For B2B Brands and Their Agencies, It’s Time To Get Down To Business
So many things in the world are changing, literally as we speak. So why wouldn't the relationship between brands and their agencies change, too?
According to a study conducted by Forbes Insights and sponsored by Oracle Marketing Cloud, 60% of brand/agency executives say their roles and responsibilities have changed significantly over the past two years while another 48% of marketing executives say evolving brand and agency roles are making successful collaboration more difficult.
Mark Roberts, CMO of ShoreTel, says the shift in roles is noticeable. “Agency relationships have evolved dramatically over the last few years, primarily as they have explored how to become more strategic in the relationship and as marketing groups have struggled to keep up with the pace of change in technology.”
This Is Changing Everything
Data and analytics have changed the face of B2B marketing and the relationship between brands and agencies. But make no mistake about it. At the heart of these efforts is a drive to effectively gather and mine rich sources of customer data.
In fact, when asked to identify which area will see the greatest impact from more effective collaboration between brand and agency peers, the number one response among the survey respondents was capitalizing on customer data/analytics.
Kevin Koh, CEO of DDB Group Korea, says the coming together of all data is vital. “We are aware that a client will have their own data and their own opinions on what they believe will be best for their brand. But we will also have our own data. We need to collaborate together so that we can share the data and create campaigns and strategies that will create long-lasting impact.”
There is much work to be done though as 40% of respondents say their organizations don’t effectively use customer data to create new marketing programs. And almost as many— 38%—don’t effectively create and deliver timely content tailored to specific customer personas.
Tech of course plays a major role considering many of the marketing technology tools live on the B2B brand side—such as the marketing automation system with prospect contact information. The agency will likely need access to the results of marketing campaigns, either directly or indirectly, but that doesn’t mean they have to own and manage the tool.
There is a lot more to this story. Download Getting Down to Business B2B Brands & Agencies Working Together and learn how B2B brands and agencies are translating collaboration into engagement.