Category Archives: New Business

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

 

 

10 Regional Agencies That Sell Things

Remember selling? It’s gotten a bad reputation in the creative community

UnknownExcuse me, but I thought the purpose of advertising was to sell things. There’s a rumor out there that “people don’t want to be sold.” Don’t believe it. People want to buy. They want to be sold. Just ask any good salesperson.

That’s why people spend so much time online researching stuff: hotels, airfares, automobiles, clothing, food, beer, booze. And that’s just the essentials, I haven’t even mentioned the special interests: sports equipment, musical instruments, cigars, Bibles…people want to buy what they need and what they want. That’s why advertising exists.

In the rush to create content that “doesn’t sell,” we’ve lost our reason for being. When I 663id_146_044_w1600look at agencies for my reviews, the first question I ask is, “What do they sell?” When I look at creative people to recruit for a job, I ask the same question. And I’ve learned not to entirely trust the case studies and the portfolios.

As children, when asked what we wanted to be when we grew up — we likely answered “astronaut,” “baseball player,” “teacher,” “nurse.” As we grew up, the answers often changed to, “lawyer” or “doctor,” etc.. NOBODY said “I want to be a salesman!” But, almost everyone winds up being one; even if you are a lawyer or a doctor.

You don’t need me to tell you BBDO or Ogilvy sell things. But, if you’re an underdog/challenger brand requiring priority attention and service — please allow me to identify 10 regional agencies that actually sell things. These are the sleepers, the needles in the haystack:

SANTY  Scottsdale, AZ  Arizona was once the place where ad people went to die. Not so anymore. These guys are change-driven and help you manage change but they never lose sight of the prize — they sell.  What they sell: Snacks, Pizza, Ice Cream

BLUE SKY AGENCY  Atlanta, GA  This 25 year-old shop prides itself on being the go-to agency for growing Southern brands. But, they are all about the sale. What they sell: Hams, Braves tickets, Hotel rooms, Natural Gas

TOMBRAS GROUP  Knoxville, TN  No longer a “sleeper,” but I could not omit them. True, they connect data and creativity for business results, but if they didn’t sell things very well, that would just be another hollow agency tagline. What they sell: Beer, Baked Beans, Health club memberships, Cake, Insurance (Did I tell you I have the utmost respect for insurance salesmen?)

&DONOVAN  Greenville, SC  This agency takes hard-core sales to an art form (and a science experiment). They combine sales content with technology to form a method they call Contology. Sounds good, but “Can you sell me this pen?” as the Wolf of Wall Street said. The answer is yes. What they sell: Tacos, Beer, Cars (Did I tell you I also respect car salesmen?)

BRIGHT RED/TBWA  Tallahassee, FL  Speaking of “sell me this pen,” these folks actually do sell pens. Hey, if you can build a 160-person agency in Tallahassee and sell it to Omnicom, you can sell anything.  What they sell: Pens, Hotel rooms, Vacations, Burgers, Socks

FIZZ  Atlanta, GA  A real wildcard, they do Word-of-Mouth marketing. This is not to be confused with idle chatter. Their conversations sell. One-of-a-kind solution. When your advertising is not working, try this and count the money. Triple-digit ROI. What they sell: Beer, Milk, Energy drinks

quench  Harrisburg, PA  Nestled (or maybe Hersheyed) in the heart of America’s “snack belt,” these guys move food and beverages by the SKU off the shelf. You want to sell packaged goods? Check out this joint. What they sell: Tunafish, Beer, Iced Tea, Vegetables

SCOUT  Atlanta, GA  Recently acquired themselves, these guys put the “human” in humanizing your brand. And they get real humans to spend with brevity. No dog whistles here. What they sell: Bread, Carpet, Shrimp, Frozen seafood

ADMIRABLE DEVIL   Washington, DC  Some startups are more compelling than others. This one really grabbed my attention. What’s in a name? Everything. What does their name mean? That’s for you to figure out; but when you do it could change your life. What they sell: Apparel, Fishing tackle, Accessories

CUSTOM NYC  The only NYC agency to make the list. Why? They are different from any other agency I know. Why? They focus on complicated technology platform offerings and simplify the messages so businesses understand the value and benefit. The result? Companies buy.  What they sell:  Technology platforms

So, sell me this pen…https://www.youtube.com/watch?v=ftFAbPnNYrg

 

 

 

 

 

 

 

The Conversation: Palma featured on The Perception Channel

Adman grants rare interview to one of the world’s leading tech design firms; sounds off on ad agency biz dev, headhunting & golf

It’s been a long time coming. I’ve always been a little leery of spilling the beans on my personal life. I’ve been even more reluctant to divulge trade secrets. But, I was honored to do this video feature for  Jeremy Lasky and Danny Gonzalez of PERCEPTION and The Perception Channel. They are the best in the world at what they do, and at being nice guys.

 

 

 

The Ad Agency Outlook for 2013

Happy Days Are Here Again

xctmppjah6YThe S&P is at an all-time high. The Dow is over 14,000 — more than double January 2009. Warren Buffet says “opportunities abound in America.” Believe him, he knows what he’s doing. It took 5 years, but our nation survived George W. Bush and is prospering once again. We leapfrogged the fiscal cliff and we’ll kick aside sequestration (like a Government shutdown would be such a bad thing?).  All this can go bust with the flick of a Bic; but, as they say in the Google search bar: I’m feeling lucky. By the way, Google’s stock price closed at $821 per share today, another record high.

I see a turnaround. I see agencies pitching a lot of business. I see agencies recruiting and hiring good people. I haven’t seen it quite like this since the glorious Clinton administration in the creative advertising industry. Yes, a lot of the growth has transpired in the Digital sector; but we’ve also seen growth in more traditional agencies that have transformed themselves into hybrids. This transformation is driven by talent — not just by simply adding disciplines, but by recruiting and attracting the best talent in the marketplace.

Notice that I say “in the marketplace” and not “on the marketplace”. The bad economy of the past four years caused a lot of bad habits, which are listed below.donnydeutsch1_175 But, I’m happy to report that the era of agencies and clients playing it ultra-safe and conservatively is over. To prosper in the new economy, agencies must once again focus on their inventory: the talent pool. 

5 Habits Agencies Must Break to Exploit the New Economy:

1.  Category-driven Prospecting — As Donny Deutsch said in 2003, “kill the category lists.” The bad economy forced clients to seek “round-peg/round hole” solutions. Fortunately, we can be marketers once again. Our reputation can rest on our creative product and its connection to effectiveness, and not on category expertise.

2. Specialization-based Positioning — In the doom-and-gloom darkness of the past few years, agencies have been forced to move away from their real point of differentiation: Creativity.  And for good reason, creative had become a devalued commodity — like home values during the housing crisis. But, creativity is back and content is once again, king. We can get back to being creative companies, and not “fully integrated whatever.”

3. Online RecruitingIf you want top creative talent, they are not going to respond to an ad on a job board. Your ad will attract unemployed candidates, job-hoppers, underachievers and folks that want to “get into advertising because it’s cool.” You will attract the best available talent ON THE MARKET. You will never get the top 10% of talent IN the market. FACT. The best people are busy creating great work. I’m happy to report that most creative agencies with pride in their product recognize this as well. This is not to say there’s not a place for online job resources, just not for leadership and key positions at your agency.

4. Jobvites/Employee Referrals More short-cut, cheapskate nonsense propagated by a bad economy. Once again, these practices produce what’s available. This tin can is so rife with worms that it ensures a fishing expedition. What if the hire doesn’t work out? What if the internally referred candidate is not quite as good as another? What if that candidate uses you for a counter-offer? What if they are not the right cultural fit?

5. Collaboration Platform — Why do agencies talk about collaboration so much? Is it unusual for a vendor to listen to their clients? Seems that way. Luckily, we can move away from this and back to leadership, stewardship and seeking out clients with like-minded missions and purposes. To drive this point home, let’s quit on Wieden + Kennedy’s Philosophy — leaders attracting leading brands:

OUR PHILOSOPHY

wkLogoA brand must be willing to lead consumer expectations, not follow.

At Wieden+Kennedy, we do communication. Creativity. Ideas. We build big brands and deep relationships.

We help create brands that lead popular culture, not merely reflect it. Because we believe brands that influence culture sell more.

2013 Digital Marketing Predictions

The Prognosis for a Healthy 2013 

When you have a broken bone in your body, or a faulty organ… what do you do? You usually seek the opinion of a specialist — a surgeon with a track record of curing what ails you. There’s a group of Digital specialists in New Haven, CT that call themselves Digital Surgeons (http://www.digitalsurgeons.com). These guys rock. Just blocks from the Yale University campus, these eggheads are inventing leading edge technologies that will blow your mind. Recently, they published 32 somewhat bold predictions for the year ahead in Digital Marketing. mikepalma.com is proud to share them with you. Enjoy, and apply as needed.

Marketing:

Video will get bigger as a medium

People aren’t getting any less lazy in 2013. Why read a blog post when the same information can be conveyed to you in a 30 second video? With streaming quality increasing and camera prices decreasing, in 2013 it will be easier than ever to produce and then distribute content.

Inbound marketing will grow within brands and businesses

The role of the content strategist will rise in conjunction. Strategic content will drive inbound marketing efforts and increase the need for full-time employees to curate that content.

International will be the new domestic, for many

The internet has made our very large world navigable from the comfort of our couches. The same will be said about e-commerce in 2013. With exciting young companies such as FiftyOne making American brands easily attainable all over the world, the term “foreign markets” might begin to seem a bit dated in 2013.

The idea of thinking global and acting local will be turned on its side with businesses thinking local and acting global.

Experiential and brand experiences will be the new website

The standard HTML homepage will increasingly be blown out of the water by interactive elements and experiences that surpass digital.

Mobile will finally start to be a real concern for marketers

This will force us to be better at delivering better mobile experiences (responsive, adaptive, context driven): This 2013 prediction is nearing the ranking of “Broken Record” in the marketing world for how often it is discussed. The conversation keeps occurring because of the astronomical amount of data pointing towards mobile dominance in 2013. Morgan Stanley is predicting that there will be more mobile devices (tablets and phones) accessing the internet than traditional computers (laptops and desktops) in 2013 for the first time EVER.

The term big data will be abused as agencies promise magic insights based on analytics

Data regarding demographics and reach will be the driving factor behind marketing decisions in every area. More media outlets will hire more statisticians, developers and computer scientists following the wild success of Nate Silver’s election coverage for the NY Times. Punditry will suffer at the hands of big, meaningful data.

Brands as platforms will be a big aspect of content strategy

The past few years have a seen a much bigger push for both content and innovation from brands. Brands that have pushed the envelope have consistently won both critical acclaim and increases in revenue. 2013 will show an increase in brands pushing the envelope in terms of product creation and new business units in an attempt to excite consumers.

Brands will start really listening to their customers

And, thus, a new form of advertising will be born where the brands act as the facilitator for what the customers collectively agree they want. The importance of data and brand advocates as well as the amount of tools available will aid this trend.

Social Media:

We will see more social media gurus

As social media grows in popularity, so too grows the number of 20 somethings who claim to be experts. What exactly qualifies one as an expert, or a “guru”, is up for interpretation so in 2013 you will see an even larger amount of people “interpreting” themselves that way.

Social media agencies of record will grow

The rationale will be a bigger need for social CRM support and influencer programs. As the importance of social media grows, the need for experts in the field will become equally important. No gurus here.

Pinterest will only get bigger

Clearly written in the Pinterest mission statement, it says: “There is always more room for cute cupcake recipes and shirtless Jake Gyllenhal pictures”. We kid, it doesn’t say that (but it should). For all of the potential knocks against Pinterest it is still a beautifully designed platform and concept that has miles to go before it sleeps (see: dies like friendster and myspace). Brands are currently struggling to use it for marketing purposes already without an available public API. Once a public API is released to developers in the coming year, the possibilities are endless.

Twitter will keep stepping on toes

Twitter burned some bridges this year with moves like ending firehose access and cutting itself from Instagram. 

Facebook will be a-ok

It has been quite a tumultuous year for Facebook, but we’re still behind them 100%. Their innovation related to ad units as well as the addition of Gifts this year has shown the companies continued focus on sustainable, business minded innovation. It’s tactical moves such as these that will allow them to return to a share price over $30.

Brand social interactions will have to get more personal and creative in 2013

This is due to the lack of polarizing global events (Olympics, Elections, etc.) News jacking will need to be a bit more inventive as the topics won’t be as predefined or dominating.

Retail outlets that stock products and brands voted on by its customers via social media

Give the people what they want! Social media gives everyone a voice and in 2013 we will see retail outlets begin listening to that voice a lot more closely while stocking their shelves.

Design:

There will be more Pinterest copycats

We’re starting to see it already, the term “Pinterest-style” has infiltrated marketing vocabulary when discussing grid-like visual design. While we love Pinterest, we cannot promote additional copycat designs for EVERY situation. In addition, sites like The Fancy and Wanelo will continue to pop up and attempt to pull revenue away from Pinterest.

Infographics will have to step it up to maintain relevance

The one page “factsheets” are a dime a dozen and won’t cut it anymore. Everyone and their mothers are creating infographics now. It’s hard to imagine a piece of information that hasn’t been visualized in some sort of goofy cartoon format. Audiences are now almost as blind to infographics as they are to the formalized studies that the data originated from. Data must be visualized in real time, interactive formats in 2013. With information changing so quickly, static content is no longer appropriate to create.

Web design will shift to a more app-like style

And will, in turn, accommodate for responsive layouts.

Vertical and collapsible navigation will become more prominent

With a larger focus on the end-user in modern design, choices need to be avaliable. Maybe someone doesn’t want to be able to navigate. Maybe they want their website to look uncluttered. Features such as collapsible navigation will become common place as the end users are given the tools to alter the design experience to their preference.

Minimal color-blocked design will be the new trend

Microsoft will (wrongly) get the credit. Color blocking has been a trend within digital and outside this season. We’ve seen color blocking gain momentum in fashion as well. Color blocking is great for breaking up content, categorizing information and creating more visually appealing design.

Technology:

Mobile Payment, not just for Starbucks anymore

Even banks have hopped on this trend with new tools such as Chase Quick Pay and V.me from Visa. Not only will the exchange of money between friends become digital, but tools like Passbook will allow users to pay through their phone.

More home automation and sensor/app driven combinations

The Nest is just one of many tools that will arrive in 2013 and force you to ask “How did I ever live without this?” From security measures to heating your place, your home will be just that much nicer when you walk through the door.

The year of Real-Time

Bidding, consumer engagement, customer service. For better or worse, the internet has allowed for instant gratification and that is what consumers now expect. Digital technology will have to operate in real-time or risk the backlash of the angry internet consumer.

One-click checkout will be the norm

Amazon introduced it, the digital world adopted it. One-click checkout has become a minimum expectation for not only Amazon, but also Apple, Google and many other online retailers. More profit for retailers, more goodies shipped to your door!

The rise of Linux

The Linux desktop (via Ubuntu) will finally start getting some recognition due to a perfect storm of Valve throwing it’s full weight behind it (in order to release it’s own Linux powered steam console), canonical working with hardware vendors and game developers, and the arrival of windows 8 driving some users away. It won’t become a major player, but all of a sudden people who wouldn’t have known about Linux will hear about it this year. The niche PC gaming enthusiasts may begin defecting. It will also continue to gain traction in foreign governments and education, but the U.S. won’t look away from its Android and iOS devices long enough to notice. Mostly, as mobile devices become more popular and gaming on Linux becomes more capable, this upcoming year will set the stage for revolution in the PC gaming that could revitalize the industry while simultaneously making Linux a big player for the consumer.

SAAS (Software as a service) and PAAS (platform as a service) will grow among business

The ease of delivery and constant support will cause “____ as a service” offerings to continue to grow in 2013. Cloud based software is projected to double by 2015. Businesses have so many different options to choose from as well, with established companies in the space such as Oracle and Salesforce being outshined by a myriad of innovative startups.

The 10-foot user interface setup will start to become more commonplace as TV’s get smarter

More than this, the multi-device experiences will become more common and it will be standard for the mobile device will supplement the content on your television. Companies will see this like they saw the world-wide web & try to abuse it for marketing.

Misc:

Second screen experience

chatter will continue but the numbers still won’t catch up fast enough. It’s going to take a universally accepted platform for this phenomenon to become common place; hashtags on twitter just won’t cut it

Startups will be fewer and farther between

We predict that investors will wise up and realize that so many of them have no business plan or plans for profitability. Current startups that offer free services will look to monetize.

Television manufacturers create a TV with a built-in motion sensor

After the success of the Microsoft Kinect and Smart TVs in the past few years, it makes sense for television manufacturers to cut out the middle-man (Microsoft’s Xbox 360) and to begin offering motion sensing capabilities directly

Up for Debate:

You’ve heard our two cents (at least), but what do you forsee for 2013? Our office couldn’t decide on these major topics, so let’s hear it.

Instagram

The social network had a fantastic 2012 with the $1 billion acquisition by Facebook and a user base surpassing 100 million. However, a recent Terms of Service chance (effective Jan. 16) gives considerable control over photos to Instagram and has the newly acquired 100 million ready to flock. Will Instagram overcome the negative press and suspicious users or will it fall into the social media graveyard?

Apple

As rumors swirl of the next iPhone and the long-awaited Apple TV, our staff continues to remain undecided on Apple’s future. Some think the enormous stock value and 2013 iDevices will keep the loyal fanboys and girls, while others feel Samsung has made significant advances and Apple’s lack of innovation this year will cause the company to suffer. What does 2013 have in store for Apple?

QR Codes

While we’ve never been fans of the QR code trend, we have seen them everywhere this year: in subway tunnels, on street signs, in magazines. We tend to prefer more enriching experiences (augmented reality anyone?) but meanwhile QR codes sneak their way in as a touchpoint for many campaigns. Will QR codes become more popular or fall short?

Fiercely Indistinguishable

Agency Positioning in a Sea of Sameness

The beautiful thing about language is that it catches on. When folks find a befitting phrase that captures their circumstance, it can take on a life of its own. And imagesat the tipping point, it becomes a phenomenon. This was the case with the phrase “voracious reader.” Somehow, anyone with three paperbacks on their nightstand in the 1990’s was suddenly a “voracious” consumer of the written word. The phrase took on a slight tone of literary condescension (most condescension is slight and subtle). For example, if you had a  Sports Illustrated on your nightstand, you really didn’t qualify as a voracious reader. To qualify as truly voracious, one was required to juggle several titles at a time from the New York Times bestseller list.

Rather than attack all the similar things ad agencies say about themselves (“best-in-class,” “fully integrated,” etc.), let’s just take a look at a currently persistent one: Fiercely Independent. I know, it sounds so cool and maverick. It screams, “we’re such tough hombres.”  There are two problems with “Fiercely Independent.” The first is,  it’s redundant to the point of weakness. Adjectives can be dangerous like that. Secondly, it’s become such a common theme among independent agencies that it’s lost all effectiveness as a point of differentiation. But, certain phrases are simply irresistible.

W. Somerset Maughm said, “Money is the string with which a sardonic destiny directs the motion of its puppets.” Independent agencies attempt to connect their w-somerset-maughambusiness brevity to a tangible financial benefit for the prospective client. Translation: “you don’t have to pay out a percentage to a holding company.” I suppose that kind of claim may be an endearing approach with Procurement. But not a single marketer in history has ever been fired because they retained a holding-company agency. Conversely, LinkedIn is littered with former client-side VP’s who took a chance on the latest independent creative Hothouse. Clients buy great creative that works. At the end of the day, it doesn’t matter to them where their money goes. Price doesn’t matter. It never did and it never will.

Go ahead and google “fiercely independent ad agency.” The search reveals no fewer than 27 agencies — some of which are among the best-known in the industry. One is actually an IPG agency that claims to be “fiercely independent” but can also “instantly” enlist “an army of 23,000” people through an “odd twist.” They conclude their positioning with “who we are depends on what you need.” Now that’s what I call putting a stake in the ground. As the inimitable Tim Bayless often cackled, “We have our principles — and if you don’t like those, we have plenty of others in the back.”

I suspect that I could have turned up more than 27 fiercely independent agencies; except one agency, Moroch, so thoroughly dominated the SEO search term that they ronaldtook up 15 pages of results. Yet, I subsequently googled “independent ad agency” and they didn’t turn up until page 5. The irony here is that it is plausible for a mid-sized or challenger brand marketer to run a search for an independent agency. But, it’s laughable to think a CMO will actually google for a “fiercely independent” agency. Congratulations Moroch, you own the word “fiercely”. Way to go. The further irony is Morch’s bedrock client is apparently regional McDonald’s franchisee groups. How independent it must be to push the McRib (what is that thing, anyway?).

The moral of the story is stop talking about independence and be independent. Lead your clients fearlessly. Stop selling on price and get to the real tangible benefit of your agency to your clients’ business: you make them money, not save them money.