Yet there are other reasons for diversification, all of which have their own economic underpinnings but get at larger agency management practices. Here are a few – along with an invitation to share your insights here as well:
- Diverse client work keeps the creative from getting restless. Sure, they whine anyway. But you can tolerate it better when you know that you’re doing all you can to keep their fertile minds challenged, amused and engaged. You still might find their legendary and ubiquitous carping an irritant, but now you can smugly dismiss it.
- The ability to tackle different kinds of challenges makes you more valuable to existing clients. The more you can do – and learn to do well, even for other clients – the more valuable you might be to a client that uses your skills in only one way.
- A willingness to embrace the new keeps you relevant in the marketplace. You know, that place where your prospective clients live. It’s a cliché anymore to say how rapidly changing advertising, marketing and media are. But it’s dead true. If you aren’t learning how to solve new problems with the next generation of strategic thinking, technology and creative adaptation, then you are the admiral of a sinking ship.
- Building a reputation for diverse capabilities also helps in recruiting fresh, hot talent. What agency animal with any go in him/her wants to move to your zoo if nothing exciting ever happens there? And with fresh talent should come better service for existing clients, new approaches to prospects and many even a new recruit who brings a client along with her/him.