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The Modern Way to Recruit Top Agency Talent

GROW AGENCY TALENT: The Launch

growagencytalent_logoA funny thing happened when we launched Grow Agency Grow in January. Several agency clients thought I was getting out of the recruiting business after 28 years and 1,400 successful talent searches. Au contraire. Actually, we were busy preparing to revolutionize the agency recruiting model.

My partner at Grow Agency Grow, Ed Klein and I are pleased to announce the launch of our recruiting division: Grow Agency Talent on LinkedIn later this week.

We kept hearing that attracting top talent on all levels was more challenging than ever. Too many unqualified candidates. Not enough applicants. Mostly unemployed resumes. Black holes. Jobs left unfilled.

We heard the usual excuses:

  • “Millennials no longer want to work in advertising”
  • “The consultancies are changing the game”
  • “Creative talent is commoditized”

Baloney.

Through it all, I kept filling key roles at great creative agencies by continuing to build a network of top agency talent and posting the jobs on this site through “Palma Hot Jobs.” We are taking that proven model and putting it on steroids. And as a result, we will make it more cost-effective.

Grow Agency Talent is two things:

  1. A premium online job board connected to the largest agency talent database in the business
  2. An executive recruiting firm for critical and confidential talent searches. Headhunting, the modern way — with reasonable fees and guarantees.

We previewed the concept to a couple of my most trusted clients. We got some really nice feedback:

“When CP&B started to take off, attracting great talent was our most critical need and our main strategy to grow from a regional agency to a national firm. Palma was the lifeblood of our growth for 20+ years. It’s exciting to see him take his expertise online with Ed Klein.” — Alex Bogusky, Founding Partner CP+B

We’re excited to launch later this week. Stay tuned. Until then, jump on our new business videos at Grow Agency Grow.

The 5 key questions to ask on a job interview

Candidates can control their fate by asking these 5 questions

Ok, I’m fortunate to have learned a few things after setting up 5,000 interviews in my 28 Unknownyears as an agency headhunter.

For one, many employers don’t know how to interview talented candidates. For another, HR sticks too closely to specs and job descriptions. And most importantly, candidates are so eager to talk about themselves that they often fail to ask the right questions.

What are the right questions?

  1. What do you expect me to accomplish in this role
  2. What current obstacles are there in the way to accomplishing these things
  3. What are next steps in the hiring process?
  4. Is there anything else you or I need to know?
  5. When can I start? (assuming you want the job, ask for it)

Ask the first two questions early in the interview. Ask question 3 about midway through the interview. Save the last two for your “close.”

Make sure you take notes and write down the answers you get. You are now ready to respond intelligently to the employers’ questions framed in their own language & expectations. Control the interview, don’t let it control you.

Win One Good Account in 2018

GROW AGENCY GROW: The Launch

The hour is upon us. Grow Agency Grow is officially launched. Our website is live and the betting windows are open for business. Free pizzas to the first 100 members.

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2018: The Year of Grow Agency Grow

Welcome to New Business MasterClass

It’s a new year and everyone is back to square one in the ad agency world. New forecastscropped-GrowAgencyGrow_Gradient-1 to meet. New business to get. Do you have a plan for growth? Are you committed to growth? How are you preparing for growth in 2018? Or is this year just a wash, rinse and repeat of 2017?

I’m excited to announce a better way for your agency to approach new business in 2018 and beyond. Next week, Ed Klein and I are launching Grow Agency Grow, an ad agency gag-1new business training & coaching company.

Grow Agency Grow will provide on-demand new business training content through online video lessons. It is the ad agency equivalent of MasterClass.  The videos will be released next week to subscribers. We believe it is a more efficient, effective and modern way to gain winning new business knowledge than attending conferences, seminars, summits and other code names for boondoggle.

cropped-GrowAgencyGrow_Gradient-1Grow Agency Grow launches next week on LinkedIn, so keep a lookout …it will change your agency’s life.

 

What Agencies Can Learn from Warren Buffett about Pricing their Services

“You can determine the strength of a business over time by the amount of agony they go through in raising prices.”– Warren Buffett

UnknownI’ve been hearing a lot from my clients and friends in the agency business about the erosion of their margins for years now. What Mr. Buffett alludes to as it relates to agency services is that if you’re not creating real value for your clients, and figuring out how to charge for that value, you’re never going to grow your margins. Many are wondering how we got into this mess in the first place, and how we’re ever going to get out of it.

My friend and colleague Ed Klein, who’s sat on all three sides of the table as an Advertising Director and VP Marketing at Coca-Cola; Principal at Hauser Group and 22squared; and as a search consultant has some insight to help us continue the migration away from the hours based fee structure.

Ed: “Thanks Mike. There’s an evolution in our industry that’s taking place right now. It can become a revolution if everyone gets on board and starts changing the conversation 36918c8with the client community. The good news, clients are open to and wanting the change! They didn’t get into Marketing to manage an agency’s profitability. The only reason they ask to see proposals in the form of FTE’s, blended rates, overhead and profit is that we trained them to do it that way. Think about it, what other business opens the kimono so wide that their customers can calculate not only the costs behind your operation, but right down to the salary of many employees.”

 Palma: “How do we get out of this?”

 Ed: “The big headline is pricing deliverables based on the value created. I love the
Warren Buffett quote because the best agencies in the world right now are more profitable than at any time since the days of massive commissions on media. It’s because they understand that the value they’re creating isn’t related to their time, it’s directly correlated to the value they’re creating for their clients, and no one has trouble paying for that.”

 Palma: “How should agencies go about determining the value they’re creating, and how do they price from there?”

 Ed: “The best news in the movement to what economists refer to as value based pricing is that from the outset of any engagement, you’ll be discussing your client’s goals and objectives, not your overhead and profit margin. Agency’s need to understand the value they’re creating to set a price. That conversation will lead to a deepening of their understanding of their client’s business, and their client’s belief that goals and objectives will be aligned. From there, agencies will calculate their costs, (not for client consumption), to build Pricing proposals, (not fee proposals), that protect and grow their margins. There is an element of art as well as science in pricing, as we can all understand when we think a little harder about what we pay for clothes, food, and other professional services. The strongest proposals will always come with options, so that all negotiations will be based on the pricing structure you’ve presented, not the slashing of your FTE’s, overhead, blended rate and all the other drivers of your profit margins.”

images-1As Jack Torrance said to the bartender in The Shining, “Words of wisdom, Lloyd…words of wisdom.” By the way, Ed and I will be launching a major initiative next year, disrupting the new business model and revolutionizing the agency search process, so stay tuned to mikepalma.com.

 

What’s Wrong with Ad Agency New Business Conferences: 4 Things

Obsolete Boondoggles in the Modern Age of Training

 It’s late in the fourth quarter and the time when  agencies invite me to visit and take a look at their new business efforts from this past year. I run a diagnostic test that examines what works and what doesn’t at small-to-midsize independent agencies. This requires some painful Q&A.

The first question I ask the agency principal is “What did you do to win new business this year?”

The first answer I usually get is, “Well, we went to NY in the Spring for a new business conference.”

Me: “How was it?”

Them: “Well, we won’t be going back.”

I’ve heard this so many times over the past 6 or 7 years that I’ve lost count. Of course, I ask why; and the reasons are invariably the same.

  1. It’s expensive.  When you add airfare, hotels, NYC restaurants to a conference imagesregistration fee you’re making a minimum investment of $5k per key employee. It might be worth it if you know it worked. But…
  2. Disseminating the content is challenging. Assuming someone took great notes, it’s still difficult to capture all the elements necessary from a live setting. The learning resides with one or two agency people. Cascading the information accurately throughout the agency is a common complaint I hear.
  3. The content is dated and similar every year. For those few agencies that do go back a second time, they pretty much get the same old playbook with a new wrinkle Unknownhere or there. Chaucer said “There is nothing new under the sun.” Boy was he right
    about New Business Conferences.
  4. The content is not effective in the modern economy. The “big takeaway” at these conferences is that your agency needs to be a category specialist. It’s a round peg/round hole approach.  It was somewhat relevant in the awful and fear-driven economy of 2008-2011. But, it’s a weak application today in the booming, modern economy. You’re paying a ton of money for content that was born in a world prior to uber, AirBnB, Amazon and Facebook.

Please make it stop. There has to be a more cost-effective, internally efficient and fresher way to impact your agency’s business development program. There has to a better method led by proven coaches that actually won new business at an ad agency like yours. There will be…and just in time for 2018. Stay tuned to mikepalma.com

 

 

How Technology & Artificial Intelligence Are Changing the Workforce

Ad Agencies in The Age of Automation

“Hey Siri, can man replace himself.”   Siri: “Ask Watson.”

“Alexa, what is the meaning of life?”  Alexa: “The meaning of life depends on the life in question.”

Unknown-4For most boomers like me, our first exposure to automation was
at a NYC-based restaurant named Horn & Hardart. I remember well how cool it felt to put a coin in a machine, open the window and pull out a slice of real New York cheesecake. Horn & Hardart called their restaurants Automats and they changed the way we ate and drank forever.

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Well, a similar revolution is adrift in the business world today and it’s built upon algorithms that improve company productivity, and therefore, profitability. These automated systems are most influential on the workforce: human resources, employees, talent.

If you haven’t begun the process of automating your business, it’s probably already too late. Somebody else in your category already has. You can laugh, but taxi companies also laughed when a technology-based livery company with a goofy name took the cash and hassle out of the personal transportation industry. This isn’t some futuristic bullshit. This is real and this is now.

How does this apply to creative agencies? Let’s begin with our only commodity/inventory: people. With all the hubbub over a commitment to training & learning — how do we know what’s really working? Most agencies throw money at seminars, conferences and “summits” (Really? That’s a pompous name for a money-making boondoggle) and assume they’ve done their part. But the keys to the kingdom rely on:

  • Measuring company impact of increased investments in Learning & Development.
  • Understanding emotional drivers of the people within your company vs. job responsibilities.
  • Connecting company performance and employee performance

How do agencies do that? Well, I’m excited to introduce LiiRN, a company Unknown-2revolutionizing today’s workforce. LiiRN is the brainchild of brain child George Swisher, one of the few men I have referred to as a “partner” in my 28 years in the advertising business. George and I have worked with dozens of agencies, helping them grow and get smarter.

This Fall, LiiRN is coming to a General Assembly near you. George will be hosting free Lunch & LiiRNs in NYC, Atlanta and LA in the next few weeks to educate you on  how technology and AI  are changing the workforce. What you don’t know can kill you. This hour with George will change your life. Here is the Eventbrite. Don’t miss it.