On the first day of work at my first job, my boss slid a piece of paper across the table with the letters C-Y-A on it. Answering my confused look she said, “C-Y-A. Cover. Your. A**. If you learn nothing else from me, remember this.”
It was an appropriate introduction to the world of advertising. As professionals who’ve been groomed to look at profit margins as the ultimate business denominator, we’ve been trained to err on the side of mitigating financial risk in relationships. A large percentage of our jobs is dedicated to keeping paper trails and being ready to point the finger at someone else when something goes wrong.
This dynamic is costing us more than just money and time. With an average of fewer than three years, CMOs have the shortest tenure among the C-suite. Agencies are suffering, too, with the number of agency-of-record relationships in steady decline, the majority also lasting fewer than three years. Eventually, someone’s going to get fired.
Clearly, we have a problem. Our relationships are suffering, and everyone’s frustrated. It can be boiled down to this: There’s an absence of trust. Though easy to talk about and promote, trust is difficult to earn. So how do we evolve toward true, enduring partnerships?
1. Start from a place of shared values.
Every relationship should start with a conversation about what you stand for. What makes you special? Why should anyone care? How do you want the people who interact with you to feel? You have to establish a clearly defined set of values and share your philosophy.
Many of our conversations at Mightily go something like this: “We’re a bunch of people who’ve worked at other agencies and decided that we never wanted to work in the industry again. But now we’ve found a place that gives us a true sense of professional purpose and fulfillment. Here’s what we think’s wrong with the way other firms approach solving problems, but here’s how we’re doing something different. Here’s what we value above all else. Do you value similar things? Let’s talk about that.”
I recognize a good client when we have this sort of exchange. It’s clear that they vibe with what I’m saying. They’re excited. They want to defend and protect the same ideas. You can actually watch them become starry-eyed the longer the conversation continues.
So, before we’ve even signed a contract, we know we’re speaking the same language. We have the same standards. We rally behind the same causes. We know we can call each other out, and hold each other accountable. It feels as if we’re doing something bigger — and better — than everyone else.
2. Don’t work with someone who doesn’t align with your company’s values.
What’s one of the scariest things you can do? Turn away potential business. Another former boss of mine claimed he’d appear more “attractive” as an option when he’d urge potential clients not to buy what he was selling. I was amazed by this. How could it be true? Here’s what I’ve learned.
If I start a conversation with a potential client based around shared values, at some point it’ll become clear if we track. If we don’t, I’ll let them know we’re not a good solution. This sounds something like: “My agency isn’t set up to solve the kinds of problems you need solved in the way you need them to be solved.”
Even when I think we don’t want to work with each other, I’ll still try to figure out how I can help. I’ll offer to introduce them to other agencies that might be better aligned with what they need. I’ll offer to stay in touch through their search and share any value I can along the way. I’ll even ask if they’d like to share other companies’ proposals so I can point out red flags or good or bad deals. This way I’m able to maintain a partnership despite the fact that we’re not going to work together. Want to know the best possible way to demonstrate trust-based value? If you help someone when there’s nothing in it for you.
3. Don’t talk about money.
If you thought I was asking you to be brave before, here’s where things get worse: Never start a conversation with money. In fact, try hard not to talk about it the first time you speak with someone at all. Remember, you’re engaging around shared values, not how cheap or expensive your product is. The moment you start talking about money, values go out the window, and you reduce your worth to a number.
When you do inevitably get to the point of discussing money, you should be the first one to put something of value on the line. In the following case, it’s your trust in someone else’s honesty (and I’m going to suggest you do what every negotiation book advises against: Immediately show your hand by showing vulnerability). This may sound counterintuitive, but it’s always helped us separate good leads from bad leads. Plus, it serves to reduce the tension around what’s always a difficult topic.
Here’s what that might sound like: “I’m not going to begin this relationship by negotiating price. If you want to tell me how much money you have, I’ll tell you what I can do for that. By the same token, you’re going to have to trust I won’t take advantage of your honesty. I’m saying this knowing that you might give me a lower number than you actually have. That’s a risk I’m willing to take if you are. I’m going to choose to enter into this relationship trusting you won’t do that.”
In conclusion, here’s the most important thing I think I can share: The most valuable commodity you trade in isn’t money; it’s trust. Write that down on a piece of paper, and keep it. If you learn nothing else from me, remember this.
