Across all industries, technology is transforming the way business is done. For 5Crowd, a new Toronto-based start-up agency, the ad industry is ripe for major disruption and reinvention as Fortune 500 companies look to cut costs and find efficiencies.
“In today’s multichannel world, marketers are being asked to do more with less,” says 5Crowd co-founder Bram Warshafsky. “Yet traditional agencies are struggling to create the kind of efficiencies and cost savings (marketers) demand largely because the agency business model hasn’t changed since the 1960’s.”
5Crowd has built a technology platform that allows them to tap into the world’s top freelance professionals to produce the type of marketing execution big brands are looking for – faster, cheaper and smarter than their traditional counterparts. 5Crowd focuses entirely on execution rather than the creative or strategic aspects of marketing. They are made up of former big shop account leads, tech specialists and production managers who are laser focused on producing flawless content. 5Crowd clients get the same high-touch account service, quality assurance and compliance controls as they would from a traditional agency, but at a fraction of the cost.
In just two years, 5Crowd has successfully completed more than 1000 projects for many of Canada’s top brands including J&J, Pepsi, Labatt, and CIBC. The agency is helping their clients save on average 20-50 per cent in fees depending on the project.
“The reason technology is disrupting so many industries is that we’ve finally gotten to a place where we can use it to establish trust,” says Warshafsky. “Not only are we able to connect with the world’s top freelancers but we can now manage all aspects of the work flow process, quality control and risk management in ways that simply weren’t available five years ago.”
“As former brand managers we know the pressures of producing more content, more often for more channels with tight budgets and timelines,” he adds. “For us, technology is at the heart of the solution.”
Rise of the Freelancer:
Technology has enabled the rise of the freelancer -- moving professionals into the on-demand shared economy and giving talent new ways to engage with the workforce. The growing trend shows no signs of slowing: according to Freelancers Union, one in three Americans today is an independent worker and many predict that freelancers will comprise 50 per cent of the workforce by 2020.
How 5Crowd works:
As the volume of marketing execution increases, Chief Marketing Officers (CMOs) everywhere are re-evaluating their existing capabilities and looking for cost effective ways to produce more with less including developing in-house solutions. CMOs engage 5Crowd to conduct a marketing production efficiency evaluation across all business units. Once complete, 5Crowd defines a scope of work for many small tactical/execution projects. 5Crowd Client Leads manage projects from beginning to end, ensuring quality and consistency of brand voice from project to project. 5Crowd reaches out to its curated network of talented freelancers, and delivers projects faster and for less due to its unique technology-enabled lean business model. The aggregate cost savings allow CMOs to reinvest those saving back into the business.
Behind the name:
Traditionally, clients have only ever had four options to resource a project. They could hire a full-time employee, hire an agency, hire a contractor or just not do the project. 5Crowd believes there is now a fifth option -- using technology to leverage the power of the Crowd.
5Crowd is a future forward marketing agency made up of a core group of dedicated marketing professionals supported by a network of carefully curated freelance professionals from more than 150 cities around the world. 5Crowd partners with brands directly to produce the type of marketing execution brands are looking for -- from video editing services and banner ad modifications to website UA testing and technical copywriting.
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