This study quickly describes seven traits that agency leaders should already have and follow but which may need to be turned up a notch or two in the face of political and economic changes and uncertainties:
- Be a leader
Our government leaders can’t give us a clear picture of the future or a way to follow. It makes everyone feel bad. When this happens, business leaders have an extra duty to fill the gap, give direction and encouragement, and help and encourage people to keep doing their best work in a calm and creative atmosphere.
Consider what other people think, but have faith in yourself.
As a boss, you need to focus on your skills and believe in what you’ve learned. Be sure of the way you’re going and why, and tell everyone in the business about it as often as possible.
Keep in mind that being a boss is a very unique thing. It would help if you didn’t try to be like other stars. Instead, you should know who you are and be yourself.
- Take care of the basics
Almost every business has peaks and valleys that repeat over time. During times of plenty and lack, losing track of the basics is easy. These things hold the agency together and allow workers to think and act outside their strict job titles.
Leaders must continue to put in the time needed to do the basics well:
Defining their purpose and values.
Setting a clear goal for the future.
Planning how to get there.
If you know the business’s strategic goals, you can ensure that your goals fit perfectly with that mission.
- Don’t let things like politicians and money get in your way.
Don’t let government and economic changes stop you from working with the best people in the world. Be open about your work, where your team is based, and how you get paid. For instance:
If the costs of your employees, contractors, and suppliers change, you might want to change your business plan.
Check to see if you can save money by being more efficient, maybe with the help of new tech systems and processes.
Could your clients pay a higher price to cover your higher costs?
Consider starting foreign bank accounts to make it easy for your clients to keep working with you similarly.
Consult a lawyer about foreign contracts.
The way agencies work has changed because of the economy, especially in the last two years. There has been a steady rise in the number of in-house agency teams, and smaller, independent agencies are using more flexible virtual models and hiring experts and resources only when needed. Clients and groups in charge of buying things are now much more open to these flexible frameworks than they used to be. Leaders need to look at the processes that make up virtual teams’ daily management to ensure they can keep getting work done.
- Stick to the facts (and take the time to get to know your clients)
Account managers and planners at agencies should be urged and given the power to learn more about their clients and spend time so that their clients don’t have to learn more about their clients’ problems, users, trends, and opportunities than they do. This needs the backing and guidance of agency leaders, especially if it costs the agency money and the economy is still determining what to expect.
In answer to reports, companies need to push themselves and their clients as far as they can to deal with facts, not opinions. Agency leaders should ensure that their businesses have a uniform research attitude, even if that means giving some of the money that would have gone to agency fees to external research partners.
Through research, comparing, and tracking success, the firm and its clients can show the value of marketing assets, which is especially important when funds are tight.
Agency leaders must push their teams to show why marketing is important and rethink how marketing projects and efforts are presented.
- Be open to working with other people
In the past few years, politics has changed towards nationalism, which goes against the changing wants and demands of foreign clients who buy marketing services from firms.
Clients increasingly depend on agencies to develop networks of experts and companies that can help them solve their marketing problems in the best way possible, from study and planning to production and implementation. They don’t need teams to be put together from a single agency or for old-fashioned fee contracts to pay for resources that aren’t being used.
Even though it may be hard, agencies need to move in the opposite way of popular leaders. They need to share information freely, break down the walls between businesses, think beyond their agency and the skills they already have, be honest with their clients, and not try to keep everything for themselves.
The smarter companies know that they will grow with their clients in the medium and long run if they do what is best for their clients, even if that means giving marketing budgets to third-party partners.
Marketing companies will be more successful in the future if they work together, make relationships, and bring the best people together for each job. And with every successful partnership, the firm, its partners, and the people who took part will gain new knowledge, skills, and views that will improve client relationships.
- Do the best job you can.
If you can ensure that your business is one of the best at what it does, you will protect it from many of the risks of a falling economy. Many agency owners and leaders will have to narrow their business’s scope and focus, doing more of what they do best and less of the rest.
As marketing funds get smaller, it can be tempting to turn your business oppositely, picking up and delivering whatever you can from any client. But if you go with this plan, it will change how your business looks and make it less appealing to customers and new possibilities.
When the economy is bad, agency leaders who can keep their cool and keep their confidence will do better and grow faster when the economy gets better. Aside from keeping a clear focus on their outward image, agency leaders must also ensure that their efforts to bring in new business are always aimed at the best clients for the agency. You have to describe the perfect client and prospect and try to ensure that these standards judge any new chances before you spend time and money replying to briefs and asking for further work.
The agency’s leaders should also be clear with new clients immediately. Set up the criteria and process that work best for you and will give the client the best ideas and solutions. Ask potential clients to sign up for that before they know if they want to work with you.
Always consider asking for a pitch fee, and explain why and what you will provide, such as research, insights, a strategy plan, or unique ideas. If the client agrees, they will have a stake in how your pitch turns out. If they don’t agree and you still decide to pitch, at least you’ll have shown them how involved the process is and how valuable the answers you’re making for them are.
- Keep it simple
In the economy, as it is now, all clients need more time. So, you need to spend time and agency resources to determine their jobs and situations’ complexity. But your team also needs to be sure of itself enough to explain the simple answer without trying to impress the clients with all the details.
Summary:
Many people working in the creative industry feel they need a voice on the world stage. Nationalism, staying in one’s area, and protecting one’s interests all work against the creative tide that promotes and benefits from the free sharing of ideas across countries. Business leaders may be angry about these problems behind closed doors, but they have to keep a positive and confident outlook on how to get past them.
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