This 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, search and selection and relationship optimisation.
I was talking with an agency CEO who is going through an audit with a client, with the audit being undertaken by a procurement contractor known for getting paid a percentage of the savings they deliver.
I recounted to him the origins of benchmarking. How surveyors would ‘benchmark’ the height above sea level on a substantial building in the village or town to use as a reference point to measure the height of other structures in the area.
The point is they did not knock down any of the other buildings to the benchmark level or build up any low-lying building to the benchmark height. No, they simply used the benchmark to assess those building that were lower and those that were higher and by how much.
After all, who wants to live in a village were every building is exactly the same height?
This is a guest post by Nick Hand, Senior Consultant at TrinityP3. Nick has over 15 years experience in ad agency finance and operations. His expertise and knowledge covers large multi-national operations to the boutique creative shops.
My mother used to say that “trust is earned, not given”. Which is just like money – most of the time at least. And what we find in an agency-client relationship, wherever money is being lost or even whenever there is the perception of money being lost, trust spirals down the plughole at more than twice the speed.
Here are the five most common errors we come across when we’re looking at agency remuneration deals. Whilst they’re nearly always unintentional, they tend to do the most to destroy trust. Fortunately, they’re easy fixes…
In our experience, many people are too busy focusing on the primary task of selecting the right agency, that they miss the larger strategic opportunity to engage and align their internal stakeholders during the process.
One of the great failings of marketing and marketers is the way they communicate and engage with other stakeholders within an organisation. Yet selecting a new agency partner is a high profile opportunity to encourage engagement and alignment with these important internal stakeholders.