Big agencies are missing out on business due to inflexibility, argues OFX CMO
Big advertising agencies are missing out on opportunities to work with startups and small brands because they don’t have flexible business models, the chief marketing officer of currency exchange service OFX, Rebecca Shears, has told a room at Mumbrella360.
“The bigger agencies are probably missing out because they haven’t got those flexible models,” she said.
Panelists: John Ford, Rebecca Shears, Chris Gillespie, Michael Klim and David Morgan
Who wants to work with start ups?they have nooooooo cash.
@Yeah_right, I suppose you’d knock back business from a startup that just got through a Series A round and received a $10 million cash injection, with 5-10% earmarked for marketing? Of course you bloody wouldn’t.
How rude and inaccurate. Australia performs highly. Really think Kim hits the nail on the here.
I’d say the opposite is true. Agencies are too flexible and build everything bespoke – which is why they are too expensive for startups. There is a massive opportunity for a scalable, cost effective offering for smaller brands
@Alex_C, you are bang on. Startups are all about rapid scalability. They start very small and they grow very fast, hence the need for flexibility.
Knowing some of these panellists this is sad. There is a point here but not coming from some of these speakers whose performance in their companies is atrocious. Actions speak louder than words.
‘Retained work’? Klim has frequently shopped work on that brand around with one eye open for a better/cheaper/agency.