Brands and agencies are encouraged to abandon the traditional 'pitching' process by a recent Forrester report.
The agency pitching game is a jumbled, intricate mess, according to a brand-new report by Forrester Research. Fixing this mess calls for substantial changes from both brands and agencies, as suggested by the report's author, Forrester principal analyst Jay Pattisall.
These changes are economically advantageous and could potentially lead to happier partnerships. While this assertion comes from the analyst in the report, Forrester's 2022 Buyers' Journey Survey, tension between agencies and brands set the research in motion. The report sheds light on the grim reality of partner and vendor relationships, with a whopping 83% of global purchase influencers expressing dissatisfaction in one or more areas with a vendor they worked with.
To smoothen out the pitching process, it's essential to:
- Simplify and Tighten the Process: Brands need to set clear, standard requirements to eliminate confusion and ensure agencies grasp exactly what's sought. Streamlining communication, too, can reduce misunderstandings and delays.
- Strengthen Trust and Collaboration: Building trust happens through transparency and reliability in interactions. Delivering on promises and maintaining honest communication can help establish a partnership, not just a transactional relationship.
- Adopt Buyer-Centric Mindsets: Personalization is key when engaging with buyers. Data-driven insights enable tailored strategies, ensuring solutions meet buyer-defined criteria. Agencies can also act as trusted advisors, providing strategic insights to help buyers navigate complexities.
- Leverage Technology and Innovation: Utilizing AI and advanced analytics helps in understanding buyer needs and preferences better. This knowledge can help in precisely diagnosing buyer needs and making better decisions.
- Encourage Collaboration and Feedback: By establishing clear feedback mechanisms and engaging in regular check-ins and feedback sessions with both parties, continuous improvement and satisfaction can be ensured. Collaborating with tech companies can also strengthen agency partnerships and enhance customer experiences.
- Focus on Authenticity and Personal Connections: Building authentic, personal connections is vital for demonstrating an understanding of customer needs. Influencer marketing is a strategy that can help create more personal and authentic connections with audiences.
By incorporating these practices, brands and agencies can transform the agency pitching process, strengthen partnerships, and boost satisfaction levels.
The adoption of buyer-centric mindsets with personalization and tailored strategies can help agencies better cater to buyer needs, thereby improving both partnerships and satisfaction levels. Simultaneously, agencies should leverage technology and innovation, such as AI and advanced analytics, to gain insights into buyer preferences and make informed decisions.
