Funny that “agencies” should, by definition, operate with “agency” as a literal feature and, by extension, should be very transparent on their modus operandi. A recent discussion with a client reminded me that this is not yet a shared standard across industries. Here is what I believe and how Hash Consulting operates.
I was talking with a marketing lead at a company outside the crypto industry about how brands work with agencies. At one point, she told me “I think about 50% of agencies are not professional nor transparent.”, to which I replied “50%? It’s a lot more than that.”
She replied “Yes, I only said 50% to be diplomatic !”, laughing.
The discussion stuck with me, as transparency has always been a given for us. I had assumed it was a basic principle of any professional agency. But the conversation made me realise that what we consider to be a standard practice is not the norm, including beyond the crypto industry.
Brands entrust agencies with significant budgets and expect them to deliver results. The client-agency relationship involves more than the work itself. Commercial incentives, partner selection and decisions about where to invest can all influence the recommendations clients receive. Clients should be able to understand how these factors shape the work they commission.
Transparency should be a standard of agency work.
Contractually and financially, an agency-client engagement can take different forms. Fixed retainers, commissions and bundled pricing can all be appropriate, depending on the scope of work and the client’s objectives. The issue is not the pricing model itself, but whether clients understand how it works and how it may influence the agency’s recommendations.
In practice, clients should understand how their budgets are allocated, particularly when a campaign combines strategy, creator partnerships and media sponsorships. They should know what the agency charges for its expertise, what goes to external partners and how those partners are selected. Commercial incentives matter, too. If an agency earns more when a client spends more, it is reasonable to ask how that arrangement might influence its recommendations. The same applies when an agency has exclusive relationships with certain creators or media partners.
These questions do not challenge an agency’s expertise. They ensure clients have the information they need to understand the work, assess recommendations and make informed decisions.
My perspective
Running an agency means being accountable for more than the final deliverable. It means explaining the decisions behind our work, being clear about our costs and giving our clients the information they need to assess our performance.
I recognize that advocating for greater transparency across the industry might sound counterintuitive. At Hash, our transparency is central to how we operate, and we actively communicate it to prospective clients. Today, it does set us apart from some of our competitors. But the fact that transparency gives us a competitive advantage should not be a reason to preserve it as one. It should be a reason for the industry to raise its standards.
At Hash Consulting, we separate our fees from external partner costs so clients can see how their budgets are allocated. We explain our recommendations and give clients visibility into campaign performance as the work progresses. Our value comes from our expertise: identifying the right partners, negotiating terms, coordinating campaigns across markets and translating performance data into strategic decisions. It does not come from controlling access to financial information.
Sometimes, that means recommending a partner or an activation. Sometimes, it means advising a client against an opportunity that does not fit their objectives. Other times, it means actively recommending a client to stop spending. Both are part of our job. We see transparency as key to long-term client partnerships, where all stakeholders benefit from the relationship.
Transparency in action : Kraken
Our work with Kraken illustrates the scale and complexity of managing partner communications across markets but mainly highlights the importance of a transparent approach. Across our campaigns, we have generated more than 12 million views across more than 1700 publications and more than 60 partners.
Kraken knows exactly how much was spent with which partner, at what point and for what reason. And again, this should be the norm, through :
- Financial transparency and readability : our client understands how their budgets are allocated, with our fees clearly distinguished from external partner costs.
- Operational transparency : our client has visibility into how partners are selected and the reasoning behind our recommendations.
- Performance transparency : client can track results per creator and market, understand what is driving performance and see how that data informs our next steps.
These three levels go beyond reporting results. They give Kraken a clear view of where their budget goes, how the work is carried out and what it delivers. Our role is to bring the expertise and analysis needed to turn that information into decisions, while ensuring they have the visibility to assess and audit the work being done on their behalf.
Four questions I would ask any agency before working with one :
Before committing to an agency, I would want to understand four things: how it charges, how it reports performance, how it selects partners and what drives its recommendations.
- How is my budget allocated (distinction between fees from creator, media and other external costs)? Understanding the breakdown helps you assess how your budget is allocated.
- Will I have access to campaign data? You should be able to assess the results and understand the reasoning behind the agency’s recommendations.
- How are partners selected? Are recommendations based on your objectives, audience and/or budget? Are there commercial relationships or exclusivity arrangements that could influence partner selection?
- How does the agency earn its fees? Is the agency paid through a fixed retainer, commissions, a percentage of spending or a combination of these? Understanding the commercial model helps you assess the incentives behind the relationship.
The answers will not automatically determine whether an agency is right for you. Different commercial models can work. What matters is understanding how the agency operates, knowing what to expect and being comfortable with the business relationship you are entering into.
Transparency starts during the first conversation
I believe these questions should be addressed from the first conversation, not raised by clients months into a partnership. At Hash Consulting, our approach is straightforward: clear budgets, open communication and accountability for the work we deliver. We want clients to understand our recommendations, assess our performance and challenge our decisions when necessary.
Transparency does not guarantee that every campaign will succeed. It does ensure that both parties can understand the results and make informed financial decisions about what comes next and how to articulate priorities.
If you are evaluating an agency partnership or looking to develop your strategy across Europe, we would be happy to connect and discuss your objectives.