Ignition Consulting Group Founder Tim Williams reveals how some North American agencies are transforming their approach to compensation using fixed, variable and dynamic price models. This presentation was shown at the IPA's Performance Adaptathon in London on 8th July 2014. Find out more at www.ipa.co.uk/adapt/performance and get involved in the conversation on Twitter #ipadapt.
How to deconstruct your agency's business model to better understand the value you deliver to clients and better position for firm to work for the types of clients you really want.
Continuous Professional Development - Key to Commercial Success in AdvertisingThe_IPA
A presentation by Andrew Pinkess of the IPA's Professional Development Group which outlines the evidence linking training and development to the growth of marketing and advertising agencies.
Pernod Ricard CMO Martin Riley on the future of effective partnerships from t...The_IPA
Martin Riley, Pernod Ricard CMO and President of The World Federation of Advertisers (WFA) looks at the future of effective partnerships from the client's side. He believes Creativity, Challenge, Connected (to business), Continuity and Culture key for clients with Communication, Creativity, Craft, Contribution (to business) and Committment key for agencies. This presentation was shown at the IPA's Performance Adaptathon on 8th July 2014 in London. Find out more on our website www.ipa.co.uk/adapt/performance and join in the conversation on Twitter using #ipadapt.
How to deconstruct your agency's business model to better understand the value you deliver to clients and better position for firm to work for the types of clients you really want.
Continuous Professional Development - Key to Commercial Success in AdvertisingThe_IPA
A presentation by Andrew Pinkess of the IPA's Professional Development Group which outlines the evidence linking training and development to the growth of marketing and advertising agencies.
Pernod Ricard CMO Martin Riley on the future of effective partnerships from t...The_IPA
Martin Riley, Pernod Ricard CMO and President of The World Federation of Advertisers (WFA) looks at the future of effective partnerships from the client's side. He believes Creativity, Challenge, Connected (to business), Continuity and Culture key for clients with Communication, Creativity, Craft, Contribution (to business) and Committment key for agencies. This presentation was shown at the IPA's Performance Adaptathon on 8th July 2014 in London. Find out more on our website www.ipa.co.uk/adapt/performance and join in the conversation on Twitter using #ipadapt.
The Future of the Client Agency Relationship - A presentation by Hall and Par...The_IPA
in 2015, the IPA commissioned research on the future of how agencies work with their clients. The findings were presented at the IPA Commercial Conference. They discuss the development of a shared agenda to rebuild trust and explore concepts around communications and customer experience.
An exploration of progressive pricing strategies for agencies and other professional service firms, presented by Tim Williams of Ignition Consulting Group.
New Agency Models Drive Collaboration : IAB KeynoteLindsey Slaby
The Next $50 Billion will come from media, ad tech & publishing being a part of the creative advertising idea. Learn about how Sunday Dinner inspires collaboration with partners through our process of Active Briefing.
The IPA hosted its Talent Adaptathon at Altitude in London on 7th October 2014 in association with Daniel Marks London. IPA President Ian Priest (International MD, Chime Communications) talked about winning the war for talent to wrap up his ADAPT agenda. Get involved by visiting the Hub www.ipa.co.uk/adapt/talent and on Twitter #ipadapt.
Pitch Deck
A pitch deck’s goal is to make an investor excited in you and your business. To do this you need to tell a compelling story in about 20-30 minutes.
Here is a good starting point for your pitch deck storyline
Fill in the details with your answers to the last section and talk the story out loud. You should iterate on the order and the content to get it flowing right. As a general rule, put your companies strengths higher up the order.
OPENING SLIDE
BUSINESS DESCRIPTION
PROBLEM
SOLUTION
MARKET SIZE
COMPETITIVE LANDSCAPE AND DIFFERENTIATION
SUSTAINABLE COMPETITIVE ADVANTAGE
TRACTION / STAGE OF DEVELOPMENT
BUSINESS MODEL AND MONETIZATION
MILESTONES AND INVESTMENT PROPOSITION
TEAM
CONCLUSION
IPA President Ian Priest strives for win-win performance in client/agency rel...The_IPA
IPA President Ian Priest introduces the fourth chapter of his ADAPT agenda with a look at how the industry can attain win-win performance in client/agency relationships by moving towards less time based and more value/risk-based remuneration models. This presentation was shown at the IPA's Performance Adaptathon in London on 8th JUly 2014. Find out more at www.ipa.co.uk/adapt/performance and join in the conversation on Twitter using #ipadapt.
All products and services have a Value Proposition set by the market place. What you offer to the market needs to be designed in order to exceed customer expectations. Learn more about this concept.
What impact does Customer Management have on Business PerformanceDoug Leather
We know intuitively that managing the customer portfolio well leads to improved business performance. This slide deck shares important insights into what makes customer management work and how to measure it. This is based on research done by QCi (the main players now with The Customer Framework Ltd) and although I put this deck together 6 years ago I was astounded as to how relevant the thinking still is. The sad reality is that Customer Management capability hasn't improved very much over the years (in the majority of cases, hence we are still subject to inconsistent and poor customer experience) yet it remains a topic that is spoken about and focussed upon by many organisations. The difference that I find today versus 7 or 8 years ago is that MORE people talk about customer management than previously, however I don't se much improvement in the understanding of what it involves or much improved capability in operationalizing customer centric business.(this is a generalised statement)
Business Development Obstacles PowerPoint Presentation Slides SlideTeam
Presenting this set of slides with name - Business Development Obstacles Powerpoint Presentation Slides. This PPT deck displays fourty slides with in depth research. Our topic oriented Business Development Obstacles Powerpoint Presentation Slides presentation deck is a helpful tool to plan, prepare, document and analyse the topic with a clear approach. We provide a ready to use deck with all sorts of relevant topics subtopics templates, charts and graphs, overviews, analysis templates. Outline all the important aspects without any hassle. It showcases of all kind of editable templates infographs for an inclusive and comprehensive Business Development Obstacles Powerpoint Presentation Slides presentation. Professionals, managers, individual and team involved in any company organization from any field can use them as per requirement.
The values we live by got us to this point. And we are naturally, completely, and utterly Bundl.
Find out more about our purpose, method, culture, and habits in our ‘This is Bundl’ book.
Building a Value Proposition; Your Strategy, Your Brand And Your BusinessChris Scafario
Creating a value proposition is a fundamental part of business strategy and every good strategy is based on a differentiated customer value proposition.
A value proposition is a promise of value to be delivered and a belief from the customer of value that will be experienced.
A value proposition can apply to an entire organization, or parts thereof, including: individual customer accounts, products and/or services.
Dr Max Blumberg: Harnessing the power of human capital for the digital ageThe_IPA
The IPA hosted its Talent Adaptathon at Altitude in London on 7th October 2014 in association with Daniel Marks London. Dr Max Blumberg (CEO Blumberg Partnership, Goldsmiths Research Fellow & CIPD Consultant) talked about harnessing the power of human capital for the digital age. Get involved by visiting the ADAPT Hub www.ipa.co.uk/adapt/talent and on Twitter #ipadapt.
This presentation shows how agencies and other professional services firms can deconstruct their current business model and put it back together in a more differentiating way.
Presentation by Rose Lewis, Investment Partner, Pembridge Partners at the Creative Pioneers Challenge Can-Start Optimiser Workshops on 5th November 2012 at the IPA.
The Future of the Client Agency Relationship - A presentation by Hall and Par...The_IPA
in 2015, the IPA commissioned research on the future of how agencies work with their clients. The findings were presented at the IPA Commercial Conference. They discuss the development of a shared agenda to rebuild trust and explore concepts around communications and customer experience.
An exploration of progressive pricing strategies for agencies and other professional service firms, presented by Tim Williams of Ignition Consulting Group.
New Agency Models Drive Collaboration : IAB KeynoteLindsey Slaby
The Next $50 Billion will come from media, ad tech & publishing being a part of the creative advertising idea. Learn about how Sunday Dinner inspires collaboration with partners through our process of Active Briefing.
The IPA hosted its Talent Adaptathon at Altitude in London on 7th October 2014 in association with Daniel Marks London. IPA President Ian Priest (International MD, Chime Communications) talked about winning the war for talent to wrap up his ADAPT agenda. Get involved by visiting the Hub www.ipa.co.uk/adapt/talent and on Twitter #ipadapt.
Pitch Deck
A pitch deck’s goal is to make an investor excited in you and your business. To do this you need to tell a compelling story in about 20-30 minutes.
Here is a good starting point for your pitch deck storyline
Fill in the details with your answers to the last section and talk the story out loud. You should iterate on the order and the content to get it flowing right. As a general rule, put your companies strengths higher up the order.
OPENING SLIDE
BUSINESS DESCRIPTION
PROBLEM
SOLUTION
MARKET SIZE
COMPETITIVE LANDSCAPE AND DIFFERENTIATION
SUSTAINABLE COMPETITIVE ADVANTAGE
TRACTION / STAGE OF DEVELOPMENT
BUSINESS MODEL AND MONETIZATION
MILESTONES AND INVESTMENT PROPOSITION
TEAM
CONCLUSION
IPA President Ian Priest strives for win-win performance in client/agency rel...The_IPA
IPA President Ian Priest introduces the fourth chapter of his ADAPT agenda with a look at how the industry can attain win-win performance in client/agency relationships by moving towards less time based and more value/risk-based remuneration models. This presentation was shown at the IPA's Performance Adaptathon in London on 8th JUly 2014. Find out more at www.ipa.co.uk/adapt/performance and join in the conversation on Twitter using #ipadapt.
All products and services have a Value Proposition set by the market place. What you offer to the market needs to be designed in order to exceed customer expectations. Learn more about this concept.
What impact does Customer Management have on Business PerformanceDoug Leather
We know intuitively that managing the customer portfolio well leads to improved business performance. This slide deck shares important insights into what makes customer management work and how to measure it. This is based on research done by QCi (the main players now with The Customer Framework Ltd) and although I put this deck together 6 years ago I was astounded as to how relevant the thinking still is. The sad reality is that Customer Management capability hasn't improved very much over the years (in the majority of cases, hence we are still subject to inconsistent and poor customer experience) yet it remains a topic that is spoken about and focussed upon by many organisations. The difference that I find today versus 7 or 8 years ago is that MORE people talk about customer management than previously, however I don't se much improvement in the understanding of what it involves or much improved capability in operationalizing customer centric business.(this is a generalised statement)
Business Development Obstacles PowerPoint Presentation Slides SlideTeam
Presenting this set of slides with name - Business Development Obstacles Powerpoint Presentation Slides. This PPT deck displays fourty slides with in depth research. Our topic oriented Business Development Obstacles Powerpoint Presentation Slides presentation deck is a helpful tool to plan, prepare, document and analyse the topic with a clear approach. We provide a ready to use deck with all sorts of relevant topics subtopics templates, charts and graphs, overviews, analysis templates. Outline all the important aspects without any hassle. It showcases of all kind of editable templates infographs for an inclusive and comprehensive Business Development Obstacles Powerpoint Presentation Slides presentation. Professionals, managers, individual and team involved in any company organization from any field can use them as per requirement.
The values we live by got us to this point. And we are naturally, completely, and utterly Bundl.
Find out more about our purpose, method, culture, and habits in our ‘This is Bundl’ book.
Building a Value Proposition; Your Strategy, Your Brand And Your BusinessChris Scafario
Creating a value proposition is a fundamental part of business strategy and every good strategy is based on a differentiated customer value proposition.
A value proposition is a promise of value to be delivered and a belief from the customer of value that will be experienced.
A value proposition can apply to an entire organization, or parts thereof, including: individual customer accounts, products and/or services.
Dr Max Blumberg: Harnessing the power of human capital for the digital ageThe_IPA
The IPA hosted its Talent Adaptathon at Altitude in London on 7th October 2014 in association with Daniel Marks London. Dr Max Blumberg (CEO Blumberg Partnership, Goldsmiths Research Fellow & CIPD Consultant) talked about harnessing the power of human capital for the digital age. Get involved by visiting the ADAPT Hub www.ipa.co.uk/adapt/talent and on Twitter #ipadapt.
This presentation shows how agencies and other professional services firms can deconstruct their current business model and put it back together in a more differentiating way.
Presentation by Rose Lewis, Investment Partner, Pembridge Partners at the Creative Pioneers Challenge Can-Start Optimiser Workshops on 5th November 2012 at the IPA.
Slides from the presentation given by Kate Cox, Managing Partner at Havas Media, at the IPA's Alliances Adaptathon on October 3rd 2013.
Drawing on effectiveness case data and primary agency/client research, Kate explores how higher order brand ideas offer potential for more integrated strategic planning and agency management and reward.
For more information on ADAPT visit http://www.ipa.co.uk/adapt.
Presentation given by Barry Clarke, chair of Wiki Solutions, at the IPA's Eff Festival - a one day conference challenging conventional thinking on the value of creativity.
Slides from the presentation given by Brainjuicer's John Kearon at the IPA's Alliances Adaptathon on October 3rd 2013.
For more information visit http://www.ipa.co.uk/adapt.
Slides from the presentation given by organisational dynamics consultant Julie Hay at the IPA's Alliances Adaptathon on October 3rd 2013.
Julie introduces a range of ideas, drawn from the world of psychotherapy but adapted for application in the workplace; including patterns of recognition and how these link to attitudes, relationship styles; contracting for co-operation and ending with a model for understanding our reactions to change.
For more information visit http://www.ipa.co.uk/adapt.
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#IPASocialWorks Social Media Measurement GuidesThe_IPA
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Ryan is the founder of SaaS Management Group, a leading growth marketing and analytics consultancy who has founded a number of startups and was a pioneer in viral marketing and landing-page testing and optimization.
In his talk, he wants to teach you how create effective tracking links using explicit UTM parameters instead of Google Auto-Tagging and what you should look out for if you are running Twitter, Facebook, and Google advertising campaigns when calculating an accurate COA.
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- Best practices for creating different types of links with UTM parameters
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- How to build reports to understand attribution and allocate cost data
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Big Data and Analytics: The IBM PerspectiveThe_IPA
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Presentation given by planning and research consultant Nick Southgate at the IPA's Eff Festival - a one day conference challenging conventional thinking on the value of creativity.
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Editable Toolkit to help you reuse our content: 700 Powerpoint slides | 35 Excel sheets | 84 minutes of Video training
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Tim Williams on how North American agencies are transforming their approach to compensation
1. HOW SOME NORTH AMERICAN AGENCIES
ARE TRANSFORMING THEIR APPROACH
TO COMPENSATION
Presented by Tim Williams
ignition consulting group
www.ignitiongroup.com
twilliams@ignitiongroup.com
@TimWilliamsICG
2. CLIENT: I want to hire you for your expertise and your ability to create and
execute transformational business ideas for my company.
AGENCY: Excellent, we are ideal for that challenge.
CLIENT: Yes, but before I hire you I have a few important questions.
AGENCY: Okay, shoot. What do you mean?
CLIENT: What will you charge me?
AGENCY: $1 million dollars for our ability to work with your organization to create the
idea, and then if we move it forward another million because truly transformational
business ideas are valuable and in limited supply.
CLIENT: Why $1 million?
AGENCY: What do you mean?
Jason DeLand
Partner, Anomaly
3. CLIENT: Well if I understand how you arrived at it, then I can negotiate it down.
AGENCY: But I don’t want you to negotiate it down. That is money out of my pocket.
CLIENT: Yes, but it’s a privilege to work on my brand and you’ll get lots more
business from it.
AGENCY: I will? Can you guarantee that?
CLIENT: No. But I still need to know how you got to your price.
AGENCY: Well, OK...I looked at the size and scope of the opportunity and considered the
value of us addressing it for you and calculated a price that I am willing to do it for. A price
that I believe to be competitive in the market and a price that affords me the peace of mind
that I can make a bit of money.
CLIENT: Oh, but I need more than that. I need to know who will do the work... and the
amount of time it takes for them to do it.
AGENCY: The team I said will do the work...and it will take as long as it takes until we have
an outcome that everyone is happy with.
CLIENT: Yes...but what if just one person cracks it in one day...and you then execute
it with a small team in three weeks – that is not worth a million dollars.
AGENCY: You’re 100% correct. It’s worth more.... If that happens, we will double it!
4. Three basic value pricing approaches
① A fixed price based on perceived value.
② A variable price based on outcomes.
③ A dynamic price based on usage.
5. 1. A fixed price based on perceived value
What is the customer
willing to pay?
11. Three basic value pricing approaches
① A fixed price based on perceived value.
② A variable price based on outcomes.
③ A dynamic price based on usage.
12. How can we get paid in a
way that aligns the
economic incentives of our
two companies?
2. A variable price based on outcomes
26. Three basic value pricing approaches
① A fixed price based on perceived value.
② A variable price based on outcomes.
③ A dynamic price based on usage.
27. 3. A dynamic price based on usage.
How can we get paid
for the use of this idea
rather than just
the production?
28. “Advertising is not a service
business. We’re a product
business, like publishing and other
businesses that deal with
intellectual property.”
Jeff Hicks
Vice Chairman, Crispin Porter + Bogusky
If you analyze the value propositions of most professional service firms, you’ll find they are based mostly on widely available overdeveloped services; they are placing themselves on the wrong side of the value chain. By focusing on the underdeveloped services in your industry – largely unsatisfied client needs -- you are in effect positioning the brand not just for where the profits are, but for where the profits will be.
If you analyze the value propositions of most professional service firms, you’ll find they are based mostly on widely available overdeveloped services; they are placing themselves on the wrong side of the value chain. By focusing on the underdeveloped services in your industry – largely unsatisfied client needs -- you are in effect positioning the brand not just for where the profits are, but for where the profits will be.
*In order to change what we care about, we must change what we measure.
*If we measure just what’s easy, we’ll maximize what’s easy.
Chicago-based B2B agency 5MetaCom trades the hourly rate concept for a fixed price approach. In other words, instead of charging for time spent, they charge for services delivered. What’s the rule of thumb in setting a fixed price? This may sound simplistic, but the answer is “whatever the market will bear.” When a restaurant puts “market price” for an item on a menu, this is essentially what they’re doing.
One progressive firm makes this a common practice by serving up options that have different names, different metrics of success, and of course different prices. This is an effective approach because, once again, it shifts the discussion away from “How much time will this take?” to “Which of these options would work best for you.”
And by the way, according to the principles of pricing psychology, guess which option clients will pick 87% of the time? That’s right, the middle one!
*In order to change what we care about, we must change what we measure.
*If we measure just what’s easy, we’ll maximize what’s easy.
*For major food clients like Heinz and Del Monte, Pittsburgh-based Smith Brothers has outcome-based performance agreements that have resulted in 30% profit margins for this agency, even during the recession.
“Today, half of Mediabrands agencies are on pay-for-performance contracts, which tie compensation to business results.” (Adweek January 20, 2014)
At the media agency Universal McCann, half of the firm’s clients are engaged in some form of compensation arrangement where between 25% and 75% each media buying contract is earned through outcome-based compensation.
P&G has long believed in paying its agencies based on marketplace value instead of internal costs, their highly effective Brand Agency Leader model is based on writing one check to one lead agency, who then hires and pays other specialist agencies.
*The check that P&G writes isn’t based on labor hours or hourly rates; P&G doesn’t believe they’re buying time. Instead, it’s based on outcomes.
On many major brands, Kimberly-Clark now pays multiple agencies based on shared KPIs, which ensures collaboration and alignment of economic incentives.
In addition to simple metrics like the ones just shown, you can also select and weight several key metrics …
* … as in this example for a global bank, which pays its agency based on a combination of business, marketing, and customer measurements.
A firm representing a major bluetooth headset brand is compensated based on a royalty on sales.
The agency for a major luxury car brand earns $50 for every car sold in North America.
The agency for a major liquor brand receives $2 for every case sold in the U.S.
Vancouver-based Rethink, an agency with a reputation for innovation, does this with their “Rethink Rebate,” which they’ve had in place for well over a decade now.
*In order to change what we care about, we must change what we measure.
*If we measure just what’s easy, we’ll maximize what’s easy.
Crispin’s Jeff Hicks once said (READ)
Southern California’s Palio+Ignite creates their own infotainment properties, such as a video game to help kids with juvenile diabetes learn how to use their insulin pump. The agency owns the IP and licenses it to their pharma clients.
Healthcare specialist CMI created a proprietary database platform called “By Doctor” that is the agency’s property, licensed to clients.
Rockfish – one of Advertising Age’s “Small Agencies of the Year” created their own product called Coupon Factory, which allows marketers to create their own digital coupons.
An agency I know in the midwest charges its mostly B2B clients not by the hour, but per qualified lead. Pretty smart.
In California an agency that does a lot of work building e-commerce websites charges not by the hour, but rather asks for a percent of first-year sales.
Here’s what I mean. Think for a moment about your the way you personally invest your money -- your financial portfolio. If you have a good financial advisor, your portfolio is diversified; it balances risk against reward, and has a number of different levels of risk built into it.
The agencies that are innovating when it comes to compensation bring a similar philosophy to their compensation portfolio. *Some agreements are low-risk low-reward, *some are medium-risk, medium-reward, and *some are high-risk high-reward. But overall -- just like a good personal financial portfolio -- the return is higher than if it were just a single way of getting paid. I can tell you that the agencies who approach their compensation agreements in a diversified way earn much higher margins than the industry average.