Three articles caught my eye over the last few weeks, and collectively they embody several critically important business development guideposts for ad agencies leading into 2024, ultimately focusing on the concept of the currency of resiliency.
Two of those articles are, Ad Market Expands For Fourth Consecutive, October Climbs 3.2%, and Brian Wieser Boosts Ad Outlooks Nearly A Percentage Point.
You should read both if you haven’t already, but to break it down, the U.S. ad market’s sustained expansion, marked by a 3.2% rise in October and the largest gain since July, suggests a positive turn for major agency holding companies and independent media agencies.
Simultaneously, Brian Wieser’s optimistic outlook for 2023 and 2024, buoyed by a robust third quarter, provides some needed optimism for many agencies that had a tumultuous year in 2023.
So let’s take a moment to bask in the optimism.
Celebrating Momentum and Positive Projections:
Market Resurgence:
-The four consecutive months of growth in the U.S. ad market showcase a resilient industry.
-Agencies can celebrate this resurgence as a testament to their adaptability and strategic prowess.
Upward Projections by Wieser:
-Brian Wieser’s upgraded outlooks for 2023 and 2024 indicate a promising trajectory for the industry.
-His attribution of the positive revisions to better-than-anticipated growth in the third quarter adds further “oomph” to the narrative.
Positive Momentum Acknowledged:
-Wieser’s recognition of a significant degree of positive momentum in the U.S. advertising industry aligns with the tangible expansion observed in the market.
-This collective optimism is a promising foundation for agencies preparing for ‘24.
The Fragile But Resilient Consumer At Play
Amidst these positive signals, the third article I mentioned comes into play.
Fragile But Resilient is an important piece for agencies to pay attention to, because it represents a few key strategy points to incorporate in your 2024 business development playbook.
Per the article, and what I urge agencies to focus on:
1) Shift from Price-Driven Growth
The cautionary note from industry experts (for brands) emphasizes that relying solely on increasing prices for growth is no longer sustainable.
Per the piece:
It worked for a couple of years because of an unusual confluence of factors. As these factors weaken or vanish altogether, price-driven growth just won’t work any longer.
Consumers are more fragile, yet no less resilient. Taylor Swift concerts have broken records, even with skyrocketing ticket prices.
Black Friday sales set a record. Attendance at Major League Baseball games is way up.
But this is tough competition. Not every brand can win the scarcer dollar of harder-pressed consumers.
2) The Currency of Resiliency
Per the article, brands are urged to trade in the currency of resiliency.
This involves fostering innovation, embracing originality, and crafting solutions that seamlessly integrate with the changing dynamics of time, home, and health.
Bottom Line
Brands, across the board, will need help to accomplish these solutions, beyond what any internal teams might offer.
And that help will come from agencies, of all types, but you must bring expertise and leadership to the table.
And before you can even get to the table, you have to get the attention of, and break through to, your prospects.
And for that you have to be ready.
Preparing for 2024:
Make sure you have the basics down first:
- Nail down and define your service offering/offerings
- Agency Positioning: Define your elevator pitch
- Define Your target prospects/verticals
- Decide who will lead the business development charge
As we step into 2024, the advertising landscape presents a blend of optimism and challenges, but it does every year, right?
Make sure you’re walking into it prepared.
