How to get the most from your agency relationships

McKinsey & Company released an article in February discussing the current client-agency environment and provided guidance on how to get the most from your agency relationships.

The authors cited the shift to digital technologies, the ‘always on’ consumer, the ever-expanding media ecosystem and questions surrounding media transparency as major forces are shaping a more complex environment than ever before.

They also refer to the challenges marketers now face in managing a broader set of agency relationships and finding ways to assess their performance.

McKinsey suggests that agencies are crucial partners in driving growth and navigating a complex and ever expanding environment. They propose 5 questions which need clear answers to optimize the relationship -

1. Do you have a clear view of the platforms you will need for future success, and are you clear on the implications for marketing mix?
2. Are you building an agency ecosystem and agile operating model that will cover this new mix without overlaps, redundancies, or gaps?
3. Are you measuring and incentivizing your agencies on the metrics that matter most to you?
4. Are you getting the transparency you need and the oversight you want?
5. And finally, are you doing everything you can to be a great client, providing the leadership and the flexibility needed for success?

Source: McKinsey.com