How To Hire An Agency

This summer, Morgan Stanley analysts announced that nearly $30 billion of advertising spending is currently up for review. As the Wall Street Journal put it, “that’s more money hanging in the balance than the amount under review during the last three years combined.”

If those numbers tell you anything, it’s that brands across the U.S aren’t happy with their agencies. Who could blame them? The fact is, very few agencies are capable of evolving fast enough to keep up with the industry. They’ve done little to cut costs and are unclear about how they arrive at their fees. What’s surprising isn’t that $30 billion is in review, but that it didn’t happen sooner.

In the midst of all this change, there’s been an influx of small agencies—boutique shops ready to grab at the work that larger agencies stand to lose. And from the brand perspective, those new, smaller agencies seem like they may be on to something. Often, they are less expensive and more agile. But with so many choices, it can be difficult to determine if an agency is the right fit, let alone if it will deliver on its promises.

So what should businesses consider before hiring an agency? How do you discern the good from the great?

Check out my latest article in Forbes to find out.