A new report by marketing management and pitch consultancy TrinityP3 reveals how many marketers and their procurement teams are asking too much from agencies in their pitches, or are overwriting pitch lists and process requirements when getting agencies to sign on. This highlights how we are casting too wide a net. For new business.
In the first 'The State of the Pitch' report, Australia's leading pitch consultancy Trinity P3 surveyed research organizations over six months, surveying opinions across 77 pitches across markets covering 28 industry categories, and representing them. Store commissions range from $50,000 to $10 million, representing a sample below. During the event, half of the pitches will cross Australia and New Zealand.
Darren Woolley, CEO of TrinityP3, said: “What stood out to us as we conducted this first State of the Pitch survey was that many marketers are working hard to find the right agency. That's it. “It doesn't have to be that way, but it shouldn't be that way. We've had agencies reporting lists of agency proposals ranging from 3 companies up to 45 companies. Currently, some clients have a public bidding requirement. However, a process involving so many agencies requires a fast and robust process to refine the list in the best interest of everyone's time and effort.”
When asked to score the 77 pitches included in the study, the average score was 3.13 out of 5.
Lydia Feely, general manager of TrinityP3, commented: She said: “A score of 3.13 out of 5 isn't a complete failure, but it also highlights the huge room for improvement in our industry when it comes to pitching.
“We've noticed a huge difference in how agencies score the process depending on whether marketing, procurement or external consultants are running the pitch. Sadly, too often In cases where agents reported a lack of “table stakes”. This is the minimum requirement to ensure that your client's marketing business has a clear and streamlined process that you know you can follow and keep everyone involved informed. Be respected. ”
The TrinityP3 report notes that less than 15% of pitches surveyed in the Australian market are run by consultants. In an environment where marketing teams and their sourcing teams often market themselves, there is a need for strong industry-wide guidelines with greater options to assist marketers and brands when considering how to choose an agency. We recommend sex.
“The problem is that too many marketers apply a one-size-fits-all approach. How you choose an agency for a $50,000 project brief should be very different than for a $10 million retainer account. ,” Feeley said. “The problem is that some marketers are signed up for, or are forced into, the same procurement process, regardless of account size or scope of work. This is good for agencies and marketers. Instead, you'll just be wasting everyone's time, money, and effort.
“As an industry, this is a problem we can all solve together. If we look at things like the UK Pitch Positive Pledge, this is an example of what we can do to achieve better outcomes. is.”
The report also looked at which industries are selling the most, with banking, finance and insurance being the most popular category, followed by education, tourism, retail and food and beverage. Local pitches accounted for more than 60% of those surveyed, regional pitches accounted for 32%, and global pitches only 3.9%.
“It's great to see local pitches dominating the Australian market,” Mr Woolley said. “We often hear that global and even some regional pitches represent little return value for agencies in local markets, so we believe this change is positive for Adland in Australia. However, it is cyclical and there are risks, particularly from the impact of COVID-19.''The number of pitches in categories such as travel, tourism and education may have spiked. ”
Client needs are also rapidly evolving, with more clients seeking capabilities beyond strategy, creative/content, and paid media, including programmatic.
“This study highlighted what TrinityP3 has seen in the market: the rise of multi-discipline pitching,” Woolley said. “Creative pitches and media pitches still exist, but there is a growing trend towards finding ways to consolidate rosters and overhead to reduce fragmentation in agency teams.
“Creative paid media and production tailored to client needs are expected, but winning in today's marketing agencies requires increased demand for technology, data/CRM, and even social and influencer capabilities. It's worth noting that they have to put more than one string on their bow.”
The client's list of compliance measures, particularly in the area of data privacy, also grew significantly as part of the pitch process. TrinityP3 report finds marketers want policies on net zero, diversity equity and inclusion, and gender equality from government agencies, not legal data compliance or modern slavery requirements is emphasized.
“It’s no surprise that data privacy compliance will become a customer expectation in 2024,” Feeley said. “What’s interesting is that marketers are increasingly demanding supplier policies in areas like net zero emissions, DE&I, and gender equality. A lot of that is driven by procurement, but this is a real challenge for the industry. We see this as a positive and expect that increasingly all of these areas will be seen as “hygiene factors” that agencies will need to sort out if they wish. Please refer. ”
