Nearly two-thirds of leading U.S. advertisers are planning for agency reviews in 2017, per a report by Advertiser Perceptions as recently reported in Advertising Age:
An agency review is like being asked to reapply for your own job. It’s a demoralizing, labor intensive and stressful process that often leads to a lost client when other suitors show up with lower rates and shiny new promises.
Are you ready to defend your clients?
Are you positioned to win the new business that’s up for grabs?
A Battle Royale for Media Agencies
“Over $120 billion of media spend is going to be in review,” says Tom Denford in #MediaSnack Ep. 46: A great media agency pitch!
To put this in perspective, 2015 was alternatively known as Mediapalooza, Media Tsunami and Pitchmageddon because of the unprecedented $25-30 billion of media business changed hands, about half of that ($12-15 billion) in the United States. At $120 billion up for review, 2017’s Agency Battle Royale will be 10 times the size of the Mediapalooza of 2015.
How Much is $120 Billion?
With 64 percent of advertisers expected to put their media agencies under review in 2017 over $120 billion of media spend will be up for grabs. That’s a lot of money, but how much is pretty mind boggling.
Opportunity, Threat or Both?
This Battle Royale is both an opportunity and a threat for advertising agencies. The dynamic environment is a godsend for burgeoning advertising agencies looking to snap up new business. It’s the worst nightmare for agencies that have been running on cruise control.
Now is the time to make sure your suite of offerings is up to snuff. With advertisers poised to aggressively explore options, you need to be prepared to compete with all comers that are looking to seduce your clients.
Your Agency Operations – Advantage or Disadvantage?
A historic advantage that big media agencies have over smaller media agencies is the systems they have in place to manage their operations. When pitching new business, they’d tout their operational efficiencies and controls that optimize media budgets.
If you’re creating your media plans in Excel or using an old system that doesn’t handle digital advertising, you’re at a severe disadvantage when competing for new business and you risk losing your clients to more buttoned-up shops.
You can no longer afford sloppy systems and procedures in 2017.
How Can a Media Workflow System Help You Win the Battle Royale?
Advertisers want to do business with agencies that run like a well-oiled machine. They want transparency and efficient operations. Most of all, they want tangible results.
Can you deliver what advertisers want? Will prospective clients be impressed by your professionalism and diligence when you describe your systems and procedures? Can you show them your proprietary media workflow system?
Media workflow systems have a variety of benefits that are desirable to both advertisers and their agencies including:
- Improve advertising performance;
- Deliver consistent media plans and other documents;
- Eliminate errors, improve accuracy;
- Eliminate grunt work, increase productivity;
- Improve client service, faster service;
- Increase job satisfaction, retain talent;
- and much more.
Here are two examples of advertising agencies that have streamlined their media workflow systems in 2016 and are now reaping the benefits: James & Matthew and PSquared Digital. Bionic recognized both of these shops with Agencies of the Year Awards for their operational improvements.
How to Upgrade Your Media Operations
Media workflow systems used to be unattainable for smaller agencies. These systems used to be too expensive. They used to require hiring additional IT personnel to support and maintain these systems. The total cost of ownership put workflow software out of reach of a small shop.
That all changed with the advent of Bionic’s affordable, all-in-one software for media buying teams that includes media planning software, project management software, and performance monitoring software. With Bionic, professional media workflow systems are now within the reach of even the smallest agency.
Leapfrog The Big Agencies
Best of all, the latest wave of workflow software enables you to leapfrog even the biggest agencies. It’s more modern and up-to-date with the latest technologies for digital advertising. Those systems that used to be a big advantage for big agencies ten years ago are now a dusty anchor because they were not built for the needs of today’s agile marketer.
Now is the time to position yourself for growth. 2017 is shaping up to be a great year for those ready to win the Battle Royale for new business.
If you’re not yet using Bionic, why not check it out? You will find product information, view demos, pricing, here on our website. Bionic comes with a 60-day satisfaction guarantee when you sign up, so there’s no risk.
If you’re already using Bionic, please let us help you to get the most from the system. How can we help you win new business? Remember, you get unlimited training and support with your Bionic subscription. Need something important added or changed in the system? Let us know because we’re constantly upgrading the system to give you an advantage.