To be competitive and retain client loyalty agencies once claimed to offer a complete integrated one-stop-shop solution, and at one time, that seemingly was what clients were looking for, and most of the time it was deliverable.
However, now marketers are a little more sceptical of this claim and rightly so. The extensive array of marketing services, channels and strategies mean they are now questioning the real value and strengths their agency brings to their ever-expanding marketing requirements. They are wondering if their agency has the right depth of experience in specific areas to be effective.
Third party studies and feedback from our BBN partners show that clients today are more guarded and cautious than they used to be and often are too conservative and lack the willingness to take risks. The reason for this is likely due to them feeling the pressure of reduced budgets and increased accountability and the fact they are being asked to do more with less.
Over the past few years, we have seen CMOs move away from big seasonal campaigns to ‘always-on’, content-driven marketing and are being asked by their management to do more with digital and social. Recent reports and our experience has also seen a shift in CMOs selecting a spread of marketing specialists across a variety of areas and increasingly cherry picking specialist skills sets, rather than traditional agency skills.
These business model changes are resulting in an increased divergence in the agency landscape, the most significant influence being the increase in marketing technology. These changing client needs are forcing agencies to re-evaluate their offering and think about how and where they can add value, embrace change, differentiate themselves and lead progress. One way some agencies are achieving this is by blending technology capabilities and skillsets to create a new agency model that crosses over to the tech terrain.
This article is an excerpt from our recent whitepaper. Click here to download the full whitepaper.
If you want to know more about how BBN can help your agency offer what clients want, then please contact Annette Fernandes-Poyser.