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Agency Trends

Marketing & Advertising Trends 2024

Navigate through the current trends and challenges faced by agencies with our monthly highlighted chart from the COR Report. Discover an exclusive analysis of critical insights and industry benchmarks each month.



In your agency, how often can a budget be renegotiated with a client?

70% of respondents rarely renegotiate the budgets of their projects with the client.

A considerable percentage of respondents state that they occasionally renegotiate budgets. This highlights a potential area of improvement for many agencies that should leverage internal data to enhance negotiations.

Negotiating and renegotiating rates is an art in itself.

Having visibility of deviations with the client, that is, the difference between the actual hours spent and the hours budgeted at the beginning, provides a more reliable ground for negotiating fees.

Real data and access to information about the progress of each project, rework, and the status of each, generate greater transparency and trust with clients to negotiate fairer rates.

Concrete data about the time and resources spent on projects are essential for communicating to the client the value of the work performed, including time, creativity, and knowledge contributed.

 

Additionally, project management and the availability of dashboards for real-time visibility are crucial for identifying deviations and improving communication with clients. This includes visibility into deviations, deliverables, rework, and operational capacity, which are fundamental for the correct allocation and management of resources.

 

Agencies need to demonstrate to the client with concrete data the reasons for time deviations, thus leading to the renegotiation of fees. Thanks to the correct use of a project management tool, we can know this data.

 

Capacity planning and project tracking are key tools that only a few agencies use properly.

 

Visibility in processes with clients allows us to achieve fluid feedback, enables us to quickly detect deviations, or identify over-requests in a more agile manner, allowing us to address the issue in time, thus aligning the expectations and priorities of the project itself with delivery times. Having this visibility and having a tool where all this data and communication with the client can be centralized is key to a good client relationship.

 

Anticipating the post-mortem analysis of deviations and instances of renegotiation contextualized with concrete and timely data.

 

Transparency and strategic management can transform the relationship with clients and anticipate renegotiation needs, avoiding late conflicts.

 

Through meticulous tracking of time and demonstrating the tangible impact of resource management on project outcomes, agencies can instill confidence and foster long-term partnerships based on respect and mutual understanding, managing to negotiate fairer rates based on real and updated data.