There are important shifts that signal a brand will soon be shopping for new agencies on a permanent or per project basis, and the key is to strike at the earliest sign of opportunity.
But how do you know when the iron’s hot?
Predicting these timelines is part art, part science.
The new business insight team at Winmo’s prospecting publication, WinmoEdge, has an algorithm that monitors 17 variables known to impact agency shake ups and predict them with 80% accuracy. Click To TweetYou might not have time to monitor 17 variables, but let’s take a look at a few of the key triggers you should be weighting heavily when prioritizing your own new business outreach, plus real life examples with article briefings courtesy of Winmo.
Vulnerable Account Indicators
1. CMO Hires
I know, starting with the most obvious! If you’ve been targeting brands for new business for any length of time you know that an incoming CMO will likely review agency relationships within the first several months of their appointment. This is the variable our team gives the most weight when predicting reviews on the horizon. In the example below, the naming of a first-ever CMO raised Lime’s score up to an 81 (out of 100) on the Vulnerable Account Index, indicating a very high likelihood that new agencies would be hired, very soon.
Example: Lime (Winmo Vulnerability Score 81)
Electric scooter company Lime named Duke Stump its first-ever CMO, effective February. Previously the brand and community EVP at Lululemon, Stump brings additional marketing experience from companies including Nike and Seventh Generation.
Since newly-hired CMOs often review agencies, those with startup expertise should reach out sooner than later to get on Stump’s radar. Keep in mind that emerging companies typically look for outside PR work in order to build brand awareness before reviewing creative/media agencies. Lime will have to compete with others like Lyft, Spin, Bird and Uber.
Its target demographic consists highly of urban millennials and Gen-Z. The company recently launched a new scooter line specifically for NY. It’s currently rolling out a “Respect the Ride” campaign, which promotes scooter safety, that Stump wants to extend. Full article & contact details on Winmo.
2. Struggles
If a brand is under-performing or struggling to reach its target demographic, something has got to change. Whether they’re a public company who needs to show stockholders they’re getting it together, or a small brand who needs to adjust performance to stay afloat, a struggling brand is far more likely to reshuffle their agency lineup.
Example: Lagunitas Brewing Co. (Winmo Score 60)
Heineken subsidiary Lagunitas Brewing Co lost CMO Noelle Haley, now VP of marketing & growth at Equator Coffees & Teas, in January, so it is actively searching for her replacement. Spend went up in 2018, but should see decreases as Lagunitas looks to cut costs and combat its struggles. In that vein, expect ROI to become a bigger focus. Lagunitas relies heavily on social, digital and music marketing (experiential).
Once chosen, the new CMO will likely review agency relationships, so agency & martech providers with alcohol experience should reach out to lower level marketing personnel who can refer you. Lagunitas has been struggling to stay top-of-mind amid its vast competition (there are nearly 7,000 craft breweries), so it has been releasing more millennial-focused products (healthier and non-alcoholic) and that’s where you should focus pitches. Full Article & Contact Details on Winmo
3. Other Agency Hires
Agency hires tend to follow one another. A new media AOR appointment can be followed by a creative hire, a PR hire, digital appointment and more. If a brand is changing one piece of the puzzle, they’re more likely to shift the other pieces as well.
Example: Visit Breckenridge (Score 49)
Colorado’s Visit Breckenridge (VB) expanded its relationship with media AOR since 2016, Backbone Media, so Backbone will now also handle PR duties. The remit was not disclosed, but Backbone’s PR work usually includes strategy, editorial coverage, press releases, branded content, product placement, influencers, bloggers, event management, tradeshows and social.
Agency shifts typically follow one another, reach out sooner than later for potential creative work.
Tourism destinations are focusing more and more on millennial and Gen-Z audiences seeking adventure and authenticity. The company will also likely focus on promoting the town’s sustainability efforts.
Per its marketing plan, VB’s top markets include California, Arizona, Texas, Florida, Chicago, Kansas City… Full Article & Contact Details on Winmo.
4. Funding
Scouting out brands amidst funding rounds is another way to identify which marketers will soon be flush with cash to spend on advertising and marketing initiatives.
Example: FabFitFun (WinmoEdge Score 49)
Subscription box company FabFitFun raised $80 million in a Series A round led by Kleiner Perkins. It plans to use the money to expand and become a content platform. Launched in 2010, the company had only taken $6.5 million in funding until now.
FabFitFun is known for its lifestyle products, but also has magazines, live-stream Facebook video channels and a member forum to entice new customers and keep old customers engaged. It now boasts more than 1 million members.
The company’s target demographic largely consists of millennial and Gen-Z women. FabFitFun typically invests in TV, digital, experiential and social media. Recent partners include… Full Article & Contact Details on Winmo.
These are just a few indicators of pitch-worthiness, which you should view in tandem with smaller, subtle shifts to determine the likelihood an account will be receptive to outreach at the time in question.
Want someone to pick through the sea of changes for you? Winmo gives you a daily rundown of pitch-worthy accounts that should be on your agency’s radar, plus the decision-makers responsible for their budgets. Get a free trial of Winmo when you use this special Michael Gass exclusive link
Guest post written by Marilyn Mead, Sr Brand Marketing Director, Winmo.
