What is an Agency of Record?
An “agency of record” refers to the formal agreement established between a business and a marketing agency. This arrangement grants the agency the exclusive right to oversee and manage a comprehensive array of services, such as brand strategy and management, content creation and marketing, graphic design, video production, and media buying. This type of agreement also gives the marketing agency the first right of refusal on all client projects within the scope of agency services.
It’s essential to understand that the relationship between a business and its agency of record is not just transactional. Rather, it is a deeply intertwined alliance that requires a profound understanding of the company’s goals, audiences, brand, and marketplace position.
The Benefits of an Agency of Record Agreement
Companies with an agency of record benefit from streamlined marketing efforts. When everything is managed under one roof, companies only have to reach out to one point of contact, who then orchestrates all of the moving parts internally. They also benefit from having one comprehensive team of marketers, managers, creatives, and developers all working together toward a shared goal and communicated timeline.
Beyond simplified management and greater efficiency, there are other significant benefits that make having an agency of record worth considering.
Consistent Brand Positioning
- Unified Voice: An agency of record has a comprehensive understanding of your brand’s voice, style and values. This insight allows them to ensure that all communication, regardless of the platform or medium, speak with a unified voice and are harmoniously aligned with your brand.
- Brand Integrity: A consistent look and feel across all platforms not only reinforces your brand’s identity, but also protects it. When all creative work and communication is funneled through a single agency, the risk of misrepresentation or dilution of the brand is minimized.
Strategic Alignment
- Integrated Marketing: An agency of record agreement can orchestrate a fully integrated marketing strategy that weaves together various components like digital marketing and traditional advertising to achieve your business objectives.
- Tailored Approach: Instead of a fragmented, piecemeal approach, an agency of record can provide a holistic strategy tailored to your specific needs. This includes everything from big-picture planning to the minute details of campaign execution.
Enhanced Efficiency and Cost Effectiveness
- Streamlined Processes: Dealing with a single agency simplifies management and administrative processes, saving both time and resources. This setup negates the need to navigate multiple contracts, invoices or points of contact.
- Negotiated Rates: As a client, you benefit from the agency’s power to negotiate media buys and other services at lower rates due to the volume of work they handle. This benefit canlead to substantial cost savings in the long run.
- Predictable Costs: Piecemeal project requests often lead to overspending — and you may not find out about budget overages until it’s too late. Agencies of record often work on retainer so you know exactly what your costs are each month. They also typically know your budget for the year and are working hard to stay well within (or lower than) planned budgets.
Deepened Trust and Understanding
- Long-term Relationship: An agency of record relationship facilitates a deep, long-term partnership, allowing the agency to understand your business’s nuances. This understanding enables them to make more informed and effective strategic decisions.
- Mutual Investment: In an agency of record relationship, the agency’s success is intrinsically tied to your success. As such, they are motivated to invest more time, creativity and resources into your projects.
Find the Right Agency of Record
An agency of record is a powerful partner that can foster consistent branding, strategic alignment, increased efficiency, and a deeper understanding of your business. This relationship goes far beyond the simplification of services — it’s an essential partnership that ensures all marketing and advertising efforts are coordinated and driving toward your business goals.
To find the right agency of record, read their online reviews and assess their team, services, portfolio, and clientele on their website. Ask for a short list of companies they represent as an agency of record to see if you’re in good company. For instance, MTN, Inc. is the agency of record for Chesapeake Utilities Corp. and its subsidiaries; Florida Gas Utility; Moon Golf; and Redwire Space.
To learn more about the comprehensive services an agency of record like MTN, Inc. can provide, contact us at info@mtninc.com.
About MTN, Inc.
MTN, Inc. is a full-service marketing agency in Satellite Beach, Fla., that specializes in brand management, creative, digital marketing, video marketing, research, and media placement. To learn more, visit mtninc.com.
