by Jim Elms, CEO, R-Stone & Christine Moore, Managing Partner, RAUS Global
Reinventing Agency Pitch Reviews: A Better Way Forward
Pitch reviews, a common practice in the marketing and advertising world, bear an eerie resemblance to the US healthcare system — they are broken. As businesses seek new agency partners to elevate their marketing efforts, the current pitch process has become increasingly cumbersome, costly, and time-consuming. Hours upon hours of effort are invested by both agencies and clients, leading to an overwhelming surplus of data and complex decision-making. It is evident that a new approach is needed to revolutionize agency search and evaluation.
The industry has produced a massive amount of content and opinion on this topic, yet very little has changed. We have taken a stab at highlighting the shortcomings of the existing system and explore a fresh perspective on managing, growing, and evaluating agency partnerships.
The Broken Agency Search Process
At its core, the agency search process is chaotic and inefficient. The industry thrives on an entire ecosystem designed to help brands find new agencies through pitch reviews. However, the question arises: who benefits most from this setup? Unfortunately, it is often the individuals running the reviews themselves. The existing business model has created a situation where valuable time, effort, and resources are expended without proportional gains for the brands seeking assistance.
Aligning Client Needs with Agency Capabilities
A pivotal element in reinventing pitch reviews is the role of a client advisor. A competent advisor should be able to comprehend the specific requirements of the client — understanding their industry, business goals, culture, and the speed at which they operate. This knowledge enables the advisor to shortlist a handful of agencies upfront that are genuinely capable of providing marketing solutions that supercharge the brand’s efforts. By eliminating unnecessary candidates from the get-go, this approach minimizes wasted effort on both sides.
The Curse of Cluttered Information
Information overload is a significant detriment to the pitch review process. Often, clients and agencies find themselves grappling with extensive spreadsheets filled with data, making the decision-making process slow and complicated. In such scenarios, the primary beneficiary of this excessive information is, again, the consultant. They might leverage this data to assert their indispensability, but it hampers the entire evaluation process.
Simplifying with Essential Questions
A skilled advisor should be adept at distilling the essence of the pitch into a concise set of essential questions. This approach streamlines the process, enabling clients to focus on what truly matters — finding the perfect agency partner. By avoiding superfluous queries and cutting to the core, the advisor can deliver more efficient results, saving time and effort for both parties.
The Need for Timely Decision-Making
A prolonged pitch timeline can be detrimental to both the client and agencies involved. Such a slow-moving process diverts valuable resources away from nurturing ideas that could contribute to the growth of their respective businesses. Instead, it fosters a climate of stagnation. To address this issue, it is imperative to align the pitch timetable with the normal pace of business. In fast-moving industries, a streamlined and agile timeline becomes necessary to keep up with the rapidly evolving market demands.
The Pursuit of a Better Way
The prevalent inefficiencies and frustrations surrounding pitch reviews call for a reimagining of the entire process. A fresh perspective is needed to pave the way for a more effective, productive, and mutually beneficial approach to managing, growing, and evaluating agency partnerships. This novel approach should involve:
Collaborative Partnership: Cultivate a collaborative atmosphere between clients and agencies, where both parties actively participate in brainstorming and ideation to unlock creative potential.
Clearly Defined Objectives: Establish clear and concise objectives from the outset, ensuring that the agency’s efforts align with the client’s vision and goals.
Agile Timelines: Tailor the pitch timetable to match the speed of business in the client’s industry, promoting efficiency and timely decision-making.
Holistic Evaluation: Implement a comprehensive evaluation process that goes beyond financials and reputation, delving into cultural fit, creative capabilities, and potential for long-term growth.
Post-Pitch Support: Offer support and guidance to the client and agency following the pitch, nurturing a successful partnership that continues to flourish.
Conclusion
The existing agency pitch review process is undeniably broken, burdened by excessive costs, time consumption, and inefficiencies. To redefine this system, a new approach is required — one that prioritizes simplicity, transparency, and mutual benefit. By embracing a client-centric, agile, and collaborative process, businesses can find agency partners that elevate their marketing efforts, propelling both parties towards greater success in the ever-evolving landscape of marketing and advertising.
