Introduction
At Jellyfish, we understand that pitching is one of the advertising industry's most challenging, rewarding, and essential processes. To help demystify and optimize this critical aspect of our business, we are excited to introduce our new podcast, ‘Pitchin' Ain’t Easy.’ In this podcast, we delve deep into the art and science of pitching, speaking with industry leaders who have mastered this craft. Our latest episode features Jenna Cummings, co-founder of We Are Rival, and Amy Crowther, our very own VP of Brand Strategy at Jellyfish. Hosted by Shamsul Chaudhury, EVP of Paid Social at Jellyfish, this episode offers valuable insights into the evolution of pitching and what it takes to succeed in today’s dynamic advertising landscape.
Content
(0:00) Guests background and the pitching landscape
(11:13) The pitch process and challenges: virtual vs. in-person pitching
(27:45) Financial and legal considerations
(36:25) Future trends and challenges in pitching
Guests background and the pitching landscape
In the dynamic realm of digital media, Jellyfish is at the forefront of innovation and adaptation. With investments soaring past $600 billion this year and projections reaching the trillion-dollar mark by 2030, the landscape is ever-expanding. Brands are seeking partners who can navigate this complex terrain, leading to a flurry of activity in the industry. Massive brands like P&G, Volkswagen, and Coca-Cola are reevaluating their media strategies, sparking a disruption in the pitching landscape. The driving force behind this upheaval? The rapid evolution of core capabilities within agencies. Automation, machine learning, and the dominance of retail media giants like Amazon have reshaped the game.
The pitch process and challenges: virtual vs. in-person pitching
As stated before, the landscape of pitching, transcending traditional boundaries to delve into sophisticated analytics and omni-channel planning, is constantly evolving. The consensus? Constant adaptation is essential in navigating the multifaceted marketing ecosystem. Understanding clients' needs is paramount, leading to rigorous evaluation processes and the importance of casting the right team. While virtual pitching offers efficiency, it lacks the interpersonal dynamics of in-person meetings, highlighting the enduring value of face-to-face interactions. Looking ahead, there's a shift towards integrated solutions, challenging the dominance of specialty agencies. Brands seek partners who can navigate the interconnected web of marketing channels with finesse. In essence, pitching is akin to navigating a labyrinth, where adaptability and innovation are the keys to success in today's ever-evolving marketing landscape.
Financial and legal considerations
As we dissect the pitching process, one thing becomes clear: it's not just complicated, it's expensive. Estimates soar, reaching hundreds of thousands, placing a heavy burden on agencies striving to showcase their capabilities. The debate arises: should agencies shoulder this cost alone, or should advertisers share the burden? Meanwhile, the industry grapples with the tug-of-war between specialization and integration. While some advocate for the all-in-one agency model, others champion the expertise of specialized agencies. Furthermore, it becomes evident that pitching isn't just a matter of creativity and strategy; it's also a legal minefield. The question of compensation for pitches raises thorny issues of ownership and intellectual property rights. Should agencies be compensated for their efforts, risking the surrender of their ideas in the process?
Future trends and challenges in pitching
Pitching in the marketing world is a marathon, not a sprint. At Jellyfish, we've spent countless hours honing our skills, navigating the intricate landscape of pitches. Recently, Forbes stirred the pot by suggesting that the traditional pitch process is outdated and needs a facelift. Alternatives like chemistry sessions over formal presentations sparked a debate within our ranks. Could this signal a shift in how pitches are conducted? Perhaps. Some agencies are already testing the waters, opting for trial runs instead of formal pitches. Change takes time, especially in our industry. Major companies such as Unilever and P&G will probably keep their strict RFP processes due to the high stakes involved. However, smaller brands and niche markets provide opportunities for agencies to experiment with new approaches more freely, with less risk.
