It’s the Holy Grail.
Phoning someone just at the point they are reviewing or may be considering a new agency or indeed using an agency for the first time. If someone tells you that they can accurately predict this, take it with a pinch of salt or at least question their methodology or criteria. We know through our lead generation work that an agency review does not mean anything will change and also it may well be scheduled for a certain time, but day to day tasks will mean that any review gets bumped down the agenda.
The best way to make sure nothing is missed is to:
- Speak to and qualify your target audience
- Maintain steady and meaningful contact
- Use the knowledge gained during the process to help or find gaps in their current agency set up.
However, there are some key triggers that are worth thinking about outside of the process.
- Key marketing hires – any new marketing person with decision making power will probably want to review any agencies in the first 6-7 months of their hire. Hence you should be contacting them at the 2-3 month mark to get an idea of where they are and what they are planning. Also, don’t just restrict this to replacement hires or promotions. If a company has hired a CMO for the first time, that is a major trigger to make contact.
- Problems – If a brand is deemed to be under-performing, or they have a new brand extension/product that may have a different target demographic or require a different approach, there may be an opportunity. It is still a challenge for a company or someone with marketing responsibility to admit this, so being “in” with that company and building a relationship and possibly speaking to them about these issues well in advance may give you and your agency the edge.
- Other agency hires – one can follow another. If you see or read that a company has changed their media (or other) agency, they may be looking at a total revamp of suppliers. If a brand needs to change one piece of the puzzle, they may need to look at the wider picture.
- Funding – there are a few information sites that provide detail on funding and the stage any given company is at and what that funding is for. If it is predominantly to now start with marketing and sales activity, then they may well be looking for support. In this day and age, this is a key area to maintain a focus on. Yes, older, more established brands will have set budgets and have a marketing mind-set. However, there are so many up and coming brands and companies that could provide game-changing opportunities for your agency. We famously reference clients who refused to meet Fever Tree and Gü in their pre-well known days as they were deemed too small with no money.
The best way to identify agency reviews is by establishing a relationship and rapport with your target audience via the phone or face to face well in advance and you will hopefully be on the list of potential suppliers. However, it is also well worth tracking these indicators to do whatever you can to be in the mix for any opportunities a review provides.
Get in touch with Alchemis today, to see how we can help.