In a marketing agency’s contract lifecycle, there are three main stages: agency evaluation and selection, relationship development, maintenance and agency review; followed by the termination or renewal of a contract. With this in mind, we discuss the opportunities that arise from monitoring your competitors and knowing when to step in.
Agency evaluation, selection
One of the most important stages of a contract’s lifecycle is its very beginning; the agency evaluation and selection process. This is why we emphasise the fact that your sales funnel needs to be supported by a strong and consistent marketing footprint, allowing this stage to be as successful as possible.
Relationship development, maintenance
Business to business environments are predicated on the development and nurturing of relationships. Consequently, this development process involves focusing on areas such as trust, reliability, integrity and transparency. It is therefore essential that you make sure that both you and the client are on the same page, effectively managing expectations.
Agency review
Success at this stage is largely determined by how successful have you been in the previous two stages and, depending on your performance, you could be on the either side of the coin – facing contract termination or renewal. However, poor performance might not necessarily see your contract terminated; the onus is on you to step in with your proposal and close the sale, this time working to better manage expectations, create contingencies and instil confidence in an otherwise sceptical client. If successful, the cycle starts again and, as a rule of thumb, you should be working to replicate your past successes and build on areas of improvement.
So, a marketing agency’s contract lifecycle is underpinned by a sales funnel of some kind. The more detailed and coherent this funnel is, the easier it is to pinpoint potential clients and leads, guiding them through the funnel toward conversion into new customers.
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