Agencies overestimate the importance of reputation and underestimate the importance of cost/value when pitching brands, according to recent research from Vennli.
The report was based on data from a survey of 200 US-based professionals who work either for marketing agencies or for brands as in-house marketers.
Some 34% of agency respondents say the fact that their firm is recognized and respected in the market is a major reason they win pitches. But just 15% of marketers say agency reputation plays an important role in influencing their selection decisions.
Only 13% of agency respondents say high value for cost strongly influences which partners brands choose. However, 42% of marketers say high value for cost plays an influential role when evaluating pitches.
Some 89% of marketing agencies with a pitch win rate of 50% or higher say they use primary research when developing pitches. Just 64% of marketing agencies with a pitch win rate of 40% or lower say they conduct primary research when developing pitches.
Marketing agencies with a pitch win rate of 50% or higher are more more likely to say rethinking potential clients' entire strategies is very influential on partner selection, compared with agencies with win rates of 40% or lower.
About the research: The report was based on data from a survey of 200 US-based professionals who work either for marketing agencies or who work as in-house marketers.
