resource rate calculator, return on investment, strategic management | Tagged , , , , , , , , , , | Comments Off on 10 Ways For Marketers To Avoid Agency Sticker Shock

Agency remuneration benchmarking is more than just rates

Share31 Tweet +15 Share7Shares 43This post is by Darren Woolley, Founder of TrinityP3. With his background as analytical scientist and creative problem solver, Darren brings unique insights and learnings to the marketing process. He is considered a global thought leader on agency remuneration, … Continue reading

Posted in agency remuneration / compensation, agency solutions, interesting observations, iPhone business app, marketing procurement, resource rate calculator | Tagged , , , , , , , | Comments Off on Agency remuneration benchmarking is more than just rates