How to Attack Marketing Spend (Part 2) [Plus+]

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The next topic we must address in considering the basics of attacking marketing spend is potentially the most sacred of all: agency selection. In considering how best to engage in this area, it is important to consider the costs of both sides going through the process. For agencies, the costs to manage and respond to an RFP can be quite high. Some agencies estimate their total cost at around $200,000 per RFP — on average!

Granted, the bulk of this expense comes in the form of soft costs. But the undertaking is considerable, and carefully vetted among agencies. This point is important to emphasize: agencies are quite picky about the clients and projects they bid on. We hope the following example, based on how one West Coast-based agency approaches RFPs, provides insight into the best means of engaging the right set of firms.

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