We've all been there. A big brand puts its business into review and everyone goes for it, only to find out the piece of business is just that: a piece. Meanwhile, any number of specialist agencies shares all the other pieces: media, PR, digital, mobile, social, experiential—you name it. It's like a flock of ducks pecking away at a single piece of bread.
Increasingly, clients are hiring independent agencies on a project basis—with no annual retainer, smaller fees and offers of work that last for as little as a month—almost all with the caveat that they not engage with competing brands, sometimes even long after a project is completed.
Macy's has found a new home for its multicultural marketing account. New York shop Walton Isaacson has landed the business after a review. Annual media spending is estimated at $40 million.