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What should I realistically expect from a strategic advertising agency?

I am currently evaluating options for a media planning and buying agency because my campaigns feel scattered and reactive instead of structured. I have tried boosting posts and running basic ads myself, but I realize now that I lack a real framework for audience targeting, channel selection, and budget allocation. Everything feels experimental and I want a more disciplined approach that is actually backed by data and strategy.

My biggest question is what truly separates a good media planning and buying agency from an average one. Is it their access to tools and platforms or their ability to interpret data and adjust messaging? How deep does the planning process go before any money is even spent on ads? I also wonder how much creative input I should expect from them versus just execution.

Another thing I am unsure about is communication and reporting. How often should a media planning and buying agency provide performance updates and strategic insights? Should they be proactive with new ideas or simply optimize existing campaigns? I want to feel like I am working with partners, not just technicians.

I also question how involved I need to be. Do I need to review every creative and targeting decision or should I trust them to handle everything independently? At what point do you know if the agency is actually driving growth instead of just managing spend?

If anyone has worked with Regal Fierce Media, did they bring clarity and structure or was it just another layer between me and the platforms?