As an agency, a great way to stand out -- but also one of the most nerve-wracking -- is to start taking chances and not be afraid to really rethink you clients' messaging.
While it can push both you and the client out of the comfort zone, with great risk can come great reward. In our post, you will discover:
- How a generic template pitch comes across
- The largest decision-making factors for an agency
- Why the outside perspective matters
- How you can become an agency with 50%+ win rate
One of the best things an agency can do for itself is commit time to producing a unique, thoughtful pitch for every potential client. Authenticity is one of the most desired traits for an agency to have. No in-house marketer wants to award an agency a project if the project doesn't feel important to the agency.
Thirty-six percent of agencies said that they're always re-thinking the client's entire strategy when developing a pitch. However, only 7% of marketers reported seeing this happen in all pitches.
In fact, a majority of marketers (59%) agreed that they really only see this happen some of the time. When an agency doesn't put effort into producing a fresh, authentic pitch, it comes across as little effort put towards researching the company of the marketing team.
In addition to producing new pitches that acknowledge the in-house marketer, understanding what's important to the in-house marketer is equally vital. Some agencies assume that their brand recognition is the largest decision-making factor for prospects. This is not the case. Brand recognition is much less important to Marketers. While 34% of Agencies said that they think one of the most common reasons they win a pitch is because their 'brand is recognized and respected in the market', only 15% of Marketers actually thought this played a role when selecting an agency partner.
This means there is another factor playing a role in the in-house marketer's decision-making process. In the study conducted by Vennli, it was found that in-house marketers are interested in high value for cost, which is something most agencies think is irrelevant to an in-house marketer. While only 13% of Agencies said that they are winning pitches because of the 'high value for cost' they project in their pitches, 42% of Marketers said that this plays an influential role when choosing an agency partner. In-house marketers are looking for a high-quality candidate who can actually show, measure and quantify the value that they are bringing - and may have the winning edge here even if they aren't projecting the lowest costs.
Value comes from positive results, and positive results do not appear from making the same choices over and over again. Change happens when an in-house marketer chooses to let someone outside of the organization to give a third-party perspective. This outside perspective is what leads an in-house marketer to search outside of the organization.
The type of insight that marketers are looking for cannot be found in pitch approaches that do not have flexibility. The pitch is not just about what the agency can do. It is also about what the prospect needs from the perspective of a professional outside of the company. An agency that takes chances and delivers new, insightful and differentiated ideas will be more likely to win the project.
Check out all the data from Vennli's full e-book.
While agencies with win rates above 50% and those with win rates below 40% reported that they are always rethinking the client's entire strategy, those with win rates above 50% were much more likely to report that doing this was 'extremely influential' in differentiating their pitch (41% vs. 23%). Agencies that reported innovative re-thinking of the client's strategy were much more successful than those who did not.
In "Five Ways to Differentiate your Agency Pitch", you can learn more about the differences in how both agencies and marketers perceive the pitch process. Marketers are looking for agencies who put the effort in to "know" them. Download the e-book and find out what you should know about in-house marketers.