Welcome to the February edition of TrinityP3’s e-news
There is no denying the world, and business, and marketing feel more complex than ever before. More choices, more demands, less time and fewer resources. But the fact is complexity is part of modern life. Rather than fight it, or ignore it, the best strategy is to embrace it. Then you can start to identify the complexity that is wasting valuable time and money from the complexity that is simply an essential part of doing business.
By identifying the wasteful, non-productive complexity, you can then work on how to reduce or eliminate that complexity to earn back more of that time and money to invest in what makes you and your team and organisation more productive. Here are some observations, distinctions and strategies that can help.
How the hidden cost of complexity is eroding marketing effectiveness
The great hope for digital/social media was addressable advertising, with its lower creation and production costs coupled with higher advertising effectiveness. How could one argue with this formula, particularly while the consuming public was retreating from broadcast advertising? Unrecognised by digital/social enthusiasts, though, are the hidden costs of complexity, which today threaten to erode the marketing effectiveness of advertisers and agencies alike. Read more about it here
Find the ideal agency fee model for you
There are many different agency fee models. But what is the right agency fee model for you? Be it for a media agency, creative agency, a digital agency or more, the TrinityP3 Agency Fee Decision Tree will help you find the right model.
Increased complexity began when media-based commissions gave way to labour-based fees. Advertisers required agencies to submit new types of data: salary costs, overhead costs and profit margins. The new fee-setting system gave birth to procurement executives and their benchmarking consultants, whose joint objective was to analyse costs and then drive down agency fees.
The fee-setting process secured a permanent role for procurement, increased the amount of total time involved in fee negotiations, increased relationship mistrust and began the fateful power-shift that marks so many client-agency relationships today. Read more about this here
Take A Golden Minute
TrinityP3 consultants see hundreds of credentials pitches from agencies each year. Make sure your credentials pitch and agency story are market-fit.
Strategies for dealing with the increasing complexity of marketing
Today’s marketer not only has more channel choices than at any other time in history, but the number of channels is increasing every day. Plus they are often operating with effectively less budget, to deliver higher, more accountable performance, while a waterfall of data thunders down upon them.
No wonder we often feel overwhelmed. So let’s bring some context to this complexity here
Most in Demand for this Month
What have TrinityP3’s consultants been doing this month?
Undertaking a roster remuneration assessment for a national manufacturer
Completing an media agency performance and contractual assessment for a financial services marketer
Managing a tender process for a large New Zealand marketer
Aligning marketing capability and process to strategy for a tertiary education provider
Hosting another agency ‘town hall’, this time in Melbourne