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Advertising Agencies – Are they worth their Cost?
01/28/2009 Advertising agencies, because of their connections with different TV networks and radio stations, know how to negotiate lower media rates. Since ad agencies handle many accounts, they buy media time in bulk, and hence are given wholesale rates. When a company's independent marketing arm directly communicates with a radio or a TV station, it will be offered retail rates, which is far more expensive than wholesale rates. Although it is true that advertising agencies ask for additional percent commission on top of the services they provide, this commission is relatively cheap in comparison to the price difference of media time's retail and wholesale rates.
In addition to the connections, Ad agencies have wider access to private information database of different TV and radio stations. If a company's marketing arm will directly deal with media companies, it has to work double to gather information about program ratings and ad results, and compare results from one program to another, and from a media company to another media company. It has to always monitor the ads and ensure that they are aired on the day and program where they should be aired. It has to analyze ad results and determine if changes in airing ads are necessary. All of these definitely will take a very long time, and a high cost. People in ad agencies, given their specialization, use tried and tested methods to analyze implications and outcomes of advertisements.
Advertising agencies' services are packaged. They find out what a company wants to project, how its products and services are going to be sold to the public through promotion, how the public accepts its advertisements, and how these ads can maintain their image and significantly increase a company's sales targets. Aside from good media connections, they also have access to expensive and highly-specialized market research and monitoring services to find out how a company's rivals advertise themselves in the market, and then subsequently plan out and execute strategies to outdo their competitions advertisements.
Among advertising agencies, there are also differences. For example, one, ad agency may require a certain budget for its client base. This can range from a few thousand dollars to millions. Multinational ad agencies are usually flocked by big corporations, so they usually require a bigger budget. Small ad agencies are usually more friendly and approachable to small companies, though this does not mean services with low quality, as founders of small agencies are usually high-ranking officers of multinational agencies. Aside from this, ad agencies too have different degrees of experience and specialization on various forms of media and industry. Some agencies are best on TV ads, some on print ads, and some on radio ads, in as much some have expertise in the food industry, some in telecommunications, some in clothing and garments. So in picking an agency, it is important for a company to be discerning.
Businesses can definitely maximize their marketing force through hiring the services of advertising agencies. As explained above, ad agencies have stronger connections within the media industry which in turn makes it capable of offering lower costs in creating promotional projects. They are capable of fast and accurate ad results analysis and can provide cost-friendly extensive media researches that are actually very complicated, expensive and time-consuming. As of today, ad agencies remain to be a significant force that catalyzes competition and development of products, services, and businesses.