If you use WinmoEdge you've probably seen plenty of the Vulnerable Account Index. You may have also wondered just what these metrics are and how we come about them. Well look no further! Check out some of the most frequently asked questions regarding the Vulnerable Account Index below, complete with corresponding answers.
Where do scores come from? Common patterns exist across all industries in the lead up to an agency review. After years of reporting on agency shifts (accounts on the move), 18 primary variables were identified, what we call new business triggers, that over an 18-month period lead up to an agency review.
Some triggers are more important than others. Combined, they increase the likelihood of an agency review. For example, a first ever CMO hire is the top agency new business trigger – why we focus a ton of energy on finding new decision makers before they end up in the trades or a publicly accessible press release.
How do you measure this? We translate the likelihood of an agency review into a 1-100 scale. The higher the score, the sooner a brand will make roster changes.
Is this a marketing gimmick? No, we take enormous pride in creating a product that will help you be even more successful. Since launching in April 2014, our agency new business forecasting model has a 73% accuracy rate. This means that at least 7-10 of the brands we report on appoint new agencies within the forecasted time-frame.
Wait, this isn’t perfect? Nope. We’re not Miss Cleo (RIP) or Biff Tannen circa Back to the Future II. Like meteorologists, we’ve great at using data to make accurate forecasts. But, every now and then, sunny days turn out to be rainy.
Why don’t you just ask CMOs if they’re open to new business pitches? It would be amazing if new business prospecting was that easy but it’s not. CMOs usually aren’t open publicly about their willingness to hire new agencies for competitive reasons. They also don’t want to upset their current roster. Or, they may not realize they’re open to hiring a new vendor until an innovative solution shows up on their doorstep.