So, Who is Third Street Anyway?
IEG's recent post entitled "Is A Sponsorship Sales Agency Working Entirely On Commission A Good Idea?" addressed the strategies 5-month old firm, Third Street, may have used to beat out some industry heavyweights for agency of record on Indianapolis' municipal partnerships initiative. If you are a regular reader here, you know our follow-up post elicited some strong opinions, as well. We figured we would check in with Third Street co-founder David Jones to learn more about who Third Street is, how the RFP process went down and what's new with their partnership efforts. Here's a transcript of our short interview.
Q/Kris: Given you were only a 5 month old firm at the time, what unique approach did you bring to the pitch that allowed you to beat out more experienced firms? Do you think the fee structure, commission-only, was a big factor?
A/David: A fair question, and I hope you'll understand that we hesitate to speak on behalf of the City...but if interested, we would certainly be happy to connect you with them and see if that was something on which they would like to elaborate. For what it's worth, feedback from other Third Street clients has led us to believe that there is an appreciation for our being "new," yet battle-tested. Third Street's principals stepped out of the corporate shadow with about 50 years of new media, event, sponsorship, advertising, finance, marketing, and revenue-driving experience. Yet we always look to bring fresh ideas and an openness to performance-based compensation. Thus far it has been well received.
Q/Kris: In the current spending climate, isn't that a big risk to take?
A/David: OK, just come out and say it - you think we're nuts. And our spouses agree. But ironically, we are finding that there is a voracious appetite out there for ideas that work. Ones that truly help private and public entitites acheive their goals. In fact, perhaps now moreso than ever. So that is the opportunity within the challenge; there is enough pain to motivate action.
Q/Kris: Did you view having a local connection as being critical to your success?
A/David: We again defer to the City as it relates to the pitch, but the decision to headquarter our firm and move our families to the Indianapolis area simply made good business sense. The market is strong, stable, and open to progressive thought. To be a part of the future of the community in which we live is something we are genuinely passionate about, and we are optimistic that it will help us create value for partners.
Q/Kris: Will your team be focused on "low hanging fruit" (sales rights, pouring rights, etc.) or larger naming deals and such?
