Not every company needs a third-party firm to support its public relations and marketing initiatives. However, many companies do hire external agencies to support their initiatives. Often they are looking for a specialty in a particular area of interest (such as media and analyst relations) or an understanding and knowledge of a particular sector (such as IT, automotive, healthcare, etc.). Sometimes they’re looking to augment already strapped teams with capabilities to tackle and implement solutions quickly. Yet another reason is to be sure they have insider knowledge and access to leadership that can provide strategic guidance for their companies, brands and messages. Of course, there are many more reasons to work with a third-party agency. Before you do so, here are three “must-do’s” when you are evaluating a third-party partner solution.
First, you must do your research. When evaluating a third-party firm, make sure you aren’t hiring the same firm your competitors use. While many companies have different account teams, the systems and back-office structure typically are the same. Furthermore, any executive team would do the same. So providing them with your strategies and initiatives may be providing the same to your competitors — without your approval. This leaves you at a competitive disadvantage and could hinder your company’s overall strategic vision.
Further, if you’re like all the other companies your agency is representing, then there’s a chance your message will be diluted. A key reason to work with a firm is to amplify your unique message and story to stand out from the crowd. When your company is just like another, I promise you that the market will be confused, and all companies that appear the same will be equally diluted, hindering a fair share of voice for any one company.
How can you address this? Ask for a competitive release or insights on who else the firm works with to protect your company’s strategic initiatives and ensure they are only for the use of your company and not others. Build a noncompetitive idea clause in your agreement to protect the intellectual rights of your ideas and the ones presented to you. This way, if you see the firm using them, you have the ability to take legal action and protect your company’s market position.
Second, get competitive bids. Marketing agencies are notorious for aggressive outreach. They have to be. Their systems and infrastructure are expensive, so the more clients they have, the better their cost structure will be. Furthermore, many firms have a financial structure that requires teams to do business development or manage a particular amount of revenue. So they’re after the dollars as much as the logos.
If you’ve done your research and know the firm isn’t working with your competitors, you also need to understand their services, fees and capabilities. The best way to be sure you have the best plan and team in place is to get competitive bids. The internet is chock-full of resources to help you find the competitors to reach out to — look at Owler, and run Google searches for the keywords associated with your business and marketing agency or public relations firm so that you have the optimal chance to choose the right firm.
When looking at Owler and running Google searches, see what other companies are compared. Read their descriptions, and leverage the keywords they use to describe businesses. Evaluate the alignment, and leverage what they are using to differentiate your company to expand reach to your target market.
We work with a variety of companies spanning from startups to multibillion-dollar public entities, from website projects to strategic consulting to design, video production and more. Most of our clients require at least three competing proposals to ensure they have the information necessary to make a decision. This is certainly a best practice across industries and job functions and should not be overlooked in a marketing and PR agency search as well.
Third, never just look at one unsolicited offer for services without following these two steps. I promise you will be better, smarter and more energized in your role because of it. I also promise that your company will appreciate the hard work and careful thought you took to solve the problem and implement a solution where everyone wins (you, the company and, of course, your agency selected).
Being a good corporate citizen doesn’t start with a relationship; it starts with due diligence and smarts. These three simple steps serve that up for you easily and arm you with the best chances for success.
