AmCham Macedonia Summer 2017 (Issue 54) | Page 19

Analysis Summer 2017 / Issue 54 Investing in Your Agency is Investing in Your Business! The negative trend of reduced budgets for marketing and PR agencies in our region discourages agencies’ continuous development, reducing the quality of their services to clients. While advertisers have been “tightening belts” for a longer period, the practice has intensified noticeably in the last two years. Agencies are forced to walk on thin ice, negatively impacting their work on behalf of clients. But while considering whether to lower the budget for the agency that works for them, companies should also consider that lower operating budgets reduce their agency’s abil- ity to attract the best talent in the industry. And talent is needed to help companies communicate in a way that will differentiate a product/ service in the eyes of consumers. Tougher competition or market challenges shouldn’t be a justifica- tion for fewer or more rigid commu- nications. Instead, they should be a strong motivation to invest in the company’s whole marketing mix and communications strategy. Without this investment, company efforts are unlikely to bring optimal results. The creative industry drives the economy in each country; its impact, its influence and development are essential for business success. At a time when production lines are get- ting their own brand extensions like never before – when one product comes in 10+ varieties to suit differ- ent customer profiles – the value of agencies’ work is bigger than ever. Smaller, specialized agencies still have a role to play, however, only well-equipped teams of experts cov- ering every segment – from research administration to strategy prepara- tion, segmentation, design, media planning, advertising and PR – can bring holistic results to companies. Boris Eftimovski, Marketing and PR Consultant, Founder of www.Marketing365.mk Of course, advertisers can choose whether to engage a num- ber of specialized agencies or one full-house agency; both choices have their advantages and disadvantages. Either way, cost cutting on the human resources that shape one’s creative approach is not a winning strategy. Advertisers need to stim- ulate agencies of all sizes to attract and develop their overall creative potential. Finally, when advertisers are motivated solely by the lowest price offered on the market, they are not thinking long term. As a company partner, one’s agency needs to be sustainable and stable. If your agency can’t survive in the long run, how will they help ensure yours will? AmCham Macedonia Magazine 19