Many client marketers are wasting precious time, money and opportunities in the agency evaluation process by not knowing which agencies are truly delivering consistently strong service to customers. This startling fact was revealed by an Asia-wide study launched by Marketing Research, the research unit of Marketing Magazine, also part of Lighthouse Independent Media.
Client marketers often think of ‘big names’ when asked for the agency they are likely to work with. Such top-of-mind, spontaneous agency rankings, while being testimony to an agency’s visibility in the marketplace, aren’t always an accurate reflection of said agency’s performance for its existing clients. Jessica Li, director of Marketing Research said: “Client satisfaction is the true measure of an agency’s performance, and therefore key to an effective and profitable agency evaluation process.”
This and other findings were revealed by Marketing Research’s ‘2014 Agency Rankings & Strategy Toolkit’ report series, which represents the views of more than 1,200 client marketers in Asia. The series highlights key findings on clients’ marketing budgets, agency preferences, and satisfaction with current agencies. It also incorporates in-depth agency competitive analysis, splitting the marketing services landscape (creative, media planning/buying, press relations, event planning, direct marketing, and market research) into four quadrants, with very real implications for how agencies should approach marketing services in each of these distinct areas. More information about this report series can be found here.
Marketing Research’s proprietary Agency Performance Index (API) calculation tool is a meaningful indicator of agency performance. It balances out the ‘big agency’ bias from the spontaneous agency rankings by taking into account the agency-client relationship, and it removes clients’ misconceptions about an agency’s capabilities by considering the latter’s stated expertise. “The Agency Performance Index scores are shown alongside the spontaneous agency rankings in Marketing Research’s 2014 Agency Rankings & Strategy Toolkit report series, offering client marketers a deeper understanding of the nuances of the agency evaluation process, and lending extra insight to senior management in agencies for their strategy planning,” said Li.
The “Singapore 2014 Creative Agency Rankings & Strategy Toolkit” is the first in the “2014 Agency Rankings & Strategy Toolkit” series of reports, and is now available for purchase at USD495 at the Marketing Research Centre. The remaining reports in this series will be available for purchase at the Marketing Research Centre in Jul-Aug 2014. More information about this report series can be found here.