Sample Agency Scope of Work

May 10, 2011

By Brian Goodall


Client X, a diversified financial services company with $X billion in assets, provides retail and small business banking, commercial banking, and wealth management services through a network of nearly X branches in X states. While the banks carry multiple brand names, a single brand will be considered in the near future. Through its subsidiaries, Client X Financial, the parent of Client X, provides equipment financing, asset management, brokerage and financial advisory services, and insurance services. As a supplement to his Insight Brief, Organizing for an Agency Search, Brian Goodall has provided a sample agency
scope of work (SOW).

Agency Requirements

The agency that the bank is seeking will need to demonstrate a keen understanding of the dynamics of bank marketing to consumers, small to mid-size businesses, and wealth management clients. The agency will need to assemble a highly motivated team to assist Client X in achieving both brand and product business objectives. Given the likely expansion plans of the bank’s geographic footprint, the agency may also need to provide strategic counsel and relevant creative executions as potential new market areas are entered, either through an acquisition or FDIC-assisted deal. A firm that specializes in merger communications and systems conversions may be retained by the bank, with which the agency will work with to ensure consistency of messaging.

Given the ever-changing and complex world of media, the agency will also need to be able to conceptualize and implement innovative media strategies, and assist the bank in reaching and garnering higher penetration with specific demographic segments.

The agency will need to be fully involved in the following areas:

  • Strategic planning and brand positioning and/or repositioning.
  • Creative development and execution across the brand and multiple products and channels to include mass media,
  • web, direct mail, promotion, and branch merchandising.
  • Account management of brand, product, and web marketing.
  • Media planning and buying.
  • Budget and production cost management, including timely and accurate invoicing.

This is a highly regulated business that often mandates quick response from an agency due to changing market conditions, opportunities, rate changes, legal requirements, etc.

Annual media plans have been scheduled on both a continuity and promotional basis, across multiple product lines. Because product pricing and features have varied across markets, there has been the need to customize product-specific messages while still ensuring a consistent brand positioning. As the X branches become more fully integrated via the systems conversion scheduled for July, there will be more standardization of marketing activities and advertising deployment.

(For full toolkit see PDF in our Also See section in the upper right hand corner.)