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 -
- 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?
- Are you building an agency ecosystem and agile operating model that will cover this new mix without overlaps, redundancies, or gaps?
- Are you measuring and incentivizing your agencies on the metrics that matter most to you?
- Are you getting the transparency you need and the oversight you want?
- And finally, are you doing everything you can to be a great client, providing the leadership and the flexibility needed for success?