If you’re looking to hire an ad or PR agency to pitchy your IP, the good news is it’s a buyer’s market, says James T. Berger, head of Evanston, IL-based James T. Berger/Market Strategies, and managing editor of The Wiglaf Journal. However, he adds, the old adage “buyer beware” has never been truer. “The economic downturn may prove a major opportunity to mid-size companies looking to change advertising agencies; mid-size companies seeking a new ad agency may find some of the biggest and best agencies in the nation lining up to bid on their business,” he writes.

However, he adds, “when times are tough, ad agencies, which have huge fixed costs, will often pitch business that is out of their ‘sweet spot’ because they desire the revenues and want to keep their creative and backroom staffs busy. In an effort to acquire these ‘sub-prime’ accounts, agencies will often bring in their top people to pitch this marginal business.” When top talent working on high-visibility accounts tell the erstwhile client how much the agency wants their business, these smaller accounts can easily become over-impressed, says Berger. “The thought of this big-time Madison or Michigan Avenue agency wanting to work for them can be quite enticing, but before you fall madly in love, ask some crucial questions,” including:

• Are these wonderful people soliciting my business actually going to be working on my account?
• What are the specific deliverables I can expect from this agency?
• How important is my account going to be to this agency?

In the selection process, be sure you are introduced to the specific individuals who will be handling your account, says Berger. Make sure the chemistry is right, and that their backgrounds and experience mesh with your expectations. “Take a close look at other accounts this prospective account team is working on,” he advises. “If the account team, for example, is also working on a major high-profile, high-budget account, won’t that high-profile account take precedence over your needs?” The key, he concludes, “is to find a compatible agency that truly values your business.”

Source: The Wiglaf Journal

Posted December 22nd, 2009 under Intellectual Property Marketing

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