The US is home to 13,000 advertising agencies that specialize in creating and buying TV ads, social commerce, and out-of-home advertising. With the rapid advances in advertising agency partnerships, brands have been forced to make difficult changes. Traditional agencies have not evolved to keep up with the digital space, which has caused their overall decline in value. To stay competitive, agencies must focus on being more productive, efficient, and profitable.
They need to create and execute strategies using the latest social phenomenon to offer brands numerous benefits. Agencies must also be smarter on the buying side of advertising and develop proprietary technology to sell subscriptions or launch continuous work programs based on CRM. Data from Advertiser Perceptions indicates a clear uptick in the horizon for agencies. Tom, the global head of Consulting at ForwardPMX, leads a team of experts focused on growing and innovating the agency's skills, services, and products in data science, marketing technology, and business strategy.
He has spent the past 13 years at ForwardPMX in various roles, including chief strategy officer, chief payment officer and chief technology officer & Innovation. Large clients are taking the work internally and are only reaching out to an agency for a special campaign or rebrand. A recent Interactive Advertising Bureau survey revealed that nearly a quarter of buyers, planners and media brands will not begin reinvesting in media until the end of the second quarter.Agencies must be able to adapt to changing trends and technologies if they want to remain competitive. They must also be able to provide brands with the attention required by a digital marketing campaign. By doing so, they can ensure their future success.