The best marketing agencies don’t just create incredible marketing. They grow startups into important businesses. Turn struggling companies into powerhouses. Even build new business categories.
I predict great agencies will increasingly conceive campaigns for high-potential businesses that don’t exist. So they’ll launch them from scratch. And when necessary, organize crowdfunding drives or other funding efforts to get them off the ground. In some cases, they’ll operate for extended periods without outside funding or take these startups past the proof-of-concept stage before seeking outside capital.
Why not? Barriers to entry are, in many cases, lower than ever. In comparison to decades past, imagination often matters more and startup capital matters less.
Of course, having the right team is essential. Agencies put together innovation teams all year long. On top of supplying outstanding marketing, great agencies have the skill to recruit exceptional management teams.
Instead of receiving standard time-based fee income (which often doesn’t reflect the full value of an agency’s contribution), compensation will truly be value-based. They’ll get an appropriate equity stake.
Perhaps we’ll see surprising partnerships set up to build these businesses that include marketing agencies traditionally considered competitors. This much is certain: Agencies that go this route won’t complain about having a timid client.