The role of an ad agency is quite unique as compared to other industries. While they are all subject to the same business rules, the metrics of success & organizational dynamics are quite different. Agencies focus more on emotion & hence traditionally less data & process. But agencies also business ventures – so they must have some focus on commercials, to ensure a healthy P&L!
For the record, here’s a quick comparison of ad agencies vs other companies:
Driven by Passion
Ad agencies rightly run on passion, creativity, & campaign deliveries. To illustrate this, take a agency review meetings, which typically involves the following:
- Review performance of current campaigns.
- Motivate teams.
- Address & pending client approvals & escalations.
In contrast, review meetings for any other business revolves around:
- KPIs, sales, margins.
- Operations, Finance, Sales, HR.
- Priorities, Strategic Initiatives.
Managing Agency as a Business
While the benefits & need for a different approach is undeniable, the success parameters need not totally exclude finance, efficiency, & growth. For example, delays in key functions like billing which lead to financial inefficiency must be addressed asap. Equally important is tracking of growth & performance of SBUs & client servicing teams. Problems like the above lead to poor financial performance of ad agencies –
Here’re the associated risks:
- Slips in Commercial Control.
- Regular delays in Approvals.
- Delayed Billing – or worse, inaccurate billing.
- Clients may not notice these right away – but they do ultimately.
- Over a period, these gaps affect client trust & agency profitability.
Best of Both Worlds
Choose the best of both worlds with a dedicated workflow automation which brings all teams to the same page. This increases job status visibility, amplifies collaboration, and helps keep clients updated. Not to mention timely client billing & a live dashboard to track business performance.
Sync your AdOps with a Single System of Record
Just ask yourself: “How Many Excel Sheets Run My Agency?” If this number is more than 2 or 3 then you need a workflow automation which sync’s yor advertising play with your agency’s single system of record.
Schedule a quick look or detailed demo at your convenience.