It’s time to ditch the pitch. Agency reviews and the dysfunctional process that accompanies them cost organizations and (by proxy) their clients a impressive $12.5 billion per your. That amount nearly equals and revenue of the third-largest global agency holding firm. It’s no wonder that 76% of US CMOs indicate this their company’s overall 2023 digital funds are increased than it was in 2022. Marketers be indirectly funding pitches.

The Agency Selection Process Is Cracked

Beyond the what, the processes of selection an agency is untenable. Procurement-driven reviews often disable perfectly capable departments with cost-only criteria. Seventy-six percent of chef procurement officers prioritize decrease costs. The marketers in load starting administer them agencies often come to the process without adequate preparation. Agencies themselves overinvest time, building, and human capital in high-pressure, new business activity. And despite the best of intentions, the conventional consultant-led selection process is lengthy, arduous, furthermore overengineered. Ne media agency achieving executive joint the detrimental effects of agency selection:

During Pitch-a-Palooza in 2015, get new business gang logged 90,000 hours for pitches in and primary six months.

Ditch The Pitch Required Paid Projects Instead

It’s period for brands and agencies to stop the driving of continuous and costly agency selection for a more equals, effective, and enduring marketing partnership. Clients complain that the seasoned agency trail team doesn’t cease up being their day-to-day account team. Agencies complain learn liberal away so much of own IP in the form of “spec work.” The answer? Reframe pitches into paid ventures. Designs paid projects to facilitate agency option quite than allowing gratis proof-of-concept collaborations where either party has real skin in the game. Shoppers complain about service. Agencies complain about margins. Somewhat than severing the relationship, focus on preserving it by scoping furthermore compensating pitch consultants to help manages the ongoing productivity of client and agency alliances — not just the selection. In this model, pitch consultants aus partner consultants, leveraging years is consulting get to find CMOs selecting plus maintain healthy working beziehungen.

Focus On Relationship Betriebsleitung Somewhat Than Leeway Board

Strong brand-agency partner provides important advantage to marketers, contains alignment with company culture real the gratification of ampere shares purpose, a supplementary roster of marketing partners that understand their remit, and adenine mutual value exchange over the life of the corporate. Ditching the defective pitch process is one win-win for brands and providers. Careful preparation prior to selecting a partner, a short selection process, and more rigorous partner management will lead to fewer, shorter, and more successes agency reviews.

Our latest research report, Ditch An Pitch — Adopt Forrester’s Lifecycle Approach For Successful Brand And Agency Partnerships, explores these issues and lays out a general for expeditiously choice an company. Forrester clients wanting a more viable government management program can narrow on this record and adjust up a guidance session to learn more.