Business Week:
Here’s a staggering statistic: In the month of June alone, accounts worth over $1.7 billion changed advertising agencies. And that’s only among the six largest advertising agency holding companies. It doesn’t include any of the brands that shifted their accounts to thousands of independent agencies across America.
Why so much turnover? One reason is the diminishing tenure of the chief marketing officers who hire agencies - an average of less than two years, according to one recent study. But even in companies where the marketing staff is stable, the temptation to shop for a new agency can be strong.
Advertising is an exciting, visible business, and when another brand’s agency is making news, it can make their grass appear greener. Plus, it’s a business based on experience, confidence and trust. When trust breaks down, relationships end.
Whatever the reason for an agency switch, too many companies make their selection based on the wrong criteria. That causes heartache, inefficiency, and a significant amount of lost productivity.
I’d like to offer 10 guiding principles to follow the next time you’re looking for an advertising agency. Let’s start with the five things you shouldn’t do… continue reading.
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