As an agency, we partner with clients with vast budget ranges. It’s not a unique situation – some organizations have more money to spend than others. A higher budget will allow more opportunities for projects to be executed and advertising space to be purchased, and this is a fact that will not change. But if you’re on a restricted budget, your agency partner should be able to offer ample guidance on how to make the most of it.
When partnering with your agency, there are some important things to remember to keep the work efficient while managing the budget:
Time is Money
- We’ve all heard this cliché at one point or another because it’s true. Agencies charge for their time when they service your business – each job function has an hourly rate. Therefore, there should be a reoccurring pulse check on the requests being sent over to your agency by members of your department. You may decide paying the agency to service certain requests is not worth the investment. Don’t hesitate to have this conversation with your agency partner – they just may agree!
Media Spend and Your ROI
- It’s important to evaluate where your media budget is going, because measuring metrics can save hours and reduce your overall spend. Your agency should be able to speak to media metrics and identify the key data on which to focus to provide their point of view on the ROI. It is important to remember that sometimes insight is not just about seeing if something works, but making sure the tactics (and your budget) are the most effective, allowing you to free up funds for other beneficial avenues.
- Nothing enables a successful partnership more than transparency. Sometimes discussing budget can be an awkward conversation – but it doesn’t have to be. In fact, the more transparent the conversation, the more knowledge both parties will have. When budget parameters are defined, it allows everyone to dedicate their effort toward strategies that are more likely to come to fruition. After all, an agency’s responsibility is to partner with you; at the end of the day, we here are to solve problems.
A tight budget can feel incredibly restricting. This isn’t always just a feeling; in many situations, it is simply the reality. By discussing the advice in the three sections above with your agency partners, your department can make navigating budget challenges much more productive.