We call it financial empathy.
Marketers who are rated highly by their agencies for their financial regard, in turn rate their agencies 20% higher for agency staff allocation.
This suggests that clients who adopt a fair approach to agency remuneration perceive better value from the relationship with their agency.
Adams Equity Theory
Equity Theory championed by behavioural psychologist J. Stacy Adams back in the 1960’s was originally applied to individuals within a company. However, we believe that the fundamental principle of ‘fairness’ can be applied more broadly to include client-agency teams and, in this instance, the client’s attitude toward fair compensation for the agency.
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- How marketers who believe their agency provides good quality and depth of resource also have a positive view of the agency’s overall performance, and that this positivity was also reflected in positive evaluations of the main disciplines of agency service.
- Whether a marketer’s financial empathy for its agency’s remuneration has a positive impact on the service the agency delivers.
- How clients who were scored highly by their agencies in terms of financial empathy felt about the staff allocation and resourcing they received from their agency.
Financial empathy in supplier relationships delivers value to both parties.