THE POWER OF TRANSPARENCY

Last week, I touched base on the #1 reason why projects go south: miscommunication. Today, I want to discuss another crucial factor that can make or break projects AND relationships: transparency.

In the past year, I've had hundreds of conversations with marketing managers, brand managers, and producers on the brand side — almost every single one of them mentioned that lack of transparency was one of the main reasons why they chose to (or wanted to) move away from their agency partners. According to a 2022 survey conducted by one of the major agencies:

• Only 56% of brands indicated that they truly had an open and transparent relationship with their agency (considering how surveys are being conducted, the real number is probably even lower, but let's give them the benefit of the doubt).
• Additionally, 80% specified that having an honest relationship is what they are looking for in their ideal partner.?

So, what are the 3 crucial steps brands can take to help partners/vendors establish honest, effective, and transparent relationships with them?

(1) CLEAR EXPECTATIONS

Many brands walk away dissatisfied because they and their vendors failed to openly discuss what success looks like for their project.

Here are a few examples of what a relationship like this can produce:

• Unmet Expectations:?When both parties haven't defined success, there's no clear understanding of what they are working towards here. For example, the brand may expect the video to generate a substantial increase in website traffic, while the vendor may have focused solely on producing an award-winning creative piece (happened too many times).
• Lack of Accountability:?Without agreed-upon success metrics, it's challenging to hold either party accountable for the project's outcome. This lack of accountability can result in finger-pointing if the project falls short of expectations.
• Strained Relationships:?Ongoing misalignment in success metrics can strain the relationship between the brand and the vendor. This can negatively impact current projects and future collaborations.

When a brand openly communicates its goals, expectations, and key performance indicators (KPIs), a vendor can tailor their approach to align with these objectives, ensuring a more successful and satisfying outcome for all parties involved.

Make sure to:

• communicate what you need exactly,
• understand what's being offered to you, and
• agree on how you measure success together.

(2) HONESTY ABOUT BUDGET LIMITATIONS

Let's be honest: nobody has an unlimited budget (even brands in Saudi Arabia). When you reach out to a vendor with a particular project idea, in most cases, you know pretty well what your budget limitations are. It's crucial to be able to openly discuss these limitations.

Here are a few examples of what a "no budget range" request will get you:

• Wasted Time:?Time will be wasted on both sides of the table — if the vendor doesn't know what they are working with, they will overestimate to ensure they accounted for all possible scenarios, which, in my experience, is rarely in anybody's budget range.
• Strained Relationship (again):?One of my fellow producers once told me that their client refused to share their budget range, so after seeing the estimate that the producer presented, the client shared that the estimate was 400x greater than what they expected. Oops!
• Not Getting What You Want:?The only clear path to getting what you want is to be clear about what that is. Nobody can give you what you want, if they don't know what that is.

By openly communicating budget limitations and expectations, you create an environment where partners/vendors can find cost-effective solutions that align with your project's objectives.

Make sure to:

• clearly state your budget constraints,
• be open to discussing potential trade-offs or creative solutions to make the most of your budget,
• understand the cost breakdown and what's included and not included in the proposed quote.

(3) TIMELINE TRANSPARENCY

Unrealistic schedule expectations are the most common reason why my team would turn down a project. If your vendor tells you there is a high probability that the suggested timeline will negatively affect your project, they are most likely looking out for your best interest. Timeline is a critical aspect of project management and can severely affect delivery within a certain budget with certain quality expectations.

Here are a few examples of what unrealistic schedule expectations bring to the table:

• Project Delays:?Unrealistic timelines often lead to project delays as teams rush to meet unattainable deadlines, overworking themselves, losing productivity, and, as a result, compromising quality.
• Budget Overages:?Rushed projects may require additional resources or overtime, resulting in unexpected budget overages.
• Unmet Expectations:?When schedules are unrealistic, project objectives may go unmet, leaving both the brand and the vendor dissatisfied with the outcome.

By being transparent about timelines, brands and partners/vendors can collaborate more effectively, resulting in projects that are delivered on time, on budget, and that meet expectations.

Make sure to:

• communicate any timeline challenges or constraints as early as possible,
• be open to discussing solutions or adjustments to the project schedule,
• prioritize timely decision-making and approvals to keep the project on track.

In conclusion, establishing honest and transparent relationships with your partners/vendors is essential for project success. Clear expectations, budget transparency, and timeline transparency are just a few of the key factors that can positively impact your collaborations. Remember that transparency isn't a one-time effort; it's an ongoing commitment that fosters trust, accountability, and smoother project execution. Embracing transparency can lead to stronger partnerships, more successful projects, and, ultimately, greater success for your brand.