Here's what can happen:
1. The incumbent learns you're looking. Whether consciously or subconsciously, the agency's work takes a downturn. Fear of loss knocks them off their cutting edge; they're less inclined to bring you those big out-of-the-box ideas, or at worst, they're not inclined to present anything that would benefit your new agency relationship.
2. Your review goes public. That makes you a magnet to aggressive agency new business executives. With more than 26,000 US agencies out there (SIC #7311), it's an avalanche waiting to happen.
3. You get caught up with unqualified agencies. The Agency RedBooks, an industry bible, lists 13,500 US and international agencies, suggesting that almost fifty percent of the agencies out there
will never be found as long as they continue to pursue new business their "unlisted" way. Of the 26,000, 86% have fewer than 9 employees. Consequently, many aren't great candidates for every account, but they don't always want to accept that. So the volume of provocative and compelling over-night shipments they send can inundate and distract you. That adds days and it adds dollars.
4. You lose key players. If the search team isn't organized and in agreement as to selection procedures, it can result in executive departures. It's not uncommon to see a key marketing executive walk out as the new agency walks in. And there's no measuring the impact of exits on corporate morale.
5. Industry press infers your search is poorly managed. Public corporations are beholden to stockholders. An ill-run search can put the client at legal risk, giving rise to litigation for prejudicial practices.
If you run up the numbers, you can see that a poorly orchestrated or protracted agency search could cost more than the benefits derived from a great new agency.
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