A constant dilemna for PR and marketing agencies is how much of the creative idea do you “give away” in a new business pitch.
The fear here is that the agency spends a lot of time and money on a new business pitch, only to have the prospective client not choose them for the business, yet walk away with a presentation deck full of valuable creative ideas.
Jerry Johnson, EVP, Strategic Planning at Brodeur tackles this issue head on today in The Firm Voice newsletter from the Council of PR Firms.
My recent favorite was several years ago when Wells Fargo did the right and noble thing and actually paid the two finalists (Brodeur was one) for the final program idea and creative. By compensating the finalists for their creative, Wells Fargo not only received higher quality, but also signaled that they would be a good partner once the business was secured.
Has your agency ever been paid for being a finalist? What do you think of this practice? Let us know.