Cures For Poor Advertising Agency Profits
I work to provide cures for low advertising agency profits. That is my specialty. I do not get many calls from super successful, as in high-margin agencies unless they are very very hungry to expand. I LOVE those call from the relentless.
Here Is A Key Question
Within the range of the business questions that I use at the start of an agency business development assignment, there is one simple, but revealing question:
Why do you run your advertising, PR, digital agency?
This question generally yields a somewhat standard answer…
The marketing communications industry (advertising, digital marketing, PR) is fun.
No surprise here. Marketing hits many sweet spots including working with a wide array of clients and their issues (great for advertising people with ADHD); delivering marketing that drives sales is fulfilling; the daily use unique skills; being paid for creative thinking; working with fun people; it beats owning a dry cleaner shop. I don’t usually get told that people make a pant load of money. For most ad shops, those days are (unfortunately) over.
Super high-profit days are in the past due to the move to fee-based compensation; absurdly competitive price cutting; the art of giving services away for free; incessant cost-cutting; increasing workload; increasing advertising platforms; staffing issues; the commoditization of services; claiming the impossible to own “we are creative”; not zeroing in on the most important client need of all… business results.
OK, OK, Enough!
Elemental Cures To Grow Advertising Agency Profits
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