16 Risks Small-to Mid-size Ad Agencies Can’t Afford to Take

risk ad agency newbusiness

“In times of change, learners inherit the Earth, while the learned find themselves beautifully equipped to deal with a world that no longer exists.

Eric Hoffer, American Social Writer

The only constant in advertising is change. To maintain success, you have to keep up. That isn’t easy. Especially with this revolutionary change we’re experiencing in communications.  I have devised my own personal continuing educational program that provides me with a focus to stay current. It’s a daily routine that provides me with the ability to survive, let alone succeed.

I have great respect for Tim Williams. He is the author of the book Take a Stand for Your Brand, an important read for every small-to mid-size agency principal. In a recent AdvertisingAge article he writes,

“As every informed agency executive knows, we’re at the nexus of the Great Recession and the Great Transformation of Marketing. In circumstances like these, a strategy of “just try harder” won’t take you very far.”

Tim shares 15 things your agency can’t afford to risk during these current times of change:

  1. A skill set built mostly around interruption instead of engagement.
  2. A digital department in place of a digital competency.
  3. Core competencies focused on “one to many” instead of “one to one.”
  4. Creating brand-to-consumer communications at the expense of consumer-to-consumer communications.
  5. Lack of analytics and tools to measure effectiveness.
  6. Production systems that are linear instead of organic.
  7. Developing media plans instead of channel plans.
  8. Placing media instead of creating media.
  9. Creating brand transactions instead of brand relationships.
  10. Focusing on “the big idea” instead of “big multichannel ideas.”
  11. Traditional production staff instead of “producers.”
  12. Expecting account executives to be both strategic leaders and project managers.
  13. Continuing to allocate client budgets to media instead of creative.
  14. A business strategy that attempts to support high-value offerings (strategy and ideation) as well as increasingly low-value offerings (basic production and execution).
  15. Selling hours worked instead of value created.

I would add a 16th risks that agencies can’t afford to take:

Beginning another year without a written new business strategy, that includes social media, to generate inbound leads.

Read the entire article, Agencies: 15 Risks You Can’t Afford Not to Take

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photo credit: epSos.de via photopin cc

About Michael Gass

Consultant | Trainer | Author | Speaker

Since 2007, he has been pioneering the use of social media, inbound and content marketing strategies specifically for agency new business.

He is the founder of Fuel Lines Business Development, LLC, a firm which provides business development training and consulting services to advertising, digital, media and PR agencies.

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