Agency Management Institute and Audience Audit conducted an audience segmentation study to look at the attitudes and behaviors of CMOs in regard to agencies and their agency relationships.
This study focused on small to mid-sized agencies and their typical clients (marketing budgets of $1 million or less annually).
We presented the findings at the BOLO 2014 conference.
2. THE TEAM
State-of-the-art digital
research technologies
driving insights for market-led
products and services
Driving agency ROI
through management
training, consulting and
peer networks for small to
mid-sized agencies
Custom quantitative
attitudinal audience
segmentation research for
smart agencies and their
clients
5. LOOKING
FOR LOVE
“Agencies are the best resource for
strong marketing strategy.”
“We need agencies to provide an
unbiased outside opinion about our
needs.”
“It’s important to develop a long-term
relationship with an agency.”
“An agency is a critical partner
for business success.”
“I don’t expect my agency to know
everything, but I do expect they’ll know
where to find the best answers.”
6. PLAYING
THE FIELD
“Hiring an agency is a necessary
evil.”
“Youth and enthusiasm outweigh
age and experience.”
“It’s important to change agencies
periodically, even if they’re doing
a good job.”
“Our best option is to work with
individual experts in each of our
needed marketing disciplines.”
“Small agencies are more focused
on client needs.”
7. SINGLE AND
SATISFIED
“Our organization has a
clear marketing plan.”
“When it comes to marketing,
we know exactly what we want.”
“Agencies are a good source of
marketing ideas we can execute
on our own.”
8.
9. There is no difference between these
groups in
industry
maturity
size
or annual revenue.
11. FORGET BEING “AGENCY OF
RECORD”
have at least two agencies
% with at least two agencies
86%
75%
83% 81%
12. TARGET “LOOKING FOR LOVE”
They are by far
the most loyal
70% “disagree completely” that it’s
important to change agencies periodically,
even if they’re doing a good job
70%
7%
32%
13. …BUT BE AWARE…
• They are less likely to regularly
use social media, advertising,
analytics, SEO, research, etc.
• They are the least likely to have a
marketing staff
% with annual marketing budget
34%
under $10,000
12%
19%
• They spend the least - regardless of
revenue
15. TRY “PLAYING THE FIELD”
19
%
% with annual marketing budget
61
%
31
%
Under $500K
over $50,000
55
%
80
%
36
%
$500K-$1M
Revenue
63
%
91
% 85
%
Over $1M
Highest budgets
Prefer agencies vs. freelancers
16. • Many of them believe agencies
should be changed
periodically even if they’re doing
a good job
• They like specialists
…BUT…
• They are using analytics to
monitor your success
41% “agree completely” that it’s
important to change agencies periodically,
even if they’re doing a good job
1%
41%
12%
20. THAT DEPENDS.
Value a full range
of services
Value specialized
expertise
% rating a full range of marketing services
as extremely important
82%
42%
56%
24. CONVERSION AND INSIGHTS
% rating a huge challenge for their organization
44%
41%
39%
37%
37%
33%
30%
Converting prospects
Understanding which tactics make…
Generating new ideas
Identifying qualified leads
Analyzing success of marketing
Creating content
Understanding our target customers
25. FUNDING WITH SMALL BUDGETS
% rating a huge challenge for their organization
44%
41%
41%
39%
(Marketing budgets under $50K)
26%
24%
Funding marketing
Converting prospects
Coming up with new ideas
Understanding which tactics make…
Being strategic
Understanding our target customers
26. BIG BUDGETS, BIG CHALLENGES
53%
53%
47%
45%
42%
42%
% rating a huge challenge for their organization
31%
(Marketing budgets over $250K)
Analyzing success of marketing
Converting prospects
Identifying leads
Being strategic
Developing processes to streamline…
Understanding our target customers
Funding marketing
27. MORE QUESTIONS? MORE
ANSWERS!
Which tactics are most Popular?
What are the biggest challenges by segment?
Why don’t they have an agency?
How do they want to work with agencies?
What compensation Structure do they prefer?
How do they find agencies?
How do they choose agencies?
What should agencies Stop Doing?
28. FREE WEBINAR
for BOLO Attendees Only
Wednesday, November 19
1PM-3PM Eastern
Register at agencymanagementinstitute.com/bolo2014
29. Download the Report
agencymanagementinstitute.com/research2014
Susan Baier
@susanbaier
susan@audienceaudit.com
Drew McLellan
@drewmclellan
drew@agencymanagementinstitute.com