WPP, the world’s largest advertising agency, reported its second-quarter results that showed weak performance in North America. The Wall Street Journal reported that “[l]ike-for-like net sales – a figure closely watched by analysts to measure the company’s underlying performance – dropped 3.3% in North America.” Some of this decline was attributed to advertisers paying less on traditional ad campaigns, but it was also attributed to advertisers demanding a wider suite of services including new product development. It goes without saying that new project development necessitates the creation of new names.
Not only are companies requirements from firms changing, but the manner in which they pay for those services is also changing. No longer are companies paying large retainers to have an agency of record. Instead, companies now are paying by the project. Small to mid-size companies have likely been paying by the project for some time, but what this article shows is that agencies need to become more efficient to remain profitable as the pricing pressure from companies intensifies.
This problem is not unique to the advertising industry. All service based businesses (e.g., law firms, accounting firms, etc.) are feeling the pricing pressure from companies, and the demands for efficiency.
The way to survive the pricing pressures and to demonstrate a commitment to efficiency is to be an early adopter and user of technology when it makes sense to do so. There are some tasks that are ripe for technological intervention. One of those tasks for agencies is the trademark search function. This is not a task that an agency should be spending its time doing when there are tools available that can do it more quickly and more cost effectively.
BOB is a tool that not only can save agencies time and money, but also demonstrate a commitment to technology to prospective clients to help develop more business. BOB’s patent pending, multi-name search functionality accomplishes this and is easy to use. Just complete the Excel worksheet that is available on the BOB website with the marks you want to search. Select the goods or services you want to search the list of marks in connection with, and then wait for the search results to be delivered to your in-box. You can watch the multi-name search work by clicking HERE.