Do you hate the r word?
What is it? In general, many CMOs focus on a “retainer” as a line item expense. Rather than ask “What is your agency costing you?” a much healthier way to think about it is “What is your agency going to do for you this month?” It’s all about the value you are getting from your agency.
When was the last time your agency had an internal meeting on just your business, and how what they have at their disposal could make a difference? I’m referring to a visioning exercise where there are no handcuffs (sure you have to consider budget). Things like “they will never go for that because...” Your agency needs to take a strategic approach to your business. This is not a tactical, one-sided conversation, but a two-sided brainstorm powered by the exciting possibility of what you can achieve together. This is where the magic happens.
Don’t be afraid to have the tough conversation that will move you and your agency out of your comfort zone. Is your strategy based on a true assessment of the competition, knowledge of your target audience and most importantly customers’ feelings around your product or service offering? If you answered no to any of these questions, then I believe you are throwing good money after bad. Either in a retainer or in project fees.
Direct your agency to get focused. Get real. Get busy. We are approaching a new decade of growth and you’re going to need results-powered marketing to take it on.