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Senior management should be involved in choosing the advertising agency, and managing the relationship. It's important for the development of your business' sales and its profile that it goes well.
Some businesses find it helpful to arrange induction meetings after appointing an agency. People from the agency can visit your business in order to better understand it, and your people can visit the agency.
Some businesses also find it helpful to have occasional brainstorming events or away-days in which the two parties can productively get to know each other better.
In any case, regular meetings should be arranged so that:
Ineffective campaigns can then be changed or ended quickly. The agency can also work from feedback you give them.
Remember that to make the relationship work well you may need to give the agency confidential information about your business, for example news of planned products. Although you need to manage the agency and set objectives, allow them the freedom to introduce their creative skills. Your relationship should be one of trust - but, in any case, you should have a confidentiality agreement with the agency.