CHAPTER 3 – THE ECOSYSTEM
Think partners, not vendors. Metrics and analysis are the lifeblood of investment counseling: and the openarchitecture model of investing has become the de facto standard. I was first exposed to this during my time at Yale, while working as a summer associate on Wall Street. This led me to think that a similar model could be ideal for marketing counsel as well. With the open-architecture model, advisors are trained to be a client’s financial quarterback of sorts. Their mission is to act as a point person who finds and coordinates the best available niche specialists to do what they do best – while directing the overall effort to meet the client’s specific investment objectives. There’s no reliance on “the smartest person in the room”. It’s all about finding the best possible solutions for the client, wherever they reside. Not about pushing product. This kind of objective advisor-based approach is exactly what’s needed in marketing today. When you remove elements like commission-based incentives and markups from the equation, it serves to align the interests of the agency/ consultant with the interests of the client. The elimination of incentive-based biases also provides the client with a maximum level of transparency and objectivity for evaluating the results and cost of the entire project or program. The last thing your company needs is an advisor who is intent on pushing product. A more sensible approach is to engage an outsource partner who 61