The first thing to say about the race is that it has become a very small field. In the last Year of the Horse race in 1990, the punters (clients) could choose from any of around 20 horses, and indeed a lot of them chose to back more than one horse to cover themselves.This time around there is only one handful of real thoroughbreds to choose from and the stakes are now a lot higher. So are the prizes. Few of the punters will be backing more than one entrant and all of them are now ignoring the remaining donkeys and cart-horses who still turn up for old time's sake.
Here are some tips:
- Start with the bloodlines and pedigree. Who owns them, who else works with them, are they well managed?
- What is their form? Are they consistent winners, can they demonstrate a consistent track record?
- Can they perform anywhere in the world? There is no point in backing an agency which can only perform in one or a few markets. The race is a global race and will be won by the most networked network.
- Have they grown their business so that they are really big enough to protect your interests in the increasingly aggressive race? Good big ones will beat good little ones.
- Are they clever? Can they find new and imaginative ways to beat the competition round the track by being smart as well as big and quick? For example do they provide you with real insights into your consumers and now best to connect with them. Do they research this for you?
- Are they structured in a way, which can give you broad advice, ranging from how to measure your ROI to how to get your brands into Hollywood?
Can they really advise on how to maximise the off-track opportunities, or are they just a 'one trick pony'?
- Are they well trained? They should have highly-tuned training programmes to make certain they are up to speed with all best practice.
- Can they work collaboratively and co-operatively in teams? In this fragmented market it is crucial that the media agency has a strong and positive relationship with all the agencies the clients use. Punters aren't interested in turf wars. Only results.
- Do they have the ability and range to access the full inventories of the media suppliers, across frontiers and across properties? Ask for evidence.
- Crucially, do they really understand accountability? Do they really understand that you, the punter, are making an investment rather than placing a bet?
So when you are in the paddock, and weighing the odds, ignore all fancy claims, study the evidence, choose your horse and invest wisely. And then enjoy the race.
