Ad Agencies Are Finding New Business Harder To Drive in 2022
Ad Agencies Are Finding New Business Harder To Drive in 2022, and you can look into the reasons why in our latest RSW/US report.
Download it now at no cost: RSW/US 2022 Agency New Business Report: Perspective On The Agency New Business Environment.
(And you can read the Adweek feature on it here: Obtaining New Business Is More Difficult for Agencies, Report Finds)
Our first question to ad agencies:
How Difficult Is Obtaining New Business, Compared to Last Year?
After an unprecedented 2021 survey report, where only 28% of agencies reported obtaining new business (compared to the previous year) as harder or a lot harder, this year we see the cyclical nature of the ad industry rear its head again.
In 2022, 43% of agencies report that obtaining new business (compared to the previous year) is harder or a lot harder than it was in 2021.
Looking at the responses from this question dating back to 2008, 2021 was a high point for many agencies, with only 28% saying it was harder to obtain new business that year.
Following the lockdown, budget freezes, and the overall extreme uncertainty of 2020, agencies needed that respite–and thankfully many firms got it.
But as you’ll see in our report, business is inevitably becoming harder to acquire again in 2022.
Looking at the data from another angle, only 17% of agencies said it was easier or a lot easier to obtain new business in 2022, versus 38% in 2021.
And in a follow-up question, “Relative to last year, have you seen the number of opportunities for new business decrease, increase, or remain the same?”, we saw that-
32% of agencies said the number of opportunities for new business increased, versus 51% last year.
As if agencies weren’t already exhausted from managing the pandemic and workforce disruption, the remainder of ‘22 and ‘23, with inflation and recession concerns, reaffirms
the need for agencies to make sure they have an actual new business strategy in place.
We’ll have a series of posts on our report, covering each major stat, and what it means for new business moving forward.
