What is the secret ingredient that makes a good media agency great and more importantly keeps it great? Talented people. But in an industry with traditionally high staff turnover, how can a media agency attract and keep talented people? Find out the secret to what makes a great media agency here in Media Minutes.
DARREN: Welcome to Media Minutes. I am Darren Woolley STEPHEN: And I am Stephen Wright DARREN: In the next few minutes we will share with you our view on what makes a good media agency great. Stephen, what makes a great media agency? STEPHEN: Ah, Yes Darren, while having a great agency story will bring clients in the front door, you need to make sure you do not lose your existing clients through the back door? DARREN: You’re talking about reducing client churn then Stephen? STEPHEN: That’s right. Great media agencies not only have the ability to attract new clients, but they are also able to keep their existing client’s long term. That is what makes them great. DARREN: So, what does it take to be a great media agency then Stephen? STEPHEN: In many ways, attracting clients with promises of greatness is the easy part. The hard part, and where agencies fall short, is in living up to the promise on an ongoing basis. DARREN: Right so promises are cheap…it’s delivery that matters. STEPHEN: It’s about achieving a standard and then the maintenance of those standards… but maintaining high standards on an ongoing basis across your entire client roster is a complex challenge for the agency CEO. DARREN: What are the factors that make it hardest for them to consistently achieve high standards? STEPHEN: There are 3 key things: You need great people, smart thinkers, shrewd traders and a strong management team. DARREN: Right, great talent. Goes without saying. STEPHEN: You need staff stability. Staff stability is one of the biggest client gripes. DARREN: Yes, agency churn rates are always an issue. STEPHEN: And to achieve these you need funding and support from the head office overseas. DARREN: Funding across the industry is an ongoing issue…particularly since COVID… this makes it difficult doesn’t it? STEPHEN: Well, no agency has ever ‘budget cut’ their way to greatness. And 1 and 2 can’t happen without 3. DARREN: A tough challenge Stephen. So, is anyone out there succeeding in achieving greatness? STEPHEN: Well the good news is there are a few great agencies that are meeting the challenges and delivering to a very high standard, and encouragingly a number of others heading in the right direction. DARREN: Good news indeed. So how would a marketer find a great media agency? STEPHEN: Well if they’re working with one, they’ll already know. If not, the cream should always rise to the top in any well-managed agency review. DARREN: Thank you, Stephen. Now make sure you rise to the top and subscribe to Media Minutes. A weekly snack on all thing’s media. Until then. I’m Darren Woolley, and he’s STEPHEN: Stephen Wright TOGETHER: And this is Media Minutes.