ILMA Compoundings March 2018 - 32

spend your money on advertising in
such magazines.
If the agency has enough depth, it
can evolve and adjust based on the
specific capabilities of the manufacturing company so it can effectively
market to the target demographic. If
the agency doesn't have experience in
manufacturing, go back to step one
and find another agency. Look at as
much of its work as possible and determine if it serves your specific niche.

Is size important?
When assessing whom to work with,
you basically have three options in terms
of size: an agency, a single-man operation or a freelancer. You're not going to
want to go with a freelancer because he
or she isn't going to be able to handle
all of your needs. A single-man agency
will more than likely get bogged down
and also won't efficiently handle your
needs. Instead, look for an agency with
additional employees - you want an
agency that is growing.
Determine how big its team is; look
for an agency that is a balance of big
enough to handle your growth and
needs but not too big. Be aware that
with a 30-person or 60-person agency
that doesn't specialize in manufacturing, you're paying for overhead. On
top of that, some bigger agencies, while
the capabilities are there, can leave you
hanging - a representative could leave
the agency and you could get stuck
with a new, inexperienced representative who doesn't know your company.
The people who have the experience
and know the market should stay involved in the strategies and the creative.
What you're buying is their expertise
and experience; if the person with that
knowledge walks away once a prospect
becomes a client, then the agency isn't
properly doing what it promised.
Again, ask questions. Does the agency have the experience to handle your
growth? Can it evolve and expand with
you? Can it take over more than just a

32

MARCH 2018

| COMPOUNDINGS | ILMA.ORG

singular project? Can it take over your
entire marketing process? Talk to the CEO
and see if the company is looking to grow.
If it has the ambition to grow and is willing to add resources, then have comfort
it'll be able to handle your marketing.

You get what you pay for
Once you've gone through the first four
steps, look at the pricing structure. A
mistake often made is companies getting
involved with agencies because their
budget is low, and they're looking for the
cheapest option. They're spending $500,
$750 or $1,500 a month across numerous tactics, but at the end of the day you
get what you pay for, which in that case
is not much. Marketing is not cheap, so
when you look at comparative quotes
and proposals, don't pick the cheapest.
Manufacturing companies also say this
to their target demographic. They don't
want OEMs or other businesses they're
selling their services to to pick the cheapest person. People who make a decision
based on price are not going to be the
most devoted customers. When you're
choosing your marketing partner, don't
go after the cheapest agency, and don't go
after the most expensive agency. Make
sure you're comparing apples to apples.
Your marketing strategy needs to be
affordable and effective. Most manufacturing companies don't even have
budgets for marketing. If a marketing
agency also works with real estate agents
or dentists and is saying it can get a lot
done for $750 a month, it isn't going to
be the right fit. An agency that works
only in manufacturing might cost $2,500
a month, but take into consideration the
value and experience it brings to the table.
Commonly, a lot of agencies are
adding a high volume of clients at a
lesser cost. They'll have 125 clients, all
at $750 a month, but those 125 clients
are not all getting the attention they
need to be successful. Manufacturing
companies need to understand that if
the marketing is super-cheap, it's too
good to be true. They need to look at

the value that is provided versus the
cost. Expect to pay for that value, and
expect to pay a couple thousand dollars
a month. You can go up to $5,000,
$7,000 or $10,000 depending on how
much you're asking an agency to do.
Anything under $1,500, which is on
the very low end, is not going to produce significant ROI.
You have to take into consideration
that you're selling to OEMs or other
businesses, and it's expensive. You're
looking at contracts that are six or seven
figures, so it's not going to cost $20 to
land a prospect. You're going to have
to spend money to land those clients.
It could cost $500 to $1,000 to land a
solid prospect, but if that prospect sends
you a request for quotation (RFQ) and
you land a project that's $350,000 or
$600,000 or $1.2 million, then that's
well worth it. Over the first year alone,
you'll be able to pay for that ROI.
A small amount of money is not going to produce quality leads and quality
people in your pipeline. It might produce activity, but it's not going to be
the right activity, and it's going to be a
waste of time and money.
When companies don't value or
understand their marketing, they're
missing out on opportunities for
growth. The right agency will not only
aid you in your growth, but it will also
understand every aspect of your needs
and grow with you. Remember to look
for an agency that not only recognizes the manufacturing space, but also
has experience working in that space.
Choosing the right marketing partner
can seem overwhelming, but if you use
these steps to aid in your decision, you
can't go wrong.
Milan is CEO of 5 Fold Agency, an industrial
marketing agency. With 12 years of sales and
marketing experience in the industrial space,
Milan designs and executes powerful strategies
and is known as the 'go to' source for all marketing strategy and tactics within the industrial and
manufacturing sectors.


http://www.ILMA.ORG

Table of Contents for the Digital Edition of ILMA Compoundings March 2018

LETTER FROM THE CEO
INSIDE ILMA
WHAT’S COMING UP
INDUSTRY RUNDOWN
In the Know
International Insight
Market Report
IS A JOINT VENTURE THE ANSWER?
WHERE’S YOUR INVENTORY?
SPEAKING YOUR LANGUAGE
BUSINESS HUB
COUNSEL COMPOUND
WASHINGTON LANDSCAPE
IN NETWORK
Member Connections
Cross Connections
PORTRAIT
ILMA Compoundings March 2018 - Cover1
ILMA Compoundings March 2018 - Cover2
ILMA Compoundings March 2018 - 1
ILMA Compoundings March 2018 - 2
ILMA Compoundings March 2018 - LETTER FROM THE CEO
ILMA Compoundings March 2018 - INSIDE ILMA
ILMA Compoundings March 2018 - 5
ILMA Compoundings March 2018 - 6
ILMA Compoundings March 2018 - 7
ILMA Compoundings March 2018 - 8
ILMA Compoundings March 2018 - 9
ILMA Compoundings March 2018 - WHAT’S COMING UP
ILMA Compoundings March 2018 - 11
ILMA Compoundings March 2018 - INDUSTRY RUNDOWN
ILMA Compoundings March 2018 - In the Know
ILMA Compoundings March 2018 - International Insight
ILMA Compoundings March 2018 - 15
ILMA Compoundings March 2018 - 16
ILMA Compoundings March 2018 - 17
ILMA Compoundings March 2018 - Market Report
ILMA Compoundings March 2018 - 19
ILMA Compoundings March 2018 - IS A JOINT VENTURE THE ANSWER?
ILMA Compoundings March 2018 - 21
ILMA Compoundings March 2018 - 22
ILMA Compoundings March 2018 - 23
ILMA Compoundings March 2018 - WHERE’S YOUR INVENTORY?
ILMA Compoundings March 2018 - 25
ILMA Compoundings March 2018 - 26
ILMA Compoundings March 2018 - 27
ILMA Compoundings March 2018 - 28
ILMA Compoundings March 2018 - 29
ILMA Compoundings March 2018 - SPEAKING YOUR LANGUAGE
ILMA Compoundings March 2018 - 31
ILMA Compoundings March 2018 - 32
ILMA Compoundings March 2018 - 33
ILMA Compoundings March 2018 - BUSINESS HUB
ILMA Compoundings March 2018 - 35
ILMA Compoundings March 2018 - COUNSEL COMPOUND
ILMA Compoundings March 2018 - 37
ILMA Compoundings March 2018 - 38
ILMA Compoundings March 2018 - WASHINGTON LANDSCAPE
ILMA Compoundings March 2018 - Member Connections
ILMA Compoundings March 2018 - 41
ILMA Compoundings March 2018 - Cross Connections
ILMA Compoundings March 2018 - 43
ILMA Compoundings March 2018 - PORTRAIT
ILMA Compoundings March 2018 - Cover3
ILMA Compoundings March 2018 - Cover4
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