In the complex marketing and media world, collaboration is essential. Media agencies can be masters of collaboration. At the nexus of channel and content, they can facilitate the interactions between media owners, creative agencies, content providers and more. But find out if you media agency is up to the task 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 media agency collaboration. Media agencies are a fairly collaborative bunch, aren’t they Stephen? STEPHEN: Absolutely, Darren. With the separation of the media function from the creative agency late last century, media agencies found themselves working with a large number of different creative agencies over an even larger number of advertisers. DARREN: Plus, media agencies also work with a large number of media owners too. STEPHEN: Correct Darren. Media agencies find themselves central to a complex array of various groups and are required to navigate and manage the expectations of each. Primary is their client the advertiser. But there is also the huge array of media owners and vendors that they are dealing with, plus of course the creative agencies as I mentioned. DARREN: So, generally speaking, media agencies are very collaborative? STEPHEN: Well, let’s say the nature of their role means they must collaborate. And this need for collaboration is becoming even more important as they work with their clients on not just paid media, but owned, earned and shared too. This means that media agencies are now co-ordinating and collaborating with more companies than ever before. DARREN: P.O.E.S. Paid. Owned. Earned. Shared. You have mentioned that before Stephen. STEPHEN: Yes, because for the smart advertisers, they realise that achieving improved media value, and most importantly media value, requires them to think beyond paid media alone and think more holistically about all their media opportunities. But this requires a media agency partner that is not just competent at paid media but can collaborate to maximise the value of the paid, owned, earned and shared media as well. DARREN: Sounds like a challenge for both advertiser and agency. STEPHEN: Very true, Darren. Collaboration is not simply coordinating with all of these different groups, or even cooperating. It is about bringing all of the various parts of this media ecosystem to the table to identify and maximise the value of each. DARREN: So how can you tell if your media agency is good at collaborating, Stephen? STEPHEN: The truth is that while media agencies can be very good at coordinating all of the parts in media, the way to tell a high performing, collaborative, media agencies is their ability to provide leadership to the roster of various marketing and media partners working with the client. DARREN: You mean, someone to tell everyone what to do? STEPHEN: Quite the opposite, Darren. A media agency that shows true leadership, collaborates with all of these partners to bring forth and develop media opportunities for the client that literally money-can-not-buy. DARREN: Really? STEPHEN: Within the media value chain, there is significant unrealised value. And contrary to popular opinion, it is not the biggest spending client or agency, but the one that is able to collaborate and lead the various players to a solution that unlocks and delivers this value to their client. DARREN: Sounds impressive, Stephen. STEPHEN: It is, Darren. When you see this happen, it is truly impressive. And media agencies are uniquely positioned in the mix to make it happen. At that junction between content and channel. DARREN: So, how can advertisers make this happen, Stephen? STEPHEN: The first step, Darren, is evaluating how well your current media agency is working with your existing agency partners and the media. If they are already good at collaborating then it is simply matter of encouraging or incentivising them to create new, proactive opportunities. DARREN: And if not? STEPHEN: Well Darren, that is a bigger issue for another day. DARREN: Thank you Stephen. And if you want some money can’t buy value, make sure you subscribe to Media Minutes. A weekly snack on all things media. Until then. I’m Darren Woolley, and he’s STEPHEN: Stephen Wright TOGETHER: And this is Media Minutes.