Today, media agencies are in high demand due to a highly demanding international business scenario. Monopoly is long dead. So, if you have to be visible, you need to rope in the right partners. All vendors are partners in your business in the true sense of the word. You and your media partner must think on the same lines. Most companies have smaller marketing teams in-house, and some only have sales.
The digital boom has led to outsourcing. There are so many facets that media companies handle today. You need to invest a lot in your company to get that same level of expertise. Media agencies have the right expertise to deal with changing norms. The terms media, advertising, PR, promotions are used interchangeably today, and it is likely so. You will find your specific media partners to be quite proficient in multi-tasking. However, there are more parameters that you need to bank on before finalizing one.
1. Check the Location
Most businesses look for location advantage today. If the media partner is near your business, you might feel more comfortable. If you choose one that is far away, in another state or outside city limits, it will add to transport costs. Moreover, you may suddenly hit upon an idea and want to discuss it out face-to-face. Making travel arrangements instantly is a huge hassle. Although you have the convenience of virtual meets today, meeting in person with your partners has several additional advantages. Furthermore, both you and your media vendor will be working at the same timings roughly. That is another advantage.
2. Rely on Technology
Today, the market is abuzz with technological activities. You can save on time with the best advertisement RFP today. Reading through hundreds of mail quotations is something that happened a decade back. If you are not fast today, your entire project or offering launch may get delayed. Most managements take sudden decisions to launch a new offering based on market conditions. Take, for example, the pandemic. When it hit the states all of a sudden, several companies started launching immunity-boosting products. It was sudden.
How do you think companies managed to do so? They took a quick decision with the help of the right automation. Now, you do not have to create spreadsheets with vendor names and parameters listed against No/Yes. You can do all of that and also export reports right away and choose the best media partner. Also check, what automation your media partner is using or if they still handle things manually.
3. Check Financial Position
If you and your media partner work on the same levels, you have to be compatible in every sense. Both of you should be in the same stable position. If you are a large MNC, a small media agency may not fulfill your demands. Moreover, if the marketing and promotional budgets do not match, the agency may not suit you.
If you are short on cash flow, there is no point in giving the job to a big media partner. It will eventually turn your cash flow negative. Returns come much later on. Your company may not even survive to see the day.
4. Check Experience in Your Niche
Before choosing your media vendor, you need to check their background and experience. Trust us, it matters quite a lot. Moreover, you should check if they have done some work in your niche. Some agencies take care of a certain portion of the media industry, while others are multifaceted. Check what you need.
Moreover, looking for a scalable option is the need of the hour. Today, you may just need help with promotions. However, you may need something else after a year, like digital branding.
Project your needs, and match them with the deliverable the agency can provide. It takes time to build trust and rapport. So, thinking about this feature early on can benefit both of you.
5. Scrutinize the Culture
When you hire a media agency, you hire their culture. Your chosen entity should have an air of collaboration surrounding daily jobs. Moreover, the team delegated to you should be communicative and proactive. Check their mission, vision, and goals. The right agency will have all of theirs listed on their website. You can think of the agency as an outsourced part of your company. View it as your extension. You will be interacting with them daily, and they will be representing your brand in the market. Think of the hire as a new employee. You will both need to prosper together.
You need to exercise caution while deciding on the media vendor. It is vital for your business growth and survival. One wrong decision can cause irreparable damages. Also, check to see if they can manage themselves before others.