Strategy

A Global Media Agency Introduced Creative Production Services

In today's dynamic and competitive marketplace, media agencies must diversify their service offerings to meet evolving client demands and industry changes. Traditional media services are no longer sufficient, and digital transformation is essential but challenging. The COVID-19 pandemic has further accelerated the need for agencies to adapt, highlighting the importance of comprehensive solutions that include creative production and digital advertising. Diversification enables agencies to provide greater value and position themselves as industry leaders, driving sustained growth and stronger client relationships.

Background

With expertise in ad tech, SOLV Digital participated in a business diversification project with a global boutique media agency specialising in the finance industry. The visionary CEO of the agency recognised the need to diversify its media business by setting up a new division aimed at upselling creative production services to existing clients. This strategic move aimed to create a new revenue stream amidst the evolving digital landscape, particularly influenced by the COVID-19 pandemic.

Objectives

The objective of this project is to strategically diversify the service offerings of the media agency, particularly in response to evolving client needs and industry trends. By expanding into creative production and digital advertising services, the agency aims to enhance its competitive position, broaden its revenue streams, and strengthen client relationships, ultimately driving sustained growth and market leadership. This initiative seeks to leverage the expertise of SOLV Digital to develop a comprehensive and scalable solution that addresses the unique challenges and opportunities within the finance industry, while also positioning the agency as a forward-thinking leader in the digital media landscape.

The SOLV Approach

Given its expertise, Solv Digital was tasked with building a service unit capable of developing ads at scale with a short turnaround time. The approach involved productizing the creative production service through a structured five-step process:

Initiate: Conduct thorough research and examination of the People, Products, Processes, and Partners (4Ps) to understand the current landscape and capabilities.
Plan: Develop a detailed, actionable plan with a timeline and KPIs, assigning tasks and responsibilities to ensure clarity and manage expectations.
Execute:
- Project Management: Assign workloads based on capabilities and project types, establish estimated turnaround times, and communicate timelines within the production teams.
- Workflow Development: Streamline internal communication across departments (account management, media/digital team, and creative team) to avoid misunderstandings and minimize conflicts.
- Quality Control: Implement a quality assurance process to maintain high standards for every ad produced.
- Product Development: Create a library of standard ad templates and features for quick replication in urgent campaigns.
- Partner Evaluation: Set criteria for evaluating ad tech partners, considering features, costs, and support

4. Monitor: Implement a six-month monitoring period to identify and address gaps in

processes and workflows based on feedback from internal and external clients.

5. Reinforce: Conduct internal training sessions to reinforce processes and ensure

continuous improvement based on ongoing feedback.

Results

The strategic diversification project yielded significant results:

Developed a creative library showcasing over 50 interactive ad templates.
Communicated processes agency-wide through town hall meetings and mandatory onboarding sessions for new hires.
Delivered 80% of projects within the expected timeline.
Achieved double-digit revenue growth.
Expanded the solution from the Asia Pacific to Europe, the Middle East, and North America.

In Summary

The diversification project, guided by SOLV Digital, significantly advanced this media agency's service offerings and market position. By expanding into creative production and digital advertising, the agency addressed the unique challenges of its finance industry clients, navigating regulatory complexities and embracing digital transformation. The structured approach to "productising" creative services enhanced operational efficiency filled internal knowledge gaps and resulted in the creation of a comprehensive ad template library. Achieving substantial revenue growth, timely project delivery, and extending service reach across multiple regions, the agency solidified its position as a leading digital solutions provider. This strategic move not only strengthened client relationships but also ensured sustained competitive advantage in the evolving digital landscape.