When a business finds itself in need of a marketing or public relations (PR) campaign, the typical approach is to collaborate with an agency to deliver set outcomes in line with business objectives across a certain period of time. Working with an agency offers many benefits over managing campaigns with an in-house team including expertise, objectivity, strategy, and media relationships.
When you approach an agency, you may be stretched with a limited budget, or you may not realise the value in long and sustained campaigns; therefore, you might choose to engage in projects rather than a retainer. While this can be a valid approach for some businesses, most will see better results and an increase in share of voice with an ongoing campaign.
It’s important to understand that consistency always wins when it comes to marketing and PR.
The difference between a project and a retainer
A project involves a specific campaign or activity that is defined for a set period of time with an allocated budget. Agencies working on a project aim to set up and develop materials and a press office to achieve deliverables within a set period of time; however, this often occurs in isolation without consideration of the bigger picture. An agency will always strive to deliver the best possible results no matter what. But, after the project ends, it’s not possible for the agency to continue this work unless you commission another project. This can result in missed opportunities that would have arisen as a result of a more consistent approach.
A retainer involves a relationship which is agreed upon for an ongoing period of time with an agreed set of services. A retainer works well where a business has a regular and predictable need for announcements or campaigns. It lets your agency build a media profile and establish your brand in your target market to increase your share of voice in the industry.
Benefits of a retainer
While projects can be valuable in the right circumstances, such as to promote a one-off offer or piece of news, the vast majority of businesses will achieve far greater benefits from working with their agency on a retainer basis. Here are some of the benefits of working on a retainer basis:
1. An extension of your business
A retainer usually helps scope out a consistent plan across a certain period of time. With a retainer agreement, your agency will put together a dedicated and focused account team that takes the time to thoroughly understand your business and develop a strategic plan to get your business where it needs to be. An agency team will also be able to understand the organisational structure and become embedded within your business. This lets team members become so intimate with your business that they can constantly come up with new ideas that will move the needle for your organisation.
2. Build a brand or gain buy-in from customers in a crowded market
For established brands it’s important to keep share of voice consistent and relevant. For newer businesses, a steady approach that leverages relevant content strategically will help you gain attention from your target market. If your business only talks to the market occasionally, you’ll have to start from scratch every time. Consistency can build a strong foundation for ongoing communication. Rather than starting from scratch, each new communication will build on a picture created painstakingly over time, giving you better return on your investment. Retainers let your agency team constantly look for opportunities, delivering both short-term and long-term wins.
3. Get specialist input
In-house marketing and PR managers often have a lot on their plate. Outsourcing tasks to specialists can deliver efficiencies, cost savings, and, often, better results. Your agency can usually turn these tasks around quickly, keeping your projects on track and ensuring you don’t miss opportunities. This frees up your in-house team to continue focusing on the big picture while the day-to-day work is done to a high standard. Because agency teams include experts in various areas, you can tap into that specialist knowledge to improve your outcomes and avoid costly mistakes.
4. Meet budget constraints and financial projections
A retainer will help you plan a more consistent raft of activities that extend beyond a single campaign. It also lets you budget more effectively, spreading costs out evenly across months instead of incurring unpredictable project-based costs.
An agency that charges on a time and materials basis rather than a flat retainer fee will take responsibility for ensuring activity levels remain consistently in line with your budget. Your team won’t wait to be briefed; your account manager will take the initiative to ensure your budget is being maximised to deliver results. Importantly, a retainer approach means you don’t have to waste time securing new budget for each new piece of communication or campaign. Rather, you can point your agency in the direction your business needs to grow in and let the team get to work.
Next steps
There is a place for project-based campaigns that leverage agency resources for a set period of time. However, if your business is looking to increase your overall share of voice, improve your profile in your target market, gain more genuine leads, and grow the business, then the consistency and predictability of a retainer is more likely to deliver results.
We have been delivering strong results for clients for more than 30 years. We know how to deliver maximum return on your budget, and can help you determine whether a retainer or project arrangement is right for you. To find out more, contact us today for a confidential discussion.
