They are unsure of how to use all of the new digital marketing tools now available to them and many are simply overwhelmed by the enormity of the marketing task ahead of them.
CMO’s know they have a limited life span, so they are desperate for an agency that can do something to help them grow the company’s business and make them a hero to their management. And the best way to do that is with new ideas and new insights about their customer or their category.
In a 2011 study published by RSW/US titled A Client's Look Ahead at Agencies, 77% of respondents cited "understanding of your market", 63% “understanding your company direction”, and 60% “offering something fresh & new” as critical factors in their agency selection. The quality of the creative product is still important (72%), but if you don't understand the client's business and offer new insights, then the greatest creative in the world won't win the account.
A few years ago, I spoke with Stan Richards, founder of The Richards Group, on what he considered the key ingredient in a new business pitch. Without hesitation, he replied that the ability to give the prospective client a new insight on their company or category was the key factor in winning new business. His business development team worked hard to find that insight, and then spent the majority of their presentation supporting that insight and its potential to grow the client's business.
In today's challenging marketplace, I would add the ability to help a client expand their marketing efforts into new digital frontiers is also a key factor in choosing one agency over another.
Clients are not saying to their agencies, "How can you help us make ads or a new web site?" They're saying, "how much do you understand about our business in order to help us build a bridge between our brand and our customers."
