The term ‘agency contract renegotiation’ is perhaps not one that tends to elicit much excitement amongst marketers...
Indeed, the prospect of entering into contract renegotiations with an incumbent media agency can bring to mind terse discussions and long hours negotiating over the minutiae of the scope of work and resource plan in order to achieve incremental improvements to existing terms.
However, when approached in the right way, a contract renegotiation can have a profoundly transformative effect on an advertiser’s media operations and can generate the same levels of momentum and energy (internally and externally) harnessed from a media pitch process.
Furthermore, a contract renegotiation is an important route to achieving significant media value improvements without causing major disruption to an advertiser’s day to day working processes.
And when managed correctly, it can be highly motivating for the agency too; it acts as a clear signal that the advertiser wishes to continue the working relationship (on the right terms) by working collaboratively with the agency to evolve and future-proof the partnership in line with their media needs.
If you are planning to renegotiate your contract soon, make sure you download the ID Comms 5-Point Renegotiation Preparation Checklist. This checklist will provide you with 5 key principles for securing the optimal outcomes from your media agency renegotiation.