How to get the most from your monthly marketing retainer
While for a marketing agency securing a marketing retainer is often seen as a big win. From a client-side perspective, it can be a sure fire way lose that pro-active team of marketers that you signed up for. And here’s why…
These are bold claims but we realise that they are made out of experience. A significant number of new clients that we meet come to us sceptical, having been ‘burnt’ before. Often they’re leaving a marketing retainer agreement without having seen results, with no real understanding of what their marketing spend has paid for; out of pocket and anti-agency. That said, to give some balance, we’ve also been on the flip side, working with clients that give no input, time or enthusiasm into the marketing of their business… equally as frustrating.
And so, here we identify the pros & cons of a marketing retainer as well as providing our top four tips for getting the most from your monthly agency marketing spend.
A clear benefit of agreeing a monthly marketing spend is that you know where you stand in terms of forecasting & budget.
Activities and cover can be planned in advance. Consistency with marketing is often key, especially when creating content and managing social media platforms. This also allows your marketing agency to schedule ‘studio time’ for your account.
If you are engaged with an agency on a monthly basis you should be receiving regular reports to measure ROI / engagement etc. Data is at the foundation of what we do. Research, implement, evaluate, tweak and repeat.
The More the Merrier
With a marketing retainer, you can engage with an entire team of experts, all working away with the common goal to meet your marketing objectives. It’s much more effective to stick with what you are good and achieve real results, rather than expecting your marketing person to be a jack of all trades.
We hear time and time again of missed opportunities because the retained agency was blinkered to the retainer agreement. It is so important to set expectations at the beginning of any retained agreement. See our tips below.
The Dreaded Marketing Package
Each business is unique. So why do businesses insist on signing up to marketing packages? It really isn’t one size fits all. By buying packaged solutions you automatically limit your marketing effectiveness.
You Get What You Pay For
Very often businesses are cautious when agreeing a marketing spend. The phrase, champagne marketing on a lemonade budget wasn’t coined for no reason. We’ve been there as an agency wanting to secure an exciting new client, perhaps agreeing to a reduced spend to seal the deal. This never works for ANYONE.
CYNICS STEP ASIDE….. A MARKETING RETAINER CAN BE A BEAUTIFUL THING.
While the above con’s can be very real pitfalls (if you engage with the wrong agency) an agreed monthly marketing spend can be a beautiful thing. As such we have created a list to help clients get the most from their marketing retainer.
1. REGULAR CONTACT – VERBAL
It’s good to talk. Don’t allow your agency relationship descend into a trail of weary emails and unread reports. Pick up the phone, make it part of your agreement. Being remote doesn’t mean that you should be disconnected.
2. POWER TO THE PEOPLE
Make it clear that you want your marketing agency to identify opportunities, look for routes to growth and make suggestions. Some opportunities are too good to miss and are definitely worth increasing the budget.
3. YOU GET OUT WHAT YOU PUT IN
Unfortunately, your commitment to your marketing provision can’t begin & end with raising the PO. No one knows your business better than you do. Everyday news, insights and wins will pass your desk. Make sure you share these with your marketing agency as they may help to generate an angle/update/article with great benefit to your business.
4. READ THE REPORT
Make sure you read your report. If there is a particular way that you’d prefer to see the information then talk to your agency. Some like charts, some prefer cold hard text… Whatever floats your boat.
If you need effective marketing assistance across the board but don’t know where to start, The Typeface Group Monthly Marketing Manager service is the way forward. Contact the team now for more information.
Left to right. Polly design, strategy, business development, ideas Jude Copywriting, PR & social Rebecca project scheduling, account management & accounts Grace photography Shannon copywriting, SEO & social Megan print design & vlogging Natalie social, SEO, strategy, business development.
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