Most US brand marketers are satisfied with their current marketing agency roster in areas like innovation, tech and media partnerships, digital strategy, and campaign execution, according to October 2020 research from Forrester Consulting, Google, and the American Association of Advertising Agencies (4A’s). But when it comes to value and cost, that’s where fewer respondents were satisfied—55% were happy with the value the agency provides, and 44% said they were comfortable with cost, prices, and fees.
Agencies are accustomed to regularly receiving and acting on feedback to improve the relationship and deliverables. In fact, May 2020 research from the World Federation of Advertisers found 35% of agency respondents received feedback from their clients on an annual basis. For 21% of those respondents, performance evaluations were an annual occurrence with a midyear “light touch” review, while 16% did quarterly feedback sessions and 14% had an ad hoc system in place.
The same survey found that 43% of agency respondents said it was a challenge to provide the client with “honest” feedback during these performance evaluations. Other top obstacles included irrelevant feedback, a lack of client leadership engagement, and no forward-looking action plan for after the evaluation.
“We try to be as transparent as we can, and we self-evaluate along the way,” said Stephanie Russell, chief client officer at Carat USA. “There should never be any surprises coming out in those audits. If a client were to come to us and ask for a full audit or say they are going to put the business out for review, our agency needs to know that we left nothing on the table, and that we brought our best and brightest to be the partners for this client.”