What is Agency Search? What do Fortune 500 Companies do when they want to find an Agency?

Most consumers know how to buy a car, a pair of shoes or a restaurant meal

. We ask our friends, perform online research, go window shopping, "kick tires" or try it on for size.

We use the same method when we're looking for a mate. How many people marry a partner sight unseen?

But what happens when it's time to hire a PR or ad agency for a minimum of $75,000 a year? You might ask your friend for an introduction to the same PR, ad, or digital media agency that his or her company uses. Just as you wouldn't have chosen his wife as your mate, why would you opt for his personal taste in agencies?

Another option is to search the Web. You type in "PR firm" and get millions of results. Then you type in "PR firm" plus the name of the city where you'd like to hire an agency, and you get even more results. Then you add the type of PR agency you need consumer, corporate communications, hotel, tech, health care and you find thousands from which to choose from.

There are numerous databases on the Web that list PR agencies, advertising agencies, marketing and digital media agencies. Most of them are "pay to play" the agency pays to be listed with their Web sites and contact details. Then there are databases where one fills out a form indicating one's company's needs.

Once you read through all of the entries or fill in the forms, you compile your list. You make your calls or send emails clarifying whether the agency falls within your budget and setting up times for pitch calls. Then the proposal process. You narrow this down to one agency and the negotiation process begins. Expect to spend a minimum of 35-60 hours on this initial phase and keep in mind that agencies are in the business to inspire you to sign on the dotted line. What happens after that and who will actually be on your account is often ambiguous.

Have you ever wondered what the Fortune 500 do when they need an agency? They hire a professional agency matchmaker to wend their way through the "agency review" process to protect their interests. While very expensive -- $65,000-$135,000* -- and well past the budget that most companies can afford, this method provides the most effective, thorough and time-saving way to make what is a very costly decision.

There's now a personalized, no-fee PR agency matchmaker service performing the identical time-saving, personalized services as the expensive agency search firms. Instead of your company paying the bill, the agency that eventually wins your account will pay a commission to the matchmaker when the "marriage" takes place.

What is Agency Search? What do Fortune 500 Companies do when they want to find an Agency?

By: Weinberg Joan

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