Admitting when a business deal isn’t right

You often see major brands putting their advertising and media accounts up for review. When this happens, it is not an easy time for anyone. There’s a lot of uncertainty, you may go into overdrive worrying about if a new partnership will work, or if you’re going to lose a long-standing account.

But reflection is vital and change can be good.

Every brand will have unique motivations for reviewing and taking agencies to pitch.

The key for agencies is to acknowledge those and try to address them.

A complex world

We are living in an increasingly digital world.

For the media, that means its world is a little more complex.

And it’s an exciting driver for change because digital is full of opportunities to deliver brilliant content within innovative platforms.

However, the initial rush to jump into digital with both feet saw early teething problems which led to brands losing a bit of confidence not only in digital tech, but in the agencies guiding them.

It is for this reason that brands ask: “Do we need to work with digital-specific agencies?

“Is my current agency innovative enough to move with the times?”

The answer is normally no, but I believe the appetite to unlock the potential of digital has driven many pitches as brands try to find the right partner for them.

Transparency

While transparency may not be the sole reason for a repitch, it is very much on the minds of advertisers and providing clarity head-on can be the difference between winning and losing.

It is our responsibility as agencies to continually improve the effectiveness and efficiency of our client’s budget and build, long, trustworthy and honest relationships.

These are often called out as vital characteristics of a winning agency.

There have been concerns around transparency, and it has had an impact on the ad industry, but positive steps have been taken by many to address this.

Tough times

We’re all battling through a tough economic environment, and brands are competing to attract and win consumers that are easier than ever to reach but are increasingly harder to engage with on a meaningful level.

All the while working within incredibly tight budgets with little room for manoeuvre.

Simply put, brands need to ensure they are being efficient with their media spend.

A good way to do that is to review. That’s not always a bad thing for agencies.

No matter the industry, to serve a client well, any business needs to understand and adapt to the pressures faced by clients.

In any pitch scenario, the partnership must be right for agency and brand.

You have to start the relationship off in the right way.

We are always honest with our clients, but we must also be honest with ourselves, too.

That means admitting when a business deal is not right.