A study released last Wednesday by MediaSense in partnership with the World Federation of Advertisers shows that major agency change is coming.
According to the report, only 11 percent of multinational brands that were surveyed believe their current media agency model aligns “well” with future requirements. In the last two years, 35 percent of major brand respondents said they have consolidated agency partners, and 29 percent said they brought more work in-house.
In response to this dissatisfaction, the study suggests that agencies need to address brands’ key priorities and fill gaps—
- Flexibility and Integration: Brands are seeking more adaptable and integrated agency services. Smaller agencies should explore ways to provide flexible solutions that meet clients’ evolving needs.
- Talent Access: The study reaffirms the critical importance of talent. Brands want diverse, skilled teams capable of delivering integrated consumer experiences.
- Centralization and Specialization: The trend toward centralization and the relevance of specialist agencies present opportunities. Smaller agencies can position themselves as specialized experts in niche areas to meet client demands.
MediaSense also interviewed agency CEOs, and of those who agreed that the current model is unfit for future purpose, one said: “Fit-for-future models will need to provide a rich understanding of people, connecting marketing across every touchpoint (paid, owned, earned, influenced…) with an emphasis on orchestration to improve the value of brands to consumers.”
- Netflix’s global ad president, Jeremi Gorman, is leaving the company after just 13 months in the role.
- Premium hair care brand Olaplex created a dupe of itself — Oladupé — to piggyback off the popularity of dupes on TikTok.
- X is no longer including headlines for links posted from its platform. This move will likely accelerate the decline in social media referral traffic to news publishers sites.
Social media traffic to news sites craters https://t.co/nkXen21DzG— Dan Primack (@danprimack) October 3, 2023
- The CEO of energy drink company Celsius spoke with Marketing Dive to explain the brand’s approach as a disruptor in the market.
- Spotify Premium subscriptions will now include audiobooks.
- Nationwide rebranded for the first time in 36 years.
- It’s ACL o’clock here in Austin. In case you didn’t snag tickets in time, the festival is being live streamed on Hulu.
That’s all for this week’s Marketing Roundup. Check back in next Monday for more news. And subscribe to our newsletter below for additional updates.