The discipline has seen movement from a commission based remuneration system to other commercial models, the introduction of online systems, brand and consumer globalization, the rise of holding companies, and most recently questions over the meaning of the term ‘agent’.
The industry is not what it used to be and continues to evolve.
Now the industry environment is more complex, challenging, dynamic, unstable, global, interrupted, diverse, and populated with both consumer and supplier participants whose roles have also changed and evolved.
However, some fundamentals of managing agencies still remain:
And some of the complexity resides in the mechanics and the business of achieving the above fundamentals. Clients want to trust their agencies and spend with confidence based on informed decisions and sound advice. Agencies want to be trusted and earn a fair return for their ideas and effort.
Some ideas to successfully manage agencies include:
Agency management can still be fun, exciting and a creative –but now we can add in dimensions such as fiscally responsible, commercially robust, analytical, data driven and tech savvy.